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Economy of New Zealand

New Zealand is considered to be a developed nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developed nation, New Zealand is able to provide its citizens with social services like public education, healthcare, and law enforcement. Citizens of developed nations enjoy a high standard of living and longer life expectancies than citizens of developing nations. Each year, New Zealand exports around $37.84 billion and imports roughly $37.35 billion. 4.9% of population in the country are unemployed. The total number of unemployed people in New Zealand is 232,730. In New Zealand, 12% of the population lives below the poverty line. The percentage of citizens living below the poverty line in New Zealand is low, indicating that it has a stable economy. Investors should consider New Zealand to be a safe location for investments and other financial ventures. Government expenditure on education is 6.1% of GDP. The Gini Index of the country is 36.2. New Zealand is experiencing good equality. The majority of citizens in New Zealand fall within a narrow range of income, although some cases may show significant differences. New Zealand has a Human Development Index (HDI) of 0.91. New Zealand has a very high HDI score. This indicates that nearly all citizens are able to attain a desirable life because of social and economic support; citizens with a low standard of living receive aid and support and have the opportunity to advance in society. The Global Peace Index (GPI) for New Zealand is 1.221. Due to strong law enforcement presence and high social responsibility, New Zealand is very safe by international standards. The strength of legal rights index for New Zealand is 12. Overall, it is considered to be rather strong - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders quite well; credit information is abundant and easily accessible.

Currency

The currency of New Zealand is New Zealand dollar. The plural form of the word New Zealand dollar is dollars. The symbol used for this currency is $, and it is abbreviated as NZD. The New Zealand dollar is divided into Cent; there are 100 in one dollar.

Credit rating

The depth of credit information index for New Zealand is 8, which means that information is mostly sufficient and quite detailed; accessibility is not a problem. According to the S&P credit-rating agency, New Zealand has a credit rating score of AA, and the prospects of this rating are stable. According to the Fitch credit-rating agency, New Zealand has a credit rating score of AA, and the prospects of this rating are stable. According to the Moody's credit-rating agency, New Zealand has a credit rating score of Aaa, and the prospects of this rating are stable.

Central bank

In New Zealand, the institution that manages the state's currency, money supply, and interest rates is called Reserve Bank of New Zealand. The average deposit interest rate offered by local banks in New Zealand is 4%.

Public debt

New Zealand has a government debt of 36% of the country's Gross Domestic Product (GDP), as assessed in 2012.

Tax information

The corporate tax in New Zealand is set at 28%. Personal income tax ranges from 10.5% to 33%, depending on your specific situation and income level. VAT in New Zealand is 15%, and it is known as Goods and Services Tax.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in New Zealand is $160801 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in New Zealand was last recorded at $34 million. PPP in New Zealand is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in New Zealand is 189,025 billion. Based on this statistic, New Zealand is considered to have a medium economy. Countries with medium economies support an average number of industries and opportunities for investment. It should not be too difficult to find worthwhile investment opportunities in medium economies. The Gross Domestic Product (GDP) per capita in New Zealand was last recorded at $40 million. The average citizen in New Zealand has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in New Zealand averaged 3.6% in 2014. According to this percentage, New Zealand is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly. To read more about financial information click on finances of New Zealand.

Industry

Major industries in the country are agriculture, forestry, fishing, logs and wood articles, manufacturing, mining, construction, financial services, real estate services, tourism. The total labor force of New Zealand is 2,630,060 people, wherein 4.9% of population in the country are unemployed. The total number of unemployed people in New Zealand is 232,730. The Industrial Production growth rate of New Zealand is 2%.To read more about industrial information within New Zealand click on industry of New Zealand.

Agriculture

There are 14848 km2 of arable land in New Zealand, and it comprises 6% of the country's total territory. There are 33395 km2 of cultivated land in New Zealand. The country's major agricultural crops and products are dairy products, lamb and mutton, wheat, barley, potatoes, pulses, fruits, vegetables, wool, beef, fish.To read more about agriculture click on agriculture of New Zealand.