New Zealand Economy

Working abroad sounds like an adventure to many people. However, job search in New Zealand requires more than just the obvious New Zealand resume writing and translation - it requires thorough preparation. You will experience problems that probably did not even come to your mind when you decided to find a job in New Zealand.

Do not take too lightly the influence an employment in New Zealand can have on the effect of your adventure! For instance, you will experience the different immigration rules and practices, strange job application procedures, unfamiliar job candidate selection criteria and out of the ordinary management culture.

art_warning New Zealand EconomyMost visits to New Zealand are trouble-free but you should be aware of the global risk of indiscriminate international terrorist attacks, which could be against civilian targets, including places frequented by foreigners.

New Zealand economy - 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 some at the bottom of the ladder - and broadened and deepened the technological capabilities of the industrial sector.

Per capita income has risen for nine consecutive years in purchasing power parity terms, but fell in 2008-09. Debt-driven consumer spending drove robust growth in the first half of the decade, helping fuel a large balance of payments deficit that posed a challenge for economic managers.

Inflationary pressures caused the central bank to raise its key rate steadily from January 2004 until it was among the highest in the OECD in 2007-2008; international capital inflows attracted to the high rates further strengthened the currency and housing market, however, aggravating the current account deficit. The economy fell into recession in 2008, and in line with global peers, the central bank has cut interest rates aggressively and the government developed fiscal stimulus measures.

The economy posted a 2% decline in 2009, but pulled out of recession late in the year, and achieved 1.7% growth in 2010 and 2% in 2011. Nevertheless, key trade sectors remain vulnerable to weak external demand. The government plans to raise productivity growth and develop infrastructure, while reining in government spending.

Labor force - by occupation: agriculture 7%, industry 19%, services 74% (2006 est.)

Unemployment rate: 6.5% (2011 est.), 4% (2008 est.)

Natural resources: natural gas, iron ore, sand, coal, timber, hydro-power, gold, limestone

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

NewZealandCurrency New Zealand EconomyCurrency: New Zealand Dollar (NZD; symbol: NZ$) = 100 cents. Notes are in denominations of NZ$100, 50, 20, 10 and 5. Coins are in denominations of NZ$2 and 1, and 50, 20 and 10 cents.

Credit/Debit Cards and ATMs: All major credit and debit cards are widely accepted. ATMs are widely available.

Traveler is Cheques: Can be exchanged at official rates at trading banks, large hotels and some shops. To avoid additional exchange rate charges, travelers are advised to take traveler’s cheques in US Dollars, Pounds Sterling or Australian Dollars.

Exchange rates: New Zealand dollars (NZD) per US dollar - 1.266 (2011 est.), 1.3874 (2010 est.), 1.6002 (2009), 1.4151 (2008), 1.3811 (2007), 1.5408 (2006), 1.4203 (2005), 1.5087 (2004), 2.16 (2002), 2.38 (2001), 2.2 (2000), 1.89 (1999), 1.87 (1998)

Inflation rate (consumer prices): 4.5% (2011 est.), 4.3% (2008 est.)

Other New Zealand Economy Info

We hope that your New Zealand job search has been successful and you will get New Zealand visa too. So, if your New Zealand cover letter and New Zealand resume are ready, you may distribute them to your future employers and start preparing for a New Zealand job interview.

In addition, on the international info, job search, visa, work permit, cover letter, CV & resume, job interview and dress code pages you will find many useful tips for overseas job seekers.

Good luck with the New Zealand economy info!

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