Summary: This is the first ever comprehensive overview of the economic performance of all the sectors that make up New Zealand’s economy.
The defining theme of this report is change. New Zealand, like many developed countries, is witnessing a transformation in our economy and in employment opportunities.
A number of themes are highlighted in the report including
- The sectors employing the most people are retail trade, health and professional services – these three sectors employ 27% of all workers.
- Sectors adding the most jobs in the ten years 2002-2012 were health, professional services and construction – a total of 153,000, or 46% of all additional jobs (390,000 in total)
Petroleum and minerals, utilities and property, rental and hiring services have the highest labour productivity. The majority of workers are employed in labour intensive, lower labour productivity sectors such as accommodation and restaurants, retail trade, administration and construction. But all sectors have high performing and low performing firms.
New Zealand exported a total of $62.4b in 2013, $46.3b of goods and $16.1b of services. Taking a sector view, food and beverage manufacturing accounted for 38% of exports, while agriculture, forestry and fishing accounted for 8%.
The stock of foreign direct investment in New Zealand is $100 billion; Australian investment is $63 billion (63%); US investment is $10 billion (10%); EU countries’ investment is $9.9 billion (10%). Investment from China is $391m or 0.4%.