New Zealand
Chamber of Commerce Country Factsheet Last update: 11.08.2017
Your advisors at the Chamber of Commerce
Diana Rutledge+352423939335
Edith Stein+352423939482
Introduction
The Polynesian Maori reached New Zealand in about A.D. 800. In 1840, their chieftains entered into a compact with Britain, the Treaty of Waitangi, in which they ceded sovereignty to Queen Victoria while retaining territorial rights. That same year, the British began the first organized colonial settlement. A series of land wars between 1843 and 1872 ended with the defeat of the native peoples. The British colony of New Zealand became an independent dominion in 1907 and supported the UK militarily in both world wars. New Zealand's full participation in a number of defense alliances lapsed by the 1980s. In recent years, the government has sought to address longstanding Maori grievances. New Zealand assumed a nonpermanent seat on the UN Security Council for the 2015-16 term.
Source: The CIA World Factbook - New Zealand
Macroeconomic indicators
Economic growth is projected to ease to around 3% in 2017-18. A strong recovery in business investment, ongoing strength in tourism and the recent increase in dairy prices should support growth. Net immigration is assumed to fall, slowing both household consumption and, together with the wind-down in the Canterbury earthquake rebuild, construction expenditure, despite a planned boost to government infrastructure spending. Inflation is projected to rise sustainably to around the mid-point of the official 1-3% target range.
The Reserve Bank has tightened loan-to-value restrictions to limit financial stability risks from high household debt and increasing house prices. A debt-to-income limit should be added to the Bank’s macro-prudential instruments with attention to benefits exceeding costs. The Bank should begin to increase the policy rate from late-2018. The fiscal stance underlying these projections is mildly contractionary - the cyclically-adjusted budget balance is projected to rise by 0.6 percentage point of GDP between 2016 and 2018. Since the projections were finalised, the 2017 budget has been delivered. The fiscal stance is now neutral, which is appropriate.
New Zealand’s flexible labour market facilitates adjustment to globalisation. Such adjustment would be enhanced and costs to workers reduced by strengthening the education and training system to help people acquire skills in demand. To reduce costs to displaced workers, the government should consider introducing unemployment insurance and expanding training and job-search assistance.
Source: OECD - Economic Forecast
IMF Statistics:
Subject descriptor 2014 2015 2016 2017 2018 Gross domestic product, constant prices 3.022 2.999 2.766 2.707 2.593 Gross domestic product, current prices 197.988 172.257 179.359 192.816 202.379 Gross domestic product per capita, current prices 43,469.964 37,066.064 38,065.927 40,596.363 42,270.501 Inflation, average consumer prices 1.228 0.293 0.677 1.563 1.964 Volume of imports of goods and services 7.922 3.647 2.196 2.328 2.902 Volume of exports of goods and services 3.022 6.562 1.140 2.578 2.684 Unemployment rate 5.375 5.350 5.298 5.536 5.283 Current account balance -6.201 -5.594 -5.385 -6.824 -7.778 Current account balance -3.132 -3.248 -3.003 -3.539 -3.843
Source: IMF Statistics - New Zealand
Luxembourg and the country
Existing conventions and agreements
Non double taxation agreement
In order to promote international economic and financial relations in the interest of the Grand Duchy of Luxembourg, the Luxembourg government negotiates bilateral agreements for the avoidance of double taxation and prevent fiscal evasion with respect to Taxes on Income and on fortune with third countries.
None
Air Services agreement
- Agreement from 11.02.1992 (Memorial 1995, A, p. 1592)
- Effective as of 20.12.1995 (Memorial 1996, A, p. 88)
Source: Administration des contributions directes
Further information
Foreign Trade
The Statec Foreign Trade statistics provide information on the trade of goods - by product and by country. This information is collected respectively through the INTRASTAT declaration and on the basis of customs documents.
You can see the statistics on the website of the Statec.
Contact point in New Zealand
Economic and Commercial Attaché (FIT):
Mr Luca Bottallo
103/838 Collins Street
Docklands VIC 3008
AUSTRALIA
T +61 3 9614 0980
M +61 406 495 477
luca.bottallo(at)fitagency.com
Honorary Consul
Honorary Consul with jurisdiction in New Zealand: Manou GILLEN
44, Siemonek Rise
Bethlehem
Tauranga 3110
New Zealand
Tel: +64 27 571 51 58
E-Mail: m.gillen(at)me.com
P.O. Box 16319
Bethlehem
Tauranga 3147
New Zealand
Source: www.mae.lu
Source: www.flanderstrade.com
Country risk as defined by Office du Ducroire for New Zealand
Ducroire is the only credit insurer covering open account deals in over 200 countries. A rating on a scale from 1 to 7 shows the intensity of the political risk. Category 1 comprises countries with the lowest political risk and category 7 countries with the highest. Macroeconomics experts also assess the repayment climate for all buyers in a country.
Link: Ducroire Office - Country Risk for New Zealand
Other Useful Links:
- CIA World factbook on New Zealand
- Doing Business in New Zealand
- Das ist Neuseeland
- La Nouvelle-Zélande sur le site de l'AWEX
- New Zealand Chambers
The Chamber of Commerce and the country
Upcoming events
Past events