Impact of Oil Price Increase on New Zealand Tourism

목차

1. Introduction
2. The Drivers of Oil Prices
3. Macroeconomic Impact of High Oil Prices in NZ Economy
4. Microeconomic Impact of High Oil Price on NZ Tourism
5. Conclusion

본문내용

Introduction
Oil is New Zealand’s largest source of energy (Ministry of Economic Development (MED), 2010), and it has a significant influence on all part of the economy. New Zealand (NZ) is a net importer and petroleum products although there are a number of domestic producing oil fields. In 2009, NZ dependence on oil imports was increased to 63% from 59% in 2008 due to continued oil demand growth and declining domestic oil production (MED, 2010).
Tourism relies heavily on the consumption of oil, not only for its transportation components but also for many other parts of the tourism products and services, such as accommodation, hospitality and recreational activities. Given the significance of oil as an input for the tourism industry and the relative lack of satisfactory substitute for oil as an energy source in the foreseeable future, it is crucial to understand the economic implications of higher oil prices for the tourism sector.
This paper explores the economic effects of high oil prices on NZ tourism from a macro and micro-economic perspective. This considers effects at three different levels: NZ economy as a whole, tourism industry and households.

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