A developed country, New Zealand ranks highly in international comparisons of national performance, such as quality of life, education, protection of civil liberties, government transparency, and economic freedom. New Zealand underwent major economic changes during the 1980s, which transformed it from a protectionist to a liberalised free-trade economy. The service sector dominates the national economy, followed by the industrial sector, and agriculture. International tourism is also a significant source of revenue. Nationally, legislative authority is vested in an elected, unicameral Parliament, while executive political power is exercised by the Cabinet, led by the prime minister, currently Jacinda Ardern. Queen Elizabeth II is the country’s monarch and is represented by the governor-general. In addition, New Zealand is organised into 11 regional councils and 67 territorial authorities for local government purposes. The Realm of New Zealand also includes Tokelau (a dependent territory); the Cook Islands and Niue (self-governing states in free association with New Zealand); and the Ross Dependency, which is New Zealand’s territorial claim in Antarctica.
New Zealand has an advanced market economy, ranked 14th in the 2019 Human Development Index and third in the 2020 Index of Economic Freedom. It is a high-income economy with a nominal gross domestic product (GDP) per capita of US$36,254. 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 Pitcairn Islands.