New Zealand consists of two main islands, the North Island and the South Island, plus Stewart Island and other smaller islands. It is a fertile and mountainous group of islands in the south-western Pacific Ocean. Legend says New Zealand was fished from the sea. Fact has it that New Zealand was the last land mass on earth to be discovered which makes New Zealand the youngest country on earth. Snowy peaks, lush green pastures with numerous national parks define this country.
Climate and Environment
Since the Maori people named New Zealand ‘Land of the Long White Cloud’, climate has been of paramount importance to the people of New Zealand — many of whom make their living from the land. New Zealand has mild temperatures, moderately high rainfall, and many hours of sunshine throughout most of the country. Its climate is dominated by two main geographical features — the mountains and the sea.
Economy
New Zealand has a market economy which is greatly dependent on international trade, mainly with Australia, the European Union, the United States, China and Japan. It has excellent manufacturing and high-tech sectors. New Zealand generates over 60% of NZ GDP which includes the computer software development industry, film, television and commercial production industry, services like banking, finance, advertising, property, tourism & hospitality, and food processing. The manufacturing sector has shown strong export performance growth, which has encouraged investment and employment growth.
Economic free-market reforms of the last eras have removed many barriers to foreign investment. The World Bank in 2005 praised New Zealand as being the most business-friendly country in the world, before Singapore.
Before COVID-19 pandemic, total annual tourism expenditure was $41.9 billion – $115 million per day and Annual international tourism expenditure was $17.5 billion – $48 million per day. Tourism is an significant contributor to New Zealand’s economy and way of life. Tourism in New Zealand comprised an key sector of the national economy – tourism directly contributed NZ$16.2 billion (or 5.8%) of the country’s GDP in the year ended March 2019. As of 2016 tourism supported 188,000 full-time-equivalent jobs (nearly 7.5% of New Zealand’s workforce). Despite more challenging times in the past several years, tourism remains New Zealand’s second largest foreign exchange earner and also domestic tourism expenditure increased 2.6 percent ($622 million) to $24.6 billion.
