Tech sector revenue increases by almost $1b
New Zealand's tech sector has defied the economic downturn unleashed by the Covid-19 pandemic with strong revenue, export, labour and investment growth.
The annual technology industry report known as TIN, indicates sector revenue rose by nearly a billion dollars, or by 8.9 percent this year over last to $12.7b.
Financial technology (Fintech) was leading the way with double digit growth of more than 20 percent. It is expected to continue to outperform the sector.
Included in the revenue total was a 10.7 percent increase in exports of $9.4b, with 56 tech exporting companies each reporting revenues of more than $50m.
"In 2015, 38 tech companies in New Zealand made revenue over $50m," the report says.
New jobs in the tech sector surged to record levels, with an additional 4000 jobs in the last financial year, taking staff numbers in the 200 largest tech companies to 55,167.
The Wellington region was continuing to attract strong investment, particularly at the angel investment and early growth stages, but Auckland still led the rest of the country when it came to generating revenue.
Technology Investment Network managing director Greg Shanahan said Covid-19 made it easier for New Zealand's tech companies to overcome the distance to major markets, as conferencing and online communication had become business as normal, not just here but around the world.