the global financial crisis that followed had a major impact on New Zealand, with the GDP shrinking for five consecutive quarters, the longest recession in over thirty years, and unemployment rising back to 7% in late 2009. As of May 2012, the general unemployment rate was around 6.7%, while the unemployment rate for youth aged 15 to 21 was 13.6%. New Zealand has experienced a series of "brain drains" since the 1970s that still continue today. Nearly one quarter of highly skilled workers live overseas, mostly in Australia and Britain, which is the largest proportion from any developed nation. In recent years, however, a "brain gain" has brought in educated professionals from Europe and lesser developed countries.
Trade
New Zealand is heavily dependent on international trade, particularly in agricultural products. Exports account for a high 24 percent of its output, making New Zealand vulnerable to international commodity prices and global economic slowdowns. Its principal export industries are agriculture, horticulture, fishing, forestry and mining, which make up about half of the country's exports. Its major export partners are Australia, United States, Japan, China, and the United Kingdom. On 7 April 2008, New Zealand and China signed the New Zealand China Free Trade Agreement, the first such agreement China has signed with a developed country. The service sector is the largest sector in the economy, followed by manufacturing and construction and then farming and raw material extraction. Tourism plays a significant role in New Zealand's economy, contributing $15.0 billion to New Zealand’s total GDP and supporting 9.6 percent of the total workforce in 2010. International visitors to New Zealand increased by 3.1 percent in the year to October 2010 and are expected to increase at a rate of 2.5 percent annually up to 2015.
Wool was New Zealand’s major agricultural export during the late 19th century. Even as late as the 1960s it made
