The main economic performance of a country can be seen from its gross domestic product. In other words, the total quantity of all goods and services sold within New Zealand minus intermediate consumption. Worldwide gross domestic product in 2022 was at about 12,703 USD per capita. GDP in New Zealand, on the other hand, reached USD 48,419 per capita, or 248.10 billion USD for the whole country. New Zealand is therefore currently ranked 51 of the major economies. If this is calculated per inhabitant, taking purchasing power parity into account, then New Zealand is in the list of the world's richest countries in place 31.
Inflation in New Zealand in 2022 was around 7.17%. Within the EU, the average in the same year was 8.83 percent. In the United States, it was most recently 8.00%.
The index for perceived corruption in the public sector is 85, which is above average by global standards.
Impact of the COVID-19 pandemic
Overall, the gross domestic product in New Zealand in 2020 decreased moderatly from 213.09 billion US dollars to 212.57 billion US dollars. Certainly, there have been shifts in some sectors of the economy, but a drop of 0.25 percent is still comparatively good this year. Numerous countries suffered more substantial losses. The tourism sector alone slumped by around 46 percent. The unemployment rate rose from 4.1 to 4.6 percent. The country's gross debt increased by 33.1 percent. The consumer inflation rate has risen from 1.6 percent previously to 1.7 percent now.
There was already a recovery in 2021 and gross domestic product rose to 255.55 billion (=119.9% of 2019).
Income and purchasing power
The average monthly income in New Zealand is 4,091 per capita. In the USA, the figure is 6,398 . Compared with the United States, however, prices for daily consumer goods are around 1.4 percent higher. If you compare income and price levels, the result is a more expensive life in New Zealand than in the United States. The bottom line is that the costs do not offset the lower income, and you get about 36.9 percent less.
However, it is also important to remember that this is a purely statistical model. Both the labor output and the type and quality of the goods received always correspond to the national average on both sides of the equation - so they do not necessarily have to match. Here you can also find an international comparison of cost of living and purchasing power.
The income tax payable in New Zealand on all income is very high compared to other OECD countries. A married couple with 2 children and normal average income pays on average 18.2% income tax. The total tax burden including social security contributions but excluding employer contributions is 18.0%. The top tax rate is 39.0 percent. Please also read our country comparison of income tax.
Economic performance 2022
| Indicator | New Zealand Total | New Zealand per capita | EU Total | EU per capita |
|---|---|---|---|---|
| GDP | 248.10 bn USD | 48,418.59 USD | 16.746 tn USD | 32,558.54 USD |
| Gross national product | 251.52 bn USD | 49,085.01 USD | 17.950 tn USD | 34,898.47 USD |
In the Global Innovation Index, New Zealand ranked 24th in 2022 with 47.2 points. The index is calculated annually by the World Intellectual Property Organization (WIPO) and most recently included 132 countries. The top country was Switzerland with 64.6 points.
Development of gross domestic product in billions of USD 1960 - 2022
Largest industries
- Agriculture
- Forestry
- Fishing
- Logs and wood articles
- Mining
- Construction
- Financial services
- Real estate services
- Tourism
Imports and Exports 2022
| Indicator | New Zealand Total | New Zealand per capita | EU Total | EU per capita |
|---|---|---|---|---|
| Imports | 71.35 bn USD | 13,924.32 USD | 9.114 tn USD | 17,719.26 USD |
| Exports | 57.48 bn USD | 11,218.47 USD | 9.446 tn USD | 18,365.45 USD |
Development of imports and exports in billions of USD 2000 - 2022
Exports
Imports
Unemployment rates in percentages 1991 - 2022
The unemployment rates according to the ILOSTAT estimates used here do not always correspond to the official government figures. Instead, they are based on a harmonized procedure to compensate for different unemployment criteria and make them comparable across countries. Further information and an international comparison can be found here.
Largest airports and airlines in New ZealandThe 30 biggest airports in New Zealand and 8 airlines with further information and data
Comparison of income tax by countryThis is how much income tax and social security contributions you pay in these 39 countries
List of the 13 current Pariah States13 countries, that suffer from the sanctions of the international community because of their mostly autocratic government.
