The Economic Outlook of New Zealand
The economy of New Zealand is known to have been stable for a consistent period of time. The New Zealand GDP is projected to drift at about 225.00 USD Billion in 2021 and 230.00 USD Billion in 2022. Recently, the population of New Zealand has been estimated at just over 4.8 million. In terms of GDP, New Zealand’s economy is the 53rd strongest in the world, much of which is dependent upon their foreign trade with Australia, all of the European Union, the United States, China, South Korea, Canada, and Japan. Based on the latest data, the unemployment rate of New Zealand is estimated at around 4.3% and expected to show a similar trend in 2020 and 2021 respectively.
New Zealand's economy is majorly based on agricultural products and services such as tourism, retail, and wholesale trade. The quality of soil and excellent growing conditions coupled with advanced agricultural technology provide the ideal environment for pastoral, forestry, and horticulture activities. New Zealand is also rich in natural resources, and it has deposits of iron ore, silver, coal, gold, and limestone. It is interesting to note that New Zealand ranks 22nd globally in iron ore production and 29th in gold production. The New Zealand electricity grid has an outstanding feature in the shape of direct-current submarine cables covering the Cook Strait. It serves as a link between the two main islands, enabling excess hydroelectric power in the South to be used by the North’s concentration of industry and people. In addition, the government also sponsors various business networks and public support mechanisms that can help to get started.