| 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 financial services, although the International Banking Repeal Act of 2002 resulted in the termination of all offshore banking licenses. Economic aid from New Zealand in FY08/09 was US$5.7 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):
|
$10.01 million (2003) |
GDP - real growth rate:
|
6.2% (2003 est.) |
GDP - composition by sector:
|
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:
|
lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
|
4% (2005) |
Central bank discount rate:
|
void |
Commercial bank prime lending rate:
|
void |
Stock of money:
|
void |
Stock of money - per capita:
|
void |
Stock of quasi money:
|
void |
Stock of quasi money - per capita:
|
void |
Stock of domestic credit:
|
void |
Stock of domestic credit - per capita:
|
void |
Stock of narrow money:
|
void |
Stock of broad money:
|
void |
Labor force:
|
663 (2001) |
Labor force participation rate:
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50.57 % of population |
Labor force - by occupation:
|
note: most work on family plantations; paid work exists only in government service, small industry, and the Niue Development Board |
Unemployment rate:
|
12% (2001) |
Unemployment, youth ages 15-24:
|
void |
Budget:
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revenues: $15.07 million
expenditures: $16.33 million (FY04/05) |
Budget revenues per capita:
|
11,496 USD per capita |
Taxes and other revenues:
|
NA% of GDP |
Budget surplus (+) or deficit (-):
|
NA% of GDP |
Public debt:
|
void |
Industries:
|
handicrafts, food processing |
Industrial production growth rate:
|
NA% |
Electricity - production:
|
3 million kWh (2008 est.) |
Electricity - production per capita:
|
2,289 kWh per capita |
Electricity - consumption:
|
2.79 million kWh (2008 est.) |
Electricity - consumption - per capita:
|
2,129 kWh per capita |
Electricity - exports:
|
0 kWh (2009 est.) |
Electricity - imports:
|
0 kWh (2009 est.) |
Oil - production:
|
0 bbl/day (2010 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
|
40 bbl/day (2010 est.) |
Oil - consumption - per capita:
|
11.14 bbl/year per capita |
Oil - exports:
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0 bbl/day (2009 est.) |
Oil - imports:
|
32.7 bbl/day (2009 est.) |
Oil - proved reserves:
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0 bbl (1 January 2011 est.) |
Natural gas - production:
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0 cu m (2009 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2009 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
0 cu m (2009 est.) |
Natural gas - imports:
|
0 cu m (2009 est.) |
Natural gas - proved reserves:
|
0 cu m (1 January 2011 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:
|
void |
Exports:
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$201,400 (2004) |
Exports per capita:
|
154 USD per capita |
Exports - commodities:
|
canned coconut cream, copra, honey, vanilla, passion fruit products, pawpaws, root crops, limes, footballs, stamps, handicrafts |
Exports - partners:
|
void |
Imports:
|
$9.038 million (2004) |
Imports per capita:
|
6,894 USD per capita |
Imports - commodities:
|
food, live animals, manufactured goods, machinery, fuels, lubricants, chemicals, drugs |
Imports - partners:
|
void |
Reserves of foreign exchange and gold:
|
void |
Reserves of foreign exchange and gold - per capita:
|
void |
Debt - external:
|
$418,000 (2002 est.) |
Debt - external - per capita:
|
319 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:
|
void |
Market value of publicly traded shares:
|
void |
Market value of publicly traded shares - per capita:
|
void |
Currency (code):
|
New Zealand dollar (NZD) |
Exchange rates:
|
New Zealand dollars (NZD) per US dollar -
1.266 (2011)
1.3874 (2010)
1.6002 (2009)
1.4151 (2008)
1.3811 (2007) |
Fiscal year:
|
1 April - 31 March |
|
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