Nova Zelanda flag Nova Zelanda: Panorama econòmic

Panorama econòmic

Economic indicators

For the latest updates on the key economic responses from governments to address the economic impact of the COVID-19 pandemic, please consult the IMF's policy tracking platform Policy Responses to COVID-19.

New Zealand's GDP grew 2.4% in 2019 against 3.2% in 2018, but fell to -2.1% in 2020 due to the outbreak of the COVID-19. Nevertheless, growth came back to +5.1% in 2021 and is expected to remain at 3.3% in 2022 before decreasing to 1.7% in 2023 according to the updated IMF forecasts from October 2021. The country relies heavily on consumption to bolster its GDP, although low interest rates, a benevolent fiscal and monetary policy, and increases in real wages due to declining unemployment also factor into its economic growth. Its proximity to Asia and Australia, and strong agricultural sectors also strengthen the economy. The country's entrepreneurial environment is one of the world’s most efficient and competitive.

According to the IMF, the government balance closed at -5.4% of GDP in 2020 and -7.6% in 2021 and is expected to be reduced to -6.5% and then -3.3% in 2022 and 2023 respectively. Due to the pandemic, the national debt increased sharply from 43.6% of GDP in 2020 to 52% of GDP in 2021. It is projected to increase again in 2022 to 56.9% and in 2023 at 58.5%. The inflation rate remained low in 2020 at 1.7% but increased to 3% in 2021 and is expected to remain stable at 2.2 and 2% over the next two years according to the latest World Economic Outlook of the IMF (October 2021). Nevertheless, inflation pressures have intensified over the past year as the pandemic has disrupted both demand and supply, and reached a 30-year high in February 2022 (New Zealand Treasury, 2022). Economic challenges include dependence on foreign investment, high household and corporate debt, reliance on Chinese demand, insufficient skilled workers, low R&D, and shortage of housing. The economy is also vulnerable to international commodity prices, particularly dairy and meat. Strong public funds have been allocated to reconstruction of roads, railways, and the KiwiBuild Programme. Furthermore, Government has restricted access to low-skill workers and student visas to ease housing demand, which triggered fears of worker shortage and lowered population growth. As a result, private consumption grew modestly in 2021.

In 2022, the country’s most immediate challenge remains related to the economic, social and public health impacts of the COVID-19 pandemic. The unemployment rate increased from 4.2% in 2019 to 4.6% in 2020 and 4.3% in 2021 despite the negative economic impact of the COVID-19 pandemic. It is expected to reach 4.4% in 2022 and 4.7% in 2023. Some key social issues faced by the New Zealander government include dealing with an ageing population and increasing health care costs, boosting employment and household incomes, reducing teen pregnancy and child poverty, and increasing housing affordability.

 
GDP Indicators 201920202021 (e)2022 (e)2023 (e)
GDP (billions USD) 210.44209.38e247.64267.64282.40
GDP (constant prices, annual % change) 2.4-2.1e5.13.31.7
GDP per capita (USD) 42,21041,165e48,34951,70753,796
General government balance (in % of GDP) -1.8-5.4e-7.6-6.5-3.3
General government gross debt (in % of GDP) 32.043.6e52.056.958.5
Inflation rate (%) 1.61.7e3.95.93.5
Unemployment rate (% of the labor force) 4.24.6e4.34.44.7
Current Account (billions USD) -6.15-1.73-8.16-6.76-7.37
Current account (in % of GDP) -2.9-0.8-3.3-2.5-2.6

Font: IMF – World Economic Outlook Database, 2016

Note: (e) Estimated data

 
Monetary indicators 20162017201820192020
New Zealand Dollar (NZD) - Average annual exchange rate for 1 EUR 1.531.591.711.691.76

Font: World Bank, 2015

 

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Actualitzacions: September 2022

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