New Zealand has a developed economy with an estimated nominal GDP of $128.1 billion as on 2008.

The country has a very high standard of living.

New Zealand's service sector is the largest sector in the economy, followed by manufacturing and construction and the farming/raw materials extraction.

New Zealand is heavily dependent on free trade, particularly in agricultural products.

Image: Members of the Tuhoe tribe march past the flag pole on Waitangi Day on February 6, 2008 in Waitangi, New Zealand. Waitangi Day is the national day of New Zealand. | Photograph: Hannah Johnston/Getty Images