New Zealand has a high-income advanced economy with a nominal gross domestic product.Historically, extractive industries have contributed strongly to New Zealand's economy, focussing at different times on sealing, whaling, flax, gold, kauri gum, and native timber.Unemployment peaked above 10% in 1991 and 1992,[194] following the 1987 share market crash, but eventually fell to a record low of 3.4% in 2007 (ranking fifth from twenty-seven comparable OECD nations).However, 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.