New ZealandChapters
The foundation of New Zealand’s economy is the export of agricultural commodities such as dairy products, meat, forest products, fruit and vegetables, and wine. 46% of all goods and services exports are food and beverage. Dairy, New Zealand’s largest export commodity group making up 28% of all exports totalled approximately US$13 billion.
Most minerals, metallic and non-metallic, are present in New Zealand, but few are found in sufficient quantities for commercial exploitation. The exceptions are gold, coal (still mined to a considerable extent), iron sands and natural gas. New Zealand has also developed its hydroelectric potential.
Key indicators
- Area
- 268,838 sq km
- Population
- 5,223,100 (2023)
- Government type
- parliamentary democracy under a constitutional monarchy; a Commonwealth realm
- Languages
- English (de facto official) 95.4%, Maori (de jure official) 4%, Samoan 2.2%, Northern Chinese 2%, Hindi 1.5%, French 1.2%, Yue 1.1%, New Zealand Sign Language (de jure official) 0.5%, other or not stated 17.2% (2018 est.)
- GDP
- $252.18 billion (2023)
- Growth rate
- 0.7% (2023)
- HDI
- 16
- Capital
- Wellington
Macroeconomic indicators
Economic momentum remained weak in the second half of 2024 and the economy is expected to expand by only 0.6% this year. Growth is projected to pick up to 1.4% in 2025 and 2.1% in 2026 as lower interest rates boost investment and real household income growth lifts private consumption. The difficulty of finding labour has declined, reducing wage pressures. Low and medium skilled labour shortages are not expected to return over the next two years. Feeble economic growth and easing labour market tensions are helping to lower headline inflation, which is expected to remain around 2%. Declining net inward migration, elevated electricity prices and low productivity growth are expected to temper the pace of the recovery.
Source : OECD Economic Outlook
IMF Statistics:
| Subject descriptor | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
|
Gross domestic product, constant prices Percent change (Units) |
5.647 |
2.361 |
0.636 |
0.038 |
1.901 |
|
Gross domestic product, current prices U.S. dollars (Billions) |
249.711 |
242.575 |
248.687 |
252.236 |
262.924 |
|
Gross domestic product per capita, current prices U.S. dollars (Units) |
48,856.669 |
47,327.941 |
47,423.081 |
47,072.425 |
48,234.145 |
|
Inflation, average consumer prices Percent change (Units) |
3.941 |
7.172 |
5.733 |
2.720 |
2.218 |
|
Volume of imports of goods and services Percent change (Units) |
14.437 |
4.782 |
-0.328 |
2.015 |
1.263 |
|
Volume of exports of goods and services Percent change (Units) |
-2.456 |
0.201 |
9.336 |
5.227 |
4.551 |
|
Unemployment rate Percent of total labor force (Units) |
3.775 |
3.300 |
3.725 |
5.132 |
5.105 |
|
Current account balance U.S. dollars (Billions) |
-14.540 |
-21.270 |
-17.168 |
-15.840 |
-13.046 |
|
Current account balance Percent of GDP (Units) |
-5.823 |
-8.769 |
-6.903 |
-6.280 |
-4.962 |
Estimates
Source: IMF Statistics - New Zealand
Relationships with Luxembourg
Existing conventions and agreements
Non double taxation agreement
In order to promote international economic and financial relations in the interest of the Grand Duchy of Luxembourg, the Luxembourg government negotiates bilateral agreements for the avoidance of double taxation and prevent fiscal evasion with respect to Taxes on Income and on fortune with third countries.
None
Air Services agreement
None
EU – New Zealand trade Agreement
Source: European Commission
Further information
Foreign Trade
The Statec Foreign Trade statistics provide information on the trade of goods - by product and by country. This information is collected respectively through the INTRASTAT declaration and on the basis of customs documents.
You can see the statistics on the website of the Statec.
Contact Points in New Zealand
Luxembourg is represented by Ambassade Royale des Pays-Bas à Wellington
Honorary Consul
Honorary Consul with jurisdiction in New Zealand:
Auckland
Ms Marie Gaspar
Honorary Consul with jurisdiction over North Island
10 Barnett Crescent
Epsom
1023 Auckland
Nouvelle-Zélande
Tel : +64 (0) 21 066 4374
E-mail : auckland@consul-hon.lu
Wanaka
Ms Frauke Carola ODDONE
Honorary Consul with jurisdiction over South Island
9 Foxglove Heights
9305 Wanaka
Nouvelle-Zélande
Tel.: +64 (027) 7200018
E-mail: wanaka@consul-hon.lu
Source: Ministry of Foreign Affairs of Luxembourg
Country risk as defined by Office du Ducroire for New Zealand
Ducroire is the only credit insurer covering open account deals in over 200 countries. A rating on a scale from 1 to 7 shows the intensity of the political risk. Category 1 comprises countries with the lowest political risk and category 7 countries with the highest. Macroeconomics experts also assess the repayment climate for all buyers in a country.
Link: Ducroire Office - Country Risk for New Zealand