Since 1984 the government has accomplished major economic restructuring, transforming 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), broadened and deepened the technological capabilities of the industrial sector, and contained inflationary pressures. While per capita incomes have been rising, however, they remain below the level of the four largest EU economies, and there is some government concern that New Zealand is not closing the gap. New Zealand is heavily dependent on trade - particularly in agricultural products - to drive growth, and it has been affected by the global economic slowdown and the slump in commodity prices. Thus far the New Zealand economy has been relatively resilient, although growth may slow to 2.5% in 2003.

purchasing power parity - $78.4 billion (2002 est.)

3.3% (2002 est.)

purchasing power parity - $20,100 (2002 est.)

agriculture: 8%
industry: 23%
services: 69% (2001)

NA%

2.7% (2002 est.)

1.92 million (2001 est.)

services 65%, industry 25%, agriculture 10% (1995)

5.3% (2002 est.)

food processing, wood and paper products, textiles, machinery, transportation equipment, banking and insurance, tourism, mining

3% (2001 est.)