Economic Overview
Over the past 20 years the government has transformed new zealand from an agrarian economy dependent on concessionary british market access to a more industrialized, free market economy that can compete globally. this dynamic growth has boosted real incomes - but left behind many at the bottom of the ladder - and broadened and deepened the technological capabilities of the industrial sector. per capita income has risen for eight consecutive years and reached $27,300 in 2007 in purchasing power parity terms. consumer and government spending have driven growth in recent years, and exports picked up in 2006 after struggling for several years. exports were equal to about 22% of gdp in 2007, down from 33% of gdp in 2001. thus far the economy has been resilient, and the labor government promises that expenditures on health, education, and pensions will increase proportionately to output. inflationary pressures have built in recent years and the central bank raised its key rate 13 times since january 2004 to finish 2007 at 8.25%. a large balance of payments deficit poses another challenge in managing the economy.
Environmental Issues
Deforestation; soil erosion; native flora and fauna hard-hit by invasive species
Government Type
Parliamentary democracy
Population
4,173,460 (july 2008 est.)
Location
Oceania, islands in the south pacific ocean, southeast of australia
Area
Total: 268,680 sq km
land: 268,021 sq km
water: na
note: includes antipodes islands, auckland islands, bounty islands, campbell island, chatham islands, and kermadec islands
About the size of colorado
Country Aliases
Conventional long form: none
conventional short form: new zealand
abbreviation: nz
Capital
Name: wellington
geographic coordinates: 41 28 s, 174 51 e
time difference: utc+12 (17 hours ahead of washington, dc during standard time)
daylight saving time: +1hr, begins first sunday in october; ends third sunday in march
note: new zealand is divided into two time zones, including chatham island
Military Service
17 years of age for voluntary military service; soldiers cannot be deployed until the age of 18; no conscription (2008)
International Disputes
Asserts a territorial claim in antarctica (ross dependency)
Sources: Central Intelligence Agency (CIA)