Economy Of Niue
|
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 migration of Niueans to New Zealand. Efforts to increase GDP include the promotion of tourism and a financial services industry, although Premier LAKATANI announced in February 2002 that Niue will shut down the offshore banking industry. Economic aid from New Zealand in 2002 was about $2.6 million.
|
|
GDP
|
purchasing power parity - $7.6 million (2000 est.)
|
|
GDP - real growth rate
|
-0.3% (2000 est.)
|
|
GDP - per capita
|
purchasing power parity - $3,600 (2000 est.)
|
|
GDP - composition by sector
|
agriculture: NA
industry: NA
services: 55%
|
|
Investment gross fixed
|
|
|
Population below poverty line
|
NA
|
|
Household income or consumption by percentage share
|
lowest 10%: NA
highest 10%: NA
|
|
Distribution of family income - Gini index
|
|
|
Inflation rate consumer prices
|
1% (1995)
|
|
Labor force
|
NA (1998 est.)
|
|
Labor force by occupation
|
most work on family plantations; paid work exists only in government service, small industry, and the Niue Development Board
|
|
Unemployment rate
|
NA (March 1999)
|
|
Budget
|
revenues: NA
expenditures: NA, including capital expenditures of NA
|
|
Public debt
|
|
|
Agriculture products
|
coconuts, passion fruit, honey, limes, taro, yams, cassava (tapioca), sweet potatoes; pigs, poultry, beef cattle
|
|
Industries
|
tourism, handicrafts, food processing
|
|
Industrial production growth rate
|
NA
|
|
Electricity production
|
3 million kWh (2001)
|
|
Electricity production by source
|
fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%
|
|
Electricity consumption
|
2.79 million kWh (2001)
|
|
Electricity exports
|
0 kWh (2001)
|
|
Electricity imports
|
0 kWh (2001)
|
|
Oil production
|
0 bbl/day (2001 est.)
|
|
Oil consumption
|
20 bbl/day (2001 est.)
|
|
Oil exports
|
NA (2001)
|
|
Oil imports
|
NA (2001)
|
|
Oil proved reserves
|
|
|
Natural gas production
|
|
|
Natural gas consumption
|
|
|
Natural gas exports
|
|
|
Natural gas imports
|
|
|
Natural gas proved reserves
|
|
|
Current account balance
|
|
|
Exports
|
$137,200 (1999)
|
|
Exports commodities
|
canned coconut cream, copra, honey, vanilla, passion fruit products, pawpaws, root crops, limes, footballs, stamps, handicrafts
|
|
Exports partners
|
New Zealand mainly, Fiji, Cook Islands, Australia (2000)
|
|
Imports
|
$2.38 million (1999)
|
|
Imports commodities
|
food, live animals, manufactured goods, machinery, fuels, lubricants, chemicals, drugs
|
|
Imports partners
|
New Zealand mainly, Fiji, Japan, Samoa, Australia, US (2000)
|
|
Reserves of foreign exchange gold
|
|
|
Debt external
|
$418,000 (2002 est.)
|
|
Economic aid recipient
|
$2.6 million from New Zealand (2002)
|
|
Currency
|
New Zealand dollar (NZD)
|
|
Currency code
|
NZD
|
|
Exchange rates
|
New Zealand dollars per US dollar - 1.7229 (2003), 2.1620 (2002), 2.3776 (2001), 2.1863 (2000), 1.8886 (1999)
|
|
Fiscal year
|
1 April - 31 March
|
Applied Language Solutions offer English to Niuean Translation .
This information was reproduced in part from the CIA World Fact book.
Flags
If you would like to use this flag of Niue or any other on your website you are welcome to do so, all we ask is that you include a link back to our site on the same page. Please click here for information.
Map
If you would like to use this map of Niue or any other on your website you are welcome to do so, all we ask is that you include a link back to our site on the same page. Please click here for information.
Country Information
If you would like to use this information for Niue or any other on your website you are welcome to do so, all we ask is that you include a link back to our site on the same page. Please click here for information.