The Economy of New Zealand is a market economy which is greatly dependent on international trade, mainly with Australia, the European Union, the United States, Chinaand Japan. It has only small manufacturing and high-tech sectors, being strongly focused on tourism and primary industries like agriculture.

New Zealand’s economy has traditionally been based on a foundation of exports from its very efficient agricultural system. Leading agricultural exports include meat, dairy products, forest products, fruit and vegetables, fish, and wool. New Zealand was a direct beneficiary of many of the reforms achieved under the Uruguay Round of trade negotiations, with agriculture in general and the dairy sector in particular enjoying many new trade opportunities in the long term.

The country has substantial hydroelectric power and sizable reserves of natural gas, much of which is exploited due primarily to major Keynesian import substitution-oriented industrial projects. Leading manufacturing sectors are food processing, metal fabrication, and wood and paper products. Some manufacturing industries, many of which had only been established in a climate of import substitution with high tariffs and subsidies, such as car assembly, have completely disappeared, and manufacturing’s importance in the economy is in a general decline.

Industries experiencing rapid growth include the creative and food and beverage sectors, with food and beverage exports rising from NZ$7.76 billion in 1990 to NZ$22 billion in the year ended December 2009. The sector contributes over 10 percent of GDP and represents more than half of all New Zealand’s merchandise exports by value.New Zealand’s key trading partners include Australia, the United States, Japan, China and the United Kingdom.

GDP: NZ$184.99 billion (YE September 2009)

GDP growth rate: 0.2% (YE September 2009)

GDP per capital: NZ$42,974 (YE September 2009)

Total employed: 2,175,000 (December 2009 quarter)

Unemployment rate:   7.3% (December 2009 quarter)

Merchandise imports: NZ$39.84 billion (YE January 2010)

Merchandise exports : NZ$39.66 billion (YE January 2010)

Consumer price index: 2.0% (December 2009 quarter), 3.7% (YE December 2009)