Market size of New Zealand
New Zealand is a developed country with a total GDP in 2023 reaching 217.9 billion USD (World Bank, 2024).
Figure 1 - GDP comparison between New Zealand and RCEP countries in 2023
Source: World Bank, 2024
Over the past decade, New Zealand's economy has grown significantly, with GDP increasing from $171.7 billion in 2014 to $217.9 billion in 2023, with an average GDP growth rate of 2.8% per year in the 2014-2023 period.
Under the impact of the COVID-19 pandemic, New Zealand's GDP only decreased slightly by -0.7% in 2020, then quickly recovered and grew again (GDP growth rates reached 5.2% in 2021 and 2.9% in 2022, respectively). With the prolonged negative effects of the Russia-Ukraine war, New Zealand's GDP also decreased slightly by only 0.1% in 2023 (World Bank data).
Figure 2 - New Zeland ‘s GDP in the period 2014-2023
Source: World Bank, 2024
New Zealand's economy has been relatively stable in recent years with inflation rates maintained at a relatively low level - averaging 2.6% per year in the 2014-2023 period (World Bank, 2024).
New Zealand is a country with a relatively small population of only about 5.22 million people, but New Zealand is among the developed countries with a high standard of living in the world with a GDP per capita of about 41,725 USD/person in 2023 (World Bank, 2024). With this income level, New Zealand consumers have a relatively high affordability for consumer goods.
Source: Center for WTO and International Trade
