New Zealand has a modern, prosperous and developed market economy with an estimated gross domestic product (GDP) at purchasing power parity (PPP) per capita of roughly US$28,250.[n10] The currency is the New Zealand dollar, informally known as the "Kiwi dollar"; it also circulates in the Cook Islands (see Cook Islands dollar), Niue, Tokelau, and the PitcairnIslands. New Zealand was ranked 5th in the 2011 Human Development Index, 4th in the The Heritage Foundation's 2012 Index of Economic Freedom, and 13th in INSEAD's 2012 GlobalInnovation Index.
Historically, extractive industries have contributed strongly to New Zealand's economy, focussing at different times on sealing, whaling, flax, gold, kaurigum, and native timber. With the development of refrigerated shipping in the 1880s meat and dairy products were exported to Britain, a trade which provided the basis for strongeconomic growth in New Zealand. High demand for agricultural products from the United Kingdom and the United States helped New Zealanders achieve higher living standards than bothAustralia and Western Europe in the 1950s and 1960s. In 1973 New Zealand's export market was reduced when the United Kingdom joined the European Community and othercompounding factors, such as the 1973 oil and 1979 energy crisis, led to a severe economic depression. Living standards in New Zealand fell behind those of Australia and Western Europe,and by 1982 New Zealand had the lowest per-capita income of all the developed nations surveyed by the World Bank. Since 1984, successive governments engaged in major macroeconomicrestructuring (known first asRogernomics and then Ruthanasia), rapidly transforming New Zealand from a highly protectionist economy to a liberalised free-trade economy.[190
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