New Zealand

New Zealand Overview

New Zealand’s economy is developed, but it is comparatively small in the global marketplace. In the late 19th and early 20th centuries, New Zealand’s standard of living, based on the export of agricultural products, was one of the highest in the world, but after the mid-20th century the rate of growth tended to be one of the slowest among the developed countries. Impediments to economic expansion have been the slow growth of the economy of the United Kingdom (which formerly was the main destination of New Zealand’s exports) and its eventual membership in the European Community (later the European Union) and the high tariffs imposed by the major industrial nations against the country’s agricultural products (e.g., butter and meat). New Zealand’s economic history since the mid-20th century has consisted largely of attempts to grow and diversify its economy by finding new markets and new products (such as wine and paper products), expanding its manufacturing base, and entering into or supporting free-trade agreements.

New Zealand has had a long history of government intervention in the economy, ranging from state institutions’ competing in banking and insurance to an extensive social security system. Until the early 1980s most administrations strengthened and supported such policies, but since then government policy has generally shifted away from intervention, although retaining the basic elements of social security. Most of the subsidies and tax incentives to agricultural and manufacturing exporters have been abolished, and such government enterprises as the Post Office have become more commercially oriented and less dependent on government subsidies. In addition, administrations have attempted to increase the flexibility of the labour market by amending labour laws and encouraging immigration.

Source: britannica.com

Landscape and growth

Global State of the Market Report

In 2022, the Advisory Board Centre mapped professionals currently serving on Advisory Boards. This assessment identified over 11,000 professionals on Advisory Boards in New Zealand, or 1% of the global Advisory Board market.

Advisory Board Landscape

Research has identified that the Advisory Board sector is emerging, and Advisors exist as a profession in New Zealand. As an emerging sector, advisory board professionals may have opportunities in key sectors including – agriculture and horticulture, mining and fishing – and are encouraged to stay open-minded to start-up and emerging industries.

Future Growth Opportunities

There is a growing opportunity for professionals to increase participation in New Zealand, by formalising Advisory Board structures and collaborating on a global scale. As this sector grows, it is important to note that best practice credentials will shift the market from informal to formal Advisory Boards over time.

Key Statistics

Population 4.93 million
GDP $249,886 USD million
Labour Force by occupation
Agriculture5.84%
Industry19.29%
Services74.87%
GDP by sector
Agriculture5.65%
Industry20.4%
Services65.57%
Import $66,383USD million
Export $56,314 USD million
Global ease of doing business rank 1st
Global ease of doing business score 86.55/100