section_path: Economy/New Zealand
section_name: New Zealand
paragraph_text: New Zealand
  
  New Zealand's economy is the 53rd -largest in the world measured by nominal gross domestic product (GDP) and 68th -largest in the world measured by purchasing power parity (PPP). A major economic and cultural powerhouse of the Southern Hemisphere, Auckland is ranked as a Beta+ world city by the Globalization and World Cities Research Network. Auckland and Wellington are frequently ranked among the world's most liveable cities, with Auckland being ranked first in the world according to the Global Liveability Ranking.
  
  New Zealand has a large GDP for its population of 5.2 million, and sources of revenue are spread throughout the large island nation. The country has one of the most globalised economies and depends greatly on international trade – mainly with Australia, Canada, China, the European Union, Japan, Singapore, South Korea and the United States. New Zealand's 1983 Closer Economic Relations agreement with Australia means that the economy aligns closely with that of Australia. In 2005, the World Bank praised New Zealand as the most business-friendly country in the world. The economy diversified and by 2008, tourism had become the single biggest generator of foreign exchange. The New Zealand dollar is the 10th-most traded currency in the world.