Economy
The region’s economy is based on agriculture, fishing, forestry and energy resources like coal and hydropower. The agriculture industry includes both sheep and dairy farming which both account for a significant proportion of the region’s revenue and export receipts. Much of this farming occurs on the Southland Plains though there has been expansion into the more remote western regions since the 1950s and 1960s. Southland also has the world’s largest raw milk-processing plant at the town of Edendale which was established by Fonterra.
Other sizeable industries in Southland include coal and hydroelectric power. Eastern Southland has significant deposits of lignite which are considered to be New Zealand's biggest fossil fuel energy resource. Solid Energy operates open cast lignite mines at Newvale and Ohai.
Southland contains the nation’s largest hydroelectric power station at Manapouri which is owned by Meridian Energy and powers the Tiwai Point Aluminium Smelter. The Manapouri project has generated much controversy from environmental groups which initiated the Save Manapouri Campaign in opposition to rising water levels in nearby lakes. The sub-national GDP of the Southland region was estimated at US$3.023 billion in 2003, 2% of New Zealand's national GDP.
Tourism spending is a major factor of the Southland economy, with NZ$ 368 million being spent by visitors in 2003, of which NZ$ 92 million was spent in the Fiordland area. In July 2007 the New Zealand Government awarded oil and gas exploration permits for four areas of the Great South Basin. The three successful permit holders were ExxonMobil New Zealand, OMV and Greymouth Petroleum.
Read more about this topic: Southland Region
Famous quotes containing the word economy:
“Wise men read very sharply all your private history in your look and gait and behavior. The whole economy of nature is bent on expression. The tell-tale body is all tongues. Men are like Geneva watches with crystal faces which expose the whole movement.”
—Ralph Waldo Emerson (1803–1882)
“Quidquid luce fuit tenebris agit: but also the other way around. What we experience in dreams, so long as we experience it frequently, is in the end just as much a part of the total economy of our soul as anything we “really” experience: because of it we are richer or poorer, are sensitive to one need more or less, and are eventually guided a little by our dream-habits in broad daylight and even in the most cheerful moments occupying our waking spirit.”
—Friedrich Nietzsche (1844–1900)
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)