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The economy of New Zealand is a highly developed free-market economy. It is the 52nd-largest national economy in the world when measured by nominal gross domestic product (GDP) and the 62nd-largest in the world when measured by purchasing power parity (PPP). New Zealand has one of the most globalised economies and depends greatly on international trade, mainly with China, Australia, the European Union, the United States, and Japan. New Zealand's 1983 Closer Economic Relations agreement with Australia means that the economy aligns closely with that of Australia. Among OECD nations, New Zealand has a highly efficient and strong social security system; social expenditure stood at roughly 21.5% of GDP.
New Zealand's diverse economy is made up of various types of informal and formal organisations, divided between two sectors, public and private. It has a sizeable service sector, accounting for 63% of all GDP activity . As a large island nation New Zealand has abundant natural resources and mineral wealth. Prominent manufacturing industries include aluminium production, food processing, metal fabrication, wood and paper products. Mining, manufacturing, electricity, gas, water, and waste services accounted for 16.5% of GDP . The primary sector continues to dominate New Zealand's exports, despite accounting for only 6.5% of GDP . The information technology sector is growing rapidly. (Full article...)