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Business in New Zealand

New Zealand Economy is Getting Transformed

New Zealand has a small population and small domestic market. For example, while UK has only 90% the area of New Zealand, the former accommodates 14.5 times the population of New Zealand (2008 estimates).

It is exports that finance the New Zealand's need of materials for a modern life and industrialisation. For the last two decades, the country has been transforming itself into an industrialised economy.

New Zealand has a GDP of nearly 112 billion, about one-seventh that of her neighbour, Australia. GDP is the total value of goods and services produced in a country in a year. It consists of products of agriculture and industry, and services such as banking and insurance. We will now look briefly at these sectors of New Zealand economy, and conclude with a look at small business opportunities.

Agriculture

New Zealand has fertile land suitable for agriculture and grazing land. Produce includes wheat, barley, potatoes, pulses, fruits and vegetables. Products of the sector include dairy products, lamb, mutton, wool and beef. Fish is another major item. With its long coastline, seafood is a significant contributor to the country's GDP, and a major contributor to exports.

Until two decades ago, New Zealand was primarily an agrarian economy, with its products finding a market in the UK under a special arrangement. Presently, agriculture sector contributes 4.8% of the GDP.

Industry

The industrial sector consists mainly of food processing, wood and paper products, textiles, machinery, transportation equipment and mining. The country has good reserves of ironsands (used in steelmaking), gold, silver, coal and aggregates. However, environmental concerns prevent full exploitation of these. The industrial sector contributes 19% of New Zealand's GDP.

Services

This growing sector now contributes 74% of New Zealand's GDP. Tourism is a major industry of this beautiful land. Banking and Insurance has developed to cater to the increasing number of tourists. Shipping and boating related services contribute another significant portion. Modern industries like Information and Communication Technology, Medical Research, Biotechnology and Screen Production are being actively encouraged by the government.

Small Business

Small businesspersons can find many opportunities in New Zealand. The following list of possibilities are based on the resources available in the country:

• Marine: With its long coastline, New Zealand has a thriving seafood industry. Ships and boats need many kinds of services, such as repair and refitting, engine servicing, recreational repair and refitting, yacht broking, and so on.
• Farming: Sheep, cattle, poultry, deer, fruits, vegetables and flowers are all fields with good potential if you have the inclination.
• Wineries: The environment in New Zealand produces excellent grape and New Zealand wine has received international acclaim.
• Tourism: Tourists need transport, accommodation, food and local souvenirs. If you live in a tourist centre, you could explore the possibilities.
• Information Technology: There are numerous opportunities for freelance operators in this field, and the field also opens up possibilities for generating income from the World Wide Web in different ways.
• Training Services: Developing fields like information technology and biotechnology need an increasing supply of skilled manpower. If you can organize training services in these areas, you might even be able to get government support.
• Plain Old Businesses: Rural retail supplying the needs of the farming community, a workshop servicing different kinds of equipment and personal services like painting and house building, etc are all possibilities if you can find a gap in the market.

We discuss government support for New Zealand small business in separate articles.