New Zealand

Economics, Political, and Trade Overview

Source: Feb 10, 2022 Economist Intelligence Unit

New Zealand - In Short.

Overview of New Zealand

Polynesian settlers may have arrived in New Zealand in the late 1200s, with widespread settlement in the mid-1300s. They called the land Aotearoa, which legend holds is the name of the canoe that Kupe, the first Polynesian in New Zealand, used to sail to the country; the name Aotearoa is now in widespread use as the local Maori name for the country. Competition for land and resources led to intermittent fighting between different Maori iwi (tribes) by the 1500s as large game became extinct. Dutch explorer Abel TASMAN was the first European to see the islands in 1642 but after an encounter with local Maori, he sailed away. British captain James COOK was the next European to arrive in New Zealand in 1769, followed by whalers, sealers, and traders. The UK only nominally claimed New Zealand and included it as part of New South Wales in Australia. Concerns about increasing lawlessness led the UK to appoint its first British Resident in New Zealand in 1832, although he had few legal powers. In 1835, some Maori iwi from the North Island declared independence as the United Tribes of New Zealand. Fearing an impending French settlement and takeover, they asked the British for protection. In 1840, the British negotiated their protection in the Treaty of Waitangi, which was eventually signed by more than 500 different Maori chiefs, although many chiefs did not or were not asked to sign. In the English-language version of the treaty, the British thought the Maori ceded their land to the UK, but translations of the treaty appeared to give the British less authority, and land tenure issues stemming from the treaty are still present and being actively negotiated in New Zealand.The UK declared New Zealand a separate colony in 1841 and gave it limited self-government in 1852. Different traditions of authority and land use led to a series of wars from the 1840s to the 1870s fought between Europeans and various Maori iwi. Along with disease, these conflicts halved the Maori population. In the 1890s, New Zealand initially expressed interest in joining independence talks with Australia but ultimately opted against it and changed its status to an independent dominion in 1907. New Zealand provided more than 100,000 troops during each World War, many of whom fought as part of the Australia and New Zealand Army Corps (ANZAC). New Zealand reaffirmed its independence in 1947, signed the Australia, New Zealand, and US (ANZUS) Treaty, and militarily supported the US in the Korean and Vietnam Wars. Beginning in 1984, New Zealand began to adopt nuclear-free policies, contributing to a dispute with the US over naval ship visits that led the US to suspend its defense obligations to New Zealand in 1986.In recent years, New Zealand has explored reducing some of its ties to the UK. There in an active, minority movement about changing New Zealand to a republic, and in 2015-16, a referendum on changing the New Zealand flag to remove the Union Jack failed 57% to 43%.
Value
Country Full Name
New Zealand
Country Code
NZL
Region
East Asia & Pacific
Income Group
High income
Currency Unit
GDP
2.11E+11
Population
5084300
Land Area
263310
Net National Income Per Capita
33696.17611
GDP per Capita (PPP)
44491.32491

2020 GDP Growth Rate (Current USD)

2020 GDP Per Capita (Current USD)

2020 Urbanization Rate (%)

2020 Total Fertility Rate (Birth Per Woman)

Doing Business Score (100= Most Friendly)

New Zealand - Economic

Economy of New Zealand

Over the past 40 years, the government has transformed New Zealand from an agrarian economy, dependent on concessionary British market access, to a more industrialized, free market economy that can compete globally. This dynamic growth has boosted real incomes, but left behind some at the bottom of the ladder and broadened and deepened the technological capabilities of the industrial sector.Per capita income rose for 10 consecutive years until 2007 in purchasing power parity terms, but fell in 2008-09. Debt-driven consumer spending drove robust growth in the first half of the decade, fueling a large balance of payments deficit that posed a challenge for policymakers. Inflationary pressures caused the central bank to raise its key rate steadily from January 2004 until it was among the highest in the OECD in 2007 and 2008. The higher rate attracted international capital inflows, which strengthened the currency and housing market while aggravating the current account deficit. Rising house prices, especially in Auckland, have become a political issue in recent years, as well as a policy challenge in 2016 and 2017, as the ability to afford housing has declined for many.Expanding New Zealand’s network of free trade agreements remains a top foreign policy priority. New Zealand was an early promoter of the Trans-Pacific Partnership (TPP) and was the second country to ratify the agreement in May 2017. Following the United States’ withdrawal from the TPP in January 2017, on 10 November 2017 the remaining 11 countries agreed on the core elements of a modified agreement, which they renamed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). In November 2016, New Zealand opened negotiations to upgrade its FTA with China; China is one of New Zealand’s most important trading partners.

Unemployment Rate

Inflation Rate

New Zealand - GDP Composition

GDP Composiiton & Value Added of New Zealand

Last Updated: Jan, 2021, Updated For 2020.

New Zealand - GDP, Value Added

Demographics of New Zealand

over three-quarters of New Zealanders, including the indigenous Maori, live on the North Island, primarily in urban areas
Geographic Location

Oceania, islands in the South Pacific Ocean, southeast of Australia

Races

European 64.1%, Maori 16.5%, Chinese 4.9%, Indian 4.7%, Samoan 3.9%, Tongan 1.8%, Cook Islands Maori 1.7%, English 1.5%, Filipino 1.5%, New Zealander 1%, other 13.7% (2018 est.)note: based on the 2018 census of the usually resident population; percentages add up to more than 100% because respondents were able to identify more than one ethnic group

Languages

English (de facto official) 95.4%, Maori (de jure official) 4%, Samoan 2.2%, Northern Chinese 2%, Hindi 1.5%, French 1.2%, Yue 1.1%, New Zealand Sign Language (de jure official) 0.5%, other or not stated 17.2% (2018 est.)note: shares sum to 124.1% due to multiple responses on the 2018 census

Religion

Christian 37.3% (Catholic 10.1%, Anglican 6.8%, Presbyterian and Congregational 5.2%, Pentecostal 1.8%, Methodist 1.6%, Church of Jesus Christ 1.2%, other 10.7%), Hindu 2.7%, Maori 1.3%, Muslim, 1.3%, Buddhist 1.1%, other religion 1.6% (includes Judaism, Spiritualism and New Age religions, Baha'i, Asian religions other than Buddhism), no religion 48.6%, objected to answering 6.7% (2018 est.)note: based on the 2018 census of the usually resident population; percentages add up to more than 100% because respondents were able to identify more than one religion

Dependency & Expectancy of New Zealand

Last Updated: Jan, 2021

Dependency Ratio

Expectancy

Politics & Policies of New Zealand

2021 Policies Overview

Updated Coming in March 2021 after our team finish summarizing countries policy.

International Organizations

ADB, ANZUS, APEC, ARF, ASEAN (dialogue partner), Australia Group, BIS, C, CD, CP, EAS, EBRD, FAO, FATF, IAEA, IBRD, ICAO, ICC (national committees), ICCt, ICRM, IDA, IEA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC (NGOs), MIGA, NSG, OECD, OPCW, Pacific Alliance (observer), Paris Club (associate), PCA, PIF, SICA (observer), Sparteca, SPC, UN, UNCTAD, UNESCO, UNHCR, UNIDO, UNMISS, UNTSO, UPU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO

Import of New Zealand

Export of New Zealand

Import Destination

Export Destination