Niue
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| Introduction - Niue: | | Location - Niue: | | People - Niue: | | Government - Niue: | | Economy - 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 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 about US$2 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 | $7.6 million (2000 est.) | | Gdp official exchange rate | $10.01 million (2003) | | Gdp real growth rate | 6.2% (2003 est.) | | Gdp per capita ppp | $5,800 (2003 est.) | | Gdp composition by sector | agriculture: 23.5%
industry: 26.9%
services: 49.5% (2003) | | Labor force | 663 (2001) | | 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) | | Population below poverty line | NA% | | Household income or consumption by percentage share | lowest 10%: NA%
highest 10%: NA% | | Inflation rate consumer prices | 4% (2005) | | Budget | revenues: $15.07 million
expenditures: $16.33 million; including capital expenditures of $123,700 (FY04/05) | | 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 (2004) | | Electricity consumption | 2.79 million kWh (2004) | | Electricity exports | 0 kWh (2004) | | Electricity imports | 0 kWh (2004) | | Oil production | 0 bbl/day (2004 est.) | | Oil consumption | 20 bbl/day (2004 est.) | | Oil exports | NA bbl/day | | Oil imports | NA bbl/day | | Oil proved reserves | 0 bbl | | Natural gas production | 0 cu m (2004 est.) | | Natural gas consumption | 0 cu m (2004 est.) | | Exports | $201,400 (2004) | | 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 (2006) | | Imports | $9.038 million (2004) | | Imports commodities | food, live animals, manufactured goods, machinery, fuels, lubricants, chemicals, drugs | | Imports partners | New Zealand mainly, Fiji, Japan, Samoa, Australia, US (2006) | | Debt external | $418,000 (2002 est.) | | Economic aid recipient | $2.6 million from New Zealand (2002) | | Currency code | New Zealand dollar (NZD) | | Exchange rates | New Zealand dollars per US dollar - 1.5408 (2006), 1.4203 (2005), 1.5087 (2004), 1.7221 (2003), 2.1622 (2002) | |
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This page was last updated on 16 September, 2007
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