ECONOMIC ACTIVITY OF NEW ZEALAND

  1. Activity
  2. APPLIED FIELDS OF ECONOMICS
  3. AREAS OF ECONOMICS
  4. B) On Macro- and Microeconomics
  5. C) Explain the differences between macroeconomics and microeconomics.
  6. Complete the questions with words from the list in activity 1
  7. DEVELOPMENT ECONOMICS

GDP (1989): $ 40.1 billion; $ 10,588 per capita

Labor distribution (1990): Commerce and service - 37%; manufacturing - 17%; agriculture and fishing - 11%; construction - 6%; government and public authorities - 28%

Foreign trade (1990 est.): imports - $ 9.4 billion; export - $ 9.1 billion; principal trade partners - Australia, Japan, United States, United Kingdom

Currency:1 New Zealand dollar = 100 cents

New Zealand is an advanced industrial state with an economy dependent on trade. Commodities were traditionally exported to Great Britain. These exports decreased once Great Britain joined the European Economic Community in 1971, causing great economic upheaval in New Zealand. A second jolt forcing New Zealand to reexamine its traditional economic ties was the oil crisis of the early 1970s, which increased the nation's oil bill by 123%. Today New Zealand is attempting to build new markets, particularly in the Pacific region, to increase economic self-reliance, and to restructure the economy to make it more responsive to world market forces.

Mining, Manufacturing, and Services. In addition to the processing of agricultural products, goods manufactured in New Zealand include light engineering products, electronic equipment, textiles, lather goods, carpets, rubber and plastic products, glassware, and pottery. About 30% of New Zealand's exports are manufactured goods, and that percentage is increasing. The mining industry is relatively small. Construction materials (sand, gravel, and rock), limestone, and coal are mined; coal is exported to Japan and Korea. New technologies are being used to convert volcanic black sands to iron and other minerals. A significant portion of labor is employed in public and private service industries, including tourism.

Fishing and Forestry. New Zealand's rivers and lakes support more than 50 species of freshwater fish, and sport fishing is a popular tourist attraction. The country also has an important coastal fishing industry. Forestry products are another important source of income. The Monterey pine grows exceptionally well in New Zealand and is a major source of timber.

Trade. New Zealand must export to live. The primary exports are agricultural commodities. More-sophisticated processes for refrigeration and improved transportation services have led to a tremendous expansion of trade. Automobiles and other manufactured goods and petroleum are the leading imports. Japan, Australia, and the United States purchase about 40% of New Zealand's exports and provide a substantial percentage of its imports. The country's longstanding trade deficit improved in the late 1980s and early 1990s.

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