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New Zealand (South Pacific)

Encyclopedia—New Zealand

Economy

Agriculture is the mainstay of the economy, although industry employs more people. The agricultural sector has diversified from a reliance on sheep raising to such additional enterprises as dairying, forestry, and horticulture. The principal exports are wool, meat, dairy products, fish, fruit, and timber products. Small amounts of coal, gold, iron, and natural gas are also produced. Food processing is the largest manufacturing industry; and there is a variety of small light-manufacturing industries. Beginning in the 1980s, New Zealand transformed its highly protected and regulated economy into one that was much more privatized, market oriented, and deregulated.

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