While New Zealand is a fairly small country, the economy is absolutely thriving. Unlike other “small” countries, New Zealand doesn’t have its entire economy propped up by just one or two sectors. Instead, New Zealand has invested heavily in multiple business sectors in New Zealand, which will ensure that the country continues to remain a global leader.
On this page, we want to take a look at 5 business sectors in New Zealand that are currently thriving.
1. Tourism
If you’ve seen the Lord of the Rings movies (who hasn’t?) then you’ll have experienced the perfect advertisement for New Zealand. Stunning, untouched landscapes stretch as far as the eye can see. They have lush forests, beautiful mountains and gorgeous lakes. Not bad for such a small place, right?
It isn’t just the natural beauty that is helping the tourism industry to thrive in New Zealand, either. Oh no. There is a lot of culture here. Maori culture has certainly helped to pull in a few tourists over the years.
The tourism industry only seems to be getting bigger. Sure, it had a bit of a lull during lockdown, but it is clear that tourism business sectors in New Zealand is getting back on track.
Over the last year, the amount of cash invested in New Zealand’s tech industry has increased by a whopping 111%. The tech industry for early-stage companies has seen a growth of over 40%. It’s fair to say that New Zealand is in the midst of a tech renaissance.
A lot of the focus for technology in New Zealand is on areas like clean energy, and health, and the country is a leader in the ICT sector. However, the growth of other industries has also helped to support tech innovation in the country.
In recent years, New Zealand has seen an increase in the online gaming sector. The landscape has seen a greater presence of online casinos and game developers. This reflects a shift in entertainment choices, where activities such as online roulette, often involving decisions like choosing between red and black on the wheel, have gained popularity.
2. Food and drink
The food and drink industry in New Zealand is massive, with restaurant and bar owners doing a roaring trade in tourist hotspots. Around 20% of the people living in New Zealand are employed in the sector, and the country is one of the largest food exporters in the world.
New Zealand has been able to thrive in the food and drink industry due to the fertile soil and the wealth of space the country has available.
3. Renewable energy
Did you know that 84% of all the energy in New Zealand is renewable? It is one of the greenest countries in the world and it is likely that New Zealand will continue to get greener.
The country invests a huge amount of cash into renewable energy technology. Part of this is down to strong government support for renewables, but also due to the New Zealand’s unique position in the world. The country has plentiful sun for solar power, and lots of wind for wind power. There is also a treasure trove of resources that can be tapped into – for example, the country was one of the first countries in the world to embrace geothermal energy production and is an exporter of hydrogen, which can impact a whole host of different renewable energy industries.
4. Wood processing
When it comes to log and wood exports, New Zealand is ranked as the prime country in the world. The wood processing industry is flourishing in New Zealand, and it is all sustainable.
The fertile soil and the large, untapped areas of land mean that New Zealand has a ton of wood processing companies. Because the wood processing industry has had a major impact on the country’s economy, the government is pouring investment into this arena. As long as this support continues, New Zealand will continue to remain the top wood processing country.
Of course, not all of the processed wood is being exported from the country. A lot is used locally, and if you are in New Zealand, you can notice booming industries dedicated to furniture making and more.
Although New Zealand is a small country, its economy is thriving. We have barely scratched the surface of top-performing business sectors in New Zealand but one thing is for sure: New Zealand has managed to set itself up perfectly for the future, especially when you consider it is leading the way in areas such as cryptocurrency, which is tipped to play a significant role in its financial future. Its economy is strong – far stronger than that of some of the largest countries in the world, so the country seems set for a bright future.
