| Economy | Niue |
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Economy - overview:
|
The economy suffers from the typical Pacific island problems of geographic isolation, few resources, and a small population. Government expenditures regularly exceed revenues, and the shortfall is made up by critically needed grants from New Zealand that are used to pay wages to public employees. Niue has cut government expenditures by reducing the public service by almost half. The agricultural sector consists mainly of subsistence gardening, although some cash crops are grown for export. Industry consists primarily of small factories to process passion fruit, lime oil, honey, and coconut cream. The sale of postage stamps to foreign collectors is an important source of revenue. The island in recent years has suffered a serious loss of population because of emigration to New Zealand. Efforts to increase GDP include the promotion of tourism and a financial services industry, although the International Banking Repeal Act of 2002 resulted in the termination of all offshore banking licenses. Economic aid from New Zealand in 2002 was US$2.6 million. Niue suffered a devastating typhoon in January 2004, which decimated nascent economic programs. While in the process of rebuilding, Niue has been dependent on foreign aid. |
GDP (purchasing power parity):
|
$10.01 million (2003 est.) |
GDP - per capita (PPP):
|
$5,800 (2003 est.) |
GDP (official exchange rate):
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$10.01 million (2003) |
GDP - real growth rate:
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6.2% (2003 est.) |
GDP - composition by sector:
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agriculture: 23.5%
industry: 26.9%
services: 49.5% (2003) |
Investment (gross fixed):
|
void |
Population below poverty line:
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NA% |
Household income or consumption by percentage share:
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lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
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4% (2005) |
Central bank discount rate:
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void |
Commercial bank prime lending rate:
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void |
Stock of money:
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void |
Stock of money - per capita:
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void |
Stock of quasi money:
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void |
Stock of quasi money - per capita:
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void |
Stock of domestic credit:
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void |
Stock of domestic credit - per capita:
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void |
Labor force:
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663 (2001) |
Labor force participation rate:
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47.42 % of population |
Labor force - by occupation:
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note: most work on family plantations; paid work exists only in government service, small industry, and the Niue Development Board |
Unemployment rate:
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12% (2001) |
Budget:
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revenues: $15.07 million
expenditures: $16.33 million (FY0405) |
Budget revenues per capita:
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10,780 USD per capita |
Public debt:
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void |
Industries:
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tourism, handicrafts, food processing |
Industrial production growth rate:
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NA% |
Electricity - production:
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4 million kWh (2006 est.) |
Electricity - production per capita:
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2,862 kWh per capita |
Electricity - consumption:
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3.72 million kWh (2006 est.) |
Electricity - consumption - per capita:
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2,661 kWh per capita |
Electricity - exports:
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0 kWh (2007 est.) |
Electricity - imports:
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0 kWh (2007 est.) |
Oil - production:
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0 bbl/day (2007 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
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20 bbl/day (2006 est.) |
Oil - consumption - per capita:
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5.22 bbl/year per capita |
Oil - exports:
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0 bbl/day (2005) |
Oil - imports:
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26.57 bbl/day (2005) |
Oil - proved reserves:
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0 bbl (1 January 2006 est.) |
Natural gas - production:
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0 cu m (2007 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
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0 cu m (2007 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
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0 cu m (2007 est.) |
Natural gas - imports:
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0 cu m (2007 est.) |
Natural gas - proved reserves:
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0 cu m (1 January 2006 est.) |
Agriculture - products:
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coconuts, passion fruit, honey, limes, taro, yams, cassava (tapioca), sweet potatoes; pigs, poultry, beef cattle |
Current account balance:
|
void |
Current account balance - per capita:
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void |
Exports:
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$201,400 (2004) |
Exports per capita:
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145 USD per capita |
Exports - commodities:
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canned coconut cream, copra, honey, vanilla, passion fruit products, pawpaws, root crops, limes, footballs, stamps, handicrafts |
Exports - partners:
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void |
Imports:
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$9.038 million f.o.b. (2004) |
Imports per capita:
|
6,465 USD per capita |
Imports - commodities:
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food, live animals, manufactured goods, machinery, fuels, lubricants, chemicals, drugs |
Imports - partners:
|
void |
Reserves of foreign exchange and gold:
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void |
Reserves of foreign exchange and gold - per capita:
|
void |
Debt - external:
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$418,000 (2002 est.) |
Debt - external - per capita:
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299 USD per capita |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
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void |
Stock of direct foreign investment - abroad - per capita:
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void |
Market value of publicly traded shares:
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void |
Market value of publicly traded shares - per capita:
|
void |
Economic aid - donor:
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void |
Economic aid - recipient:
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$2.6 million from New Zealand (2002) |
Economic aid - recipient per capita:
|
1,860 USD per capita |
Currency (code):
|
New Zealand dollar (NZD) |
Exchange rates:
|
New Zealand dollars (NZD) per US dollar - 1.4151 (2008 est.), 1.3811 (2007), 1.5408 (2006), 1.4203 (2005), 1.5087 (2004) |
Fiscal year:
|
1 April - 31 March |
|
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