New Zealand
OECD’s periodic surveys of the New Zealand economy. Each edition surveys the major challenges faced by the country, evaluates the short-term outlook, and makes specific policy recommendations. Special chapters take a more detailed look at specific challenges. Extensive statistical information is included in charts and graphs.
Études économiques consacrées périodiquement par l'OCDE à l’économie de la Nouvelle-Zélande. Chaque étude analyse les grands enjeux auxquels le pays fait face. Elle examine les perspectives à court terme et présente des recommandations détaillées à l’intention des décideurs politiques. Des chapitres thématiques analysent des enjeux spécifiques. Les tableaux et graphiques contiennent un large éventail de données statistiques.
After a strong recovery from the pandemic, the New Zealand economy has slowed, with higher interest rates weighing on housing construction, and inflation undermining purchasing power and consumption. Monetary policy has tightened significantly since late 2021 and proved efficient at reining in inflation. Better control of government spending is needed to keep fiscal consolidation on track in the short run and restore fiscal space for ageing-related expenditures and the green transition in the long run. New Zealand also faces an investment gap in addressing the needs of a rapidly growing population.
Improving competition policies and streamlining the regulatory environment would help revive productivity growth and lift living standards in the long run. As highlighted by the recent OECD PISA study, achievement in school education has declined markedly. Inequality remains high and attendance has dropped. There is an urgent need to improve the curriculum, reform teacher education and strengthen support to teachers and schools to deliver better education outcomes. Adapting to climate change will require maintaining high insurance coverage for climate-related losses as well as changes to land-use planning and a comprehensive long-run energy strategy. The green transition needs a more rigorous cost-benefit assessment of emission reduction options.
Special features: Competition, School Education, Climate Change
Given the fast pace of global socio-economic development, more tailored, focused, and localised efforts to strengthen public sector capacity in small island developing states (SIDS) is increasingly important. SIDS have unique vulnerabilities, rich histories and contexts, and strengths that can be harnessed for sustainable development. Development partners need to adapt how they provide capacity-strengthening support, taking individual SIDS’ circumstances and needs into account to better help them achieve their ambitions. This report summarises perspectives from small island developing states (SIDS) on current experiences and opportunities to improve capacity-strengthening support to make it more tailored, impactful, and sustainable. The report uses the broad definition of capacity-strengthening as activities that improve the competencies and abilities of individuals, organisations, and broader formal and informal social structures in a way that boosts organisational performance. It concentrates on public sector capacity, including interactions with other stakeholders across sectors.
In 2019, New Zealand was ranked as the number one countryhttps://data.worldbank.org/indicator/IC.BUS.EASE.XQ?locations=NZ in the world for ease of doing business as recognized by the World Bank. As a small open economy, with a population of 5 million, SMEs play a significant role in the New Zealand economy.
Gross domestic product (GDP) is the standard measure of the value of final goods and services produced by a country during a period minus the value of imports. This subset of Aggregate National Accounts comprises comprehensive statistics on gross domestic product (GDP) by presenting the three different approaches of its measure of GDP: output based GDP, expenditure based GDP and income based GDP. These three different measures of gross domestic product (GDP) are further detailed by transactions whereby: the output approach includes gross value added at basic prices, taxes less subsidies, statistical discrepancy; the expenditure approach includes domestic demand, gross capital formation, external balance of goods and services; and the income approach includes variables such as compensation of employees, gross operating surplus, taxes and production and imports. Gross domestic product (GDP) data are measured in national currency and are available in current prices, constant prices and per capita starting from 1950 onwards.
The Pensions at a Glance database includes reliable and internationally comparable statistics on public and mandatory and voluntary pensions. It covers 34 OECD countries and aims to cover all G20 countries. Pensions at a Glance reviews and analyses the pension measures enacted or legislated in OECD countries. It provides an in-depth review of the first layer of protection of the elderly, first-tier pensions across countries and provideds a comprehensive selection of pension policy indicators for all OECD and G20 countries.
This dataset contains data on metropolitan regions with demographic, labour, innovation and economic statistics by population, regional surface, population density, labour force, employment, unemployment, GDP, GDP per capita, PCT patent applications, and elderly dependency ratio.
This dataset comprises statistics on different transactions and balances to get from the GDP to the net lending/borrowing. It includes national disposable income (gross and net), consumption of fixed capital as well as net savings. It also includes transaction components such as net current transfers and net capital transfers. Data are expressed in millions of national currency as well as US dollars and available in both current and constant prices. Data are provided from 1950 onwards.
La croissance du PIB réel devrait tomber à 1.3 % en 2024, avant de rebondir à 1.9 % en 2025. La hausse des taux d’intérêt pèse sur la consommation et l’investissement immobilier, tandis que le ralentissement de la croissance mondiale limite les arrivées de touristes étrangers en Nouvelle-Zélande et réduit le prix des exportations de matières premières. La forte immigration nette devrait porter la croissance globale. De nombreux immigrés sont en âge de travailler, et la croissance de la population active a été forte, atténuant les tensions sur le marché du travail. Néanmoins, la croissance de l’emploi est récemment devenue négative et le taux de chômage augmente.
Real GDP growth is projected to ease to 1.3% in 2024 before picking up to 1.9% in 2025. Higher interest rates are weighing on consumption and housing investment, while lower global growth is restraining inbound tourism and reducing the price of commodity exports. Strong net inward migration is set to put a floor under aggregate growth. Many of the migrants are of working age, and labour force growth has been strong, easing labour market tensions. However, employment growth recently turned negative and the unemployment rate is rising.
New Zealand is well-endowed with fossil-fuel resources for a country of its size. The country is a net exporter of coal but imports most of its oil. It imports no natural gas. Net production of natural-gas has decreased in recent years, and was about 20% lower in 2021 than in 2016. Consumption of natural gas in power plants has been declining, while that used by industrial users, particularly the chemicals industry, has been increasing. Owing to its location straddling the Pacific “Ring of Fire”, New Zealand has the second-largest share of geothermal energy in the OECD after Iceland. Geothermal share in electricity generation is relatively high as well, at 19% in 2021.