Economy of New Zealand
The economy of New Zealand consists of 7% agriculture, 19% industry and 74% services. In 2007 the state had a gross domestic product of 112.6 billion US-Dollars, which makes US$ 26 464 per head. Since the 80s Tourism has also had a big role. In 1985 the government launched a reform measure which caused an economic boom around 1990.
Currency
Since 1967 the name of the official currency is New Zealand Dollar (NZD) and is the successor to the New Zealand pound. The Reserve Bank of New Zealand is responsible for the currency of the country.
Agriculture
The mild, moist climate, which is particularly rife in the South Island, and the use of modern machinery, leads to one of the most productive farming areas in the world. The grasslands (especially for cattle and sheep) are very fertile.
The Kiwis mainly grow wheat, corn and barley on their field but also citrus fruits like oranges and kiwis. Potatoes and fruit are of crucial importance. Incidentally, New Zealand is the largest exporter of kiwi fruit and is one of the largest exporters of milk. In addition, one often encounters of wine growing areas in the regions of Marlborough (South Island) and in the south east of the North Island.
The export of meat, dairy products and wool is of the utmost importance to the New Zealand economy, as these products about a third of the total export volume. In addition, New Zealand is the largest exporter of butter and cheese, one of the largest meat exporters, and next to Australia the second largest wool producer and exporter in the world.
Forestry
Today about a quarter of the country is covered by forest. The ancient Kauri forests in the north had been looted by early European loggers and the remaining parts of it are now protected.
2/3 of farmed forests are state owned, the remaining 1/3 in private hands. 1.6 million hectares are protected areas and therefore can not be cut down. Only 0.4 million ha are available for this.
About 40% of the felled trees are used for pulp production.
Fisheries
In 1978 New Zealand already had a 200-mile comprehensive fishing and economic zone around the islands. Exports have risen by a third since then. Among the catches are tuna, mackerel, squid and barracuda.
Mining
In New Zealand, considerable amounts of coal, natural gas, petroleum, iron, gold, gravel and sand are raised. Gold was particularly interesting in the past. It was found in Otago in 1861 and 1864 Gold West Country and thousands of gold seekers overran the country, hoping for their luck. Even today large amounts are exported.
Industry
The industrial sector in New Zealand covers a wide range of heavy industry, engineering, building and construction of wood processing, paper production, textile and leather goods manufacturing to food production.
New Zealand's most important industrial centre is Auckland.
Services
The municipal, private and social services are divided into 28% social services, 10% banking, insurance and real estate, about 21% wholesale and retail, food and 6% transport and communications.
In New Zealand there are approximately 80 trade unions with over 600,000 members.
Energy
The share of domestic gas production is extremely high, because both liquid and compressed gas is sold widely as a fuel. The water and the geothermal power potential options, such as Reservoirs or geothermal power plants, are utilized. The North Island is more popular than the South Island and because of this uses hydro and geothermal power plants (volcanic area). In addition, the North Island receives extra energy from the South Island through a cable that runs under the Cook Strait.
Nuclear power is unimaginable for the Kiwis and therefore they are a completely nuclear-free country and very proud of it.
