Emerging Sectors of New Zealand
New Zealand has the world's 53rd-largest national economy by nominal GDP and experiencing promising economic growth across a number of industries. The primary sectors of New Zealand are agricultural-based with Petroleum and Minerals also amongst the biggest by market capitalization. Moreover, the agricultural sector is the largest industry in New Zealand Pastoral farming and horticulture make up most of the agricultural sector. Beef cattle rearing is practiced in Northland while dairy farming is the main activity in the wetlands of Taranaki, Northland, Southland, Manawatu, and Waikato areas. In fact,New Zealand produces 2.2% of the global milk output ranking it the 8th among the world’s largest milk producers.
In terms of technology and Information Communications, New Zealand is one of the fastest-growing sectors as its impact is extensive and exhaustive in nature. Research and Development expenditure is substantial with high tech companies spending an average of 8% of their revenues on R & D Projects. According to IBIS World, online retail, IT security, and sports administration are among some of the growth industries tipped to boom over the next five years.
New Zealand is also known for its Hospitality and Tourism industries. The tourism and hospitality sector is big business in New Zealand and currently the second-largest export earner, providing nearly 17.1% of total export revenues.
Overall,the emerging industries that can be found in New Zealand are biotechnology, food and beverage, creative industries, information and communication technology, manufacturing, wood building and interiors, education and consultancy services, tourism, healthcare, and sustainability.