Asia Regional Integration Center
Tracking Asian Integration
The economy contracted in FY2021 (ended 30 June 2021) as prolonged border closures hobbled tourism and public investment projects. Fiscal results in the first 7 months of FY2021 suggest a broad decline across the economy, despite no community transmission of COVID-19. One-way quarantine-free travel into New Zealand began in March 2021, but two-way quarantine-free travel with New Zealand has been interrupted several times following COVID-19 outbreaks in Auckland. Economic recovery will depend on tourist arrivals in the coming months as restrictions ease. In calendar year 2020, the deficit in goods trade widened to 37% of FY2019 GDP, as a 23.7% decline in exports—mainly noni juice—outweighed the 12.5% drop in imports. Prospects for tourism earnings in FY2023 depend on border re-openings, following the low arrivals in FY2022.
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