New Zealand: Facts & Stats

ECONOMY

Industry:

Traditionally, New Zealand's economy was built upon on a narrow range of primary products, such as wool, meat and dairy products. As an example, from approximately 1920 to approximately 1940, the dairy export quota was usually around 35% of the total exports, and in some years made up almost 45% of all New Zealand's exports. Due to the high demand for these primary products - such as the New Zealand wool boom of 1951 - New Zealand enjoyed high standards of living.

However, commodity prices for these exports declined, and New Zealand lost its preferential trading position with the United Kingdom in 1973, due to the latter joining the European Economic Community. Partly as a result, from 1970 to 1990, the relative New Zealand purchasing power adjusted GDP per capita declined from about 115% of the OECD average to 80%.

Agriculture:

Agriculture in New Zealand is the largest sector of the economy, contributing about two-thirds of exported goods in 2006-7. For the year ended March 2002, agricultural exports were valued at over $14.8 billion. The New Zealand agricultural sector is unique in being the only developed country to be totally exposed to the international markets since subsidies, tax concessions and price supports were removed in the 1980s. Pastoral farming is the major land use but there are increases in land area devoted to horticulture.

Milling of New Zealand's extensive native forests was one of the earliest industries in the settlement of the country. The long, straight hardwood from the kauri was ideal for ship masts and spars. As the new colony was established, timber was the most common building material, and vast areas of native forest were cleared. Rimu, t?tara, matai, and miro were the favoured timbers. The Monterrey Pine, Pinus radiata was introduced to New Zealand in the 1850s. It thrived in the conditions, reaching maturity in 28 years, much faster than in its native California.

It was found to grow well in the infertile acidic soil of the volcanic plateau, where attempts at agriculture had failed. The Government initiated planting of exotic forests in 1899 at Whakarewarewa, near Rotorua. This was to address growing timber shortages as slow-growing native forests were exhausted. In the 1930s, vast areas of land were planted in pinus ratiata by relief workers. The largest tract was the 188,000-hectare K?ingaroa forest, the largest plantation forest in the world. As the major forests matured, processing industries such as the Kinleith Mill at Tokoroa and the Tasman Mill at Kawerau were established.

Recent trends:

Economic growth, which had slowed in 1997 and 1998 due to the negative effects of the Asian financial crisis and two successive years of drought, rebounded in 1999. A low New Zealand dollar, favourable weather, and high commodity prices boosted exports, and the economy is estimated to have grown by 2.5% in 2000. Growth resumed at a higher level from 2001 onwards due primarily to the lower value of the New Zealand dollar which made exports more competitive. The return of substantial economic growth led the unemployment rate to drop from 7.8% in 1999 to 3.4% in late 2005, the lowest rate in nearly 20 years.

However, the large current account deficit, which stood at more than 6.5% of GDP in 2000, has been a constant source of concern for New Zealand policymakers and hit 9% as of March 2006. The rebound in the export sector is expected to help narrow the deficit to lower levels, especially due to decreases in the exchange rate of the New Zealand dollar during 2008.

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