Economy of New Zealand

The economy of New Zealand is a highly developed free-market economy. It is the 52nd-largest national economy in the world when measured by nominal gross domestic product (GDP) and the 62nd-largest in the world when measured by purchasing power parity (PPP). New Zealand has a large GDP for its population of 5 million, and sources of revenue are spread throughout the large island nation. The country has one of the most globalised economies and depends greatly on international trade, mainly with Australia, China, the European Union, Japan, Singapore, South Korea, and the United States. New Zealand's 1983 Closer Economic Relations agreement with Australia means that the economy aligns closely with that of Australia. New Zealand's diverse economy has a sizable service sector, accounting for 63% of all GDP activity . Large-scale manufacturing industries include aluminium production, food processing, metal fabrication, wood and paper products. Mining, manufacturing, electricity, gas, water, and waste services accounted for 16.5% of GDP . The primary sector continues to dominate New Zealand's exports, despite accounting for only 6.5% of GDP . The information technology sector is growing rapidly. The major capital market is the New Zealand Exchange (NZX). , NZX had a total of 258 listed securities with a combined market capitalisation of NZD $94.1 billion. New Zealand's currency, the New Zealand dollar (informally known as the "Kiwi dollar"), also circulates in four Pacific Island territories. The New Zealand dollar is the 10th-most traded currency in the world. Economic history of New Zealand For many years New Zealand's economy was built on a narrow range of agricultural products, such as wool, meat and dairy. These products became New Zealand's staple and most valuable exports, underpinning the success of the economy, from the 1850s until the 1970s. For example, from 1920 to the late 1930s, the dairy export quota was usually around 35% of New Zealand's total exports, and in some years made up almost 45%.

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Economy of New Zealand

New Zealand

New Zealand (Aotearoa aɔˈtɛaɾɔa) is an island country in the southwestern Pacific Ocean. It consists of two main landmasses—the North Island (Te Ika-a-Māui) and the South Island (Te Waipounamu)—and over 700 smaller islands. It is the sixth-largest island country by area and lies east of Australia across the Tasman Sea and south of the islands of New Caledonia, Fiji, and Tonga. The country's varied topography and sharp mountain peaks, including the Southern Alps, owe much to tectonic uplift and volcanic eruptions.

Oceania

Oceania (UKˌoʊsiˈɑːniə,ˌoʊʃi-,-ˈeɪn- , USˌoʊʃiˈæniə , -ˈɑːn- ) is a geographical region that is described as a continent in some parts of the world. It includes Australasia, Melanesia, Micronesia, and Polynesia. Spanning the Eastern and Western hemispheres, at the center of the water hemisphere, Oceania is estimated to have a land area of and a population of around 44.4 million as of 2022. Oceania is described as a geographical region in most of the English-speaking world, but outside of the English-speaking world, Oceania is described as one of the continents.