New Zealand has a highly diverse economy, however accounting within the services sector accounts for 63% of GDP.
New Zealand is reliant on international trade with the primary sector dominating its export activity. They have many free trade agreements in place, the largest of which is with China. Meat, dairy products and pine logs make up the bulk of their exports and this will continue to be a strength for the New Zealand export market. Its manufacturing industry includes wood and paper products, metal fabrication, food manufacturing and aluminium production.
The New Zealand dollar also circulates in the Pacific Island territories.
In 2019, the Advisory Board Centre mapped professionals currently serving on Advisory Boards. This assessment identified that over 7,500 professionals sit on Advisory Boards in New Zealand, accounting for 1% of the global Advisory Board market.
Advisory Boards are well utilised within the business community, from informal to formal, there is a strong appetite for Advisory Boards in the market. An “all of business” Advisory Board is commonplace.
With a strong small business sector, Advisory Boards will play a critical role in supporting the growth of the business mid-market in New Zealand. Given the size of the professional services sector, firms and dedicated professionals appear poised to drive this value in the market.