New Zealand generally performs well in terms of economic and social inclusion. It has high employment rates, and education and health-care systems work well for most.
The 2014 edition of National Accounts of OECD Countries, General Government Accounts is an annual publication, dedicated to government finance which is based on the System of National Accounts 2008 (SNA 2008) for all countries except Chile, Japan, Korea and Turkey (SNA 1993). It includes tables showing government aggregates and balances for the production, income and financial accounts as well as detailed tax and social contribution receipts and a breakdown of expenditure of general government by function, according to the harmonised international classification, COFOG. These detailed accounts are available for the general government sector. Data also cover the following sub-sectors, according to availability: central government, state government, local government and social security funds.
The data in this publication are also available on line via www.oecd-ilibrary.org under the title OECD National Accounts Statistics, General Government Accounts (http://dx.doi.org/10.1787/na-gga-data-en).
Ensuring that permanent spending or tax cuts are implemented in a sustainable manner would encourage the strong fiscal position that New Zealand needs to meet potentially large macroeconomic shocks and long-run ageing-related costs.
The New Zealand economy has performed well in recent years, but bottlenecks in housing and urban infrastructure, inequalities in living standards and rising environmental pressures all pose challenges for sustaining robust growth and high levels of well-being over the long term, according to the OECD’s latest Economic Survey of New Zealand.
The New Zealand economy has performed well in recent years, and well-being is high. However, bottlenecks in housing and urban infrastructure, inequalities in living standards, and rising environmental pressures are all challenges to achieving sustainable and inclusive growth.
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This country note from Going for Growth 2015 for New Zealand identifies and assesses progress made on key reforms to boost long-term growth, improve competitiveness and productivity and create jobs.
The per capita income of New Zealand remains low compared to other advanced OECD countries, mostly owing to a substantial productivity gap vis-à-vis top performers.
The NZ labour market is among the most flexible in the OECD, and outcomes for its young people have been among the best. However, labour-market opportunities are heavily determined by initial education, where New Zealand’s system is also successful and innovative in many ways.
As its workforce ages and major economies shift towards producing higher value-added goods and services, New Zealand will face increasing challenges to remain globally competitive and maintain high living standards. Future growth will need to come increasingly from productivity gains, and resources will have to shift towards activities that rely more on skills, technology and intangible assets.