Economic Overview of New Zealand and What it means for International Students
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New Zealand GDP grew by 2.2% annually in 2022 on an average the economic activities saw a boom in June 2022 in comparison to March 2022. This increase can be attributed to the growth in the service industry sector, primary industry, and goods-producing industries, according to Statistics New Zealand. Travel and Tourism Industry declined and services grew at a slower speed in 2021 and 2022 in comparison to the year 2018-19. However, New Zealand's economy has recorded a fall in GDP by -0.7% in the first quarter of 2022 compared to the previous quarter.
Economic Overview of New Zealand in 2022
The following table throws light on some of the economy related growth numbers of New Zealand as reported for the year 2022 which is in comparison to 2021 last Quarter.
|
New Zealand GDP Key Points |
Statistics (June 2021) |
|---|---|
|
GDP increase |
2.2% |
|
Per Capita GDP Growth |
-0.6% |
|
Service Industry Growth |
48362 million |
|
Primary Industries Growth |
3290 million |
|
Growth of Goods-Producing Industries |
5602 million |
|
Real Gross National Disposable Income Increase |
77341 million |
|
Average Annual GDP (June 2021) Increased by |
1.7% |
It an be noted that, the economic activities rose by 2.8% in June 2022 in New Zealand in comparison to just 1.4% rise in March 2022 quarter. In terms of average annual GDP, it can be noted that there was a growth of 1.7% up to June 2022.
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New Zealand has been earlier ranked by the World Bank as the best country in the world to start a business or start-up in 2015, and the second easiest country to do business overall the same year. There are few restrictions on starting, owning, and operating a business in NZ. Over the past two decades, government policies and practices have transformed New Zealand from an agricultural economy to an industrialized and free-market economy that is competing globally. This growth has increased real incomes and expanded the technological capabilities of the industrial sector.
What it means for international students?
Since COVID 19 brought with it restrictions and lockdowns one after the other, what was witnessed included a negative impact on travel, transportation, international student arrivals and collectively a decline in exports with -9.5% loss in the June 2021 quarter. Education and training also declined by -1.4% up to the June 2021 quarter, reason being students studying online from their respective countries. What this entirely means for international students is a couple of possibilities like:
- International students will study from their own hometowns and not travel.
- There will be another loss of 5% to the New Zealand's economy if students are not called back.
- A lot of students may not be given permission to travel to New Zealand because of vaccinations opinion clashes.
- Students might not incur expenditure on travel allowance and accommodation in New Zealand if they attend their classes from their own countries.
More or less, the advantage still lies with the students rather than with New Zealand. Even if travel restrictions open up specially for international students' arrival, there will still be a chaos depending upon quarantine rules upon arrival and COVID Test results too. Students might not be in favour of taking chances as mostly classes are being held online with fewer students attending classes in person. To conclude, New Zealand’s visa and immigration laws make it a lucrative study abroad destination which for now come with restrictions for international students.
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The popular job sectors of New Zealand continue to create a steady demand for fresh professionals and the outlook was projected to remain favourable. However, one cannot overrule the impact of the COVID-19 on the jobs market also because in June 2021 quarter it was noted that the services sector had a major role to play in the economy followed by other industries. Students can have a look at the following graph to check the industry wise growth as recorded for June 2021 quarter:
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You can read here for more details on New Zealand Government Statistics.
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The University of Auckland offers the best UG and PG programs for international students at an affordable tuition fees. Auckland Unversity Master in Project Management is slightly better than the Master in Management because of its tuition fees for first year. Mentioned below is the tuition fees for first-year for international students:
| Program | First Year Tuition Fees |
|---|---|
| Master in Project Management | INR 25.11 L |
| Master in Management | INR 26.11 L |
The cost of living does not includes only the tuition fee but also other expenses like textbooks, NON-tuition fee, accommodation cost and other personal expenses. The moment a student lands in New Zealand, they need to pay $35 international visitor and tourism conservation levy. The living cost can vary as per the accommodation option, location and personal spending habits.
In addition to your tuition and insurance fees, you will need between $20,000 and $25,000 per year ($380–480 per week) for accommodation/rent, food expenses, transportation costs, phone bills, internet usage and entertainment.
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International students need to show sufficient funds for getting a New Zealand student visa. Students need to show NZ$ 20,000 for a full year of study or NZ$ 1,250 per month for getting a New Zealand study visa.
Cost of New Zealand Student Visa Application