Niue:
Economy

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Other pages in this profile of Niue:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.


Economy - overview	Definition 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)	Definition - World rank and map $7.6 million (2000 est.)
GDP (official exchange rate)	Definition $10.01 million (2003)
GDP - real growth rate	Definition - World rank and map 6.2% (2003 est.)
GDP - per capita	Definition - World rank and map $5,800 (2003 est.)
GDP - composition by sector	Definition agriculture: 23.5% industry: 26.9% services: 49.5% (2003)
Labor force	Definition 663 (2001)
Labor force - by occupation	Definition note: most work on family plantations; paid work exists only in government service, small industry, and the Niue Development Board
Unemployment rate	Definition - World rank and map 12% (2001)
Population below poverty line	Definition NA%
Household income or consumption by percentage share	Definition lowest 10%: NA% highest 10%: NA%
Inflation rate (consumer prices)	Definition - World rank and map 4% (2005)
Budget	Definition revenues: $15.07 million expenditures: $16.33 million (FY0405)
Agriculture - products	Definition coconuts, passion fruit, honey, limes, taro, yams, cassava (tapioca), sweet potatoes; pigs, poultry, beef cattle
Industries	Definition tourism, handicrafts, food processing
Industrial production growth rate	Definition - World rank and map NA%
Electricity - production	Definition - World rank and map 3 million kWh (2005)
Electricity - consumption	Definition - World rank and map 2.79 million kWh (2005)
Electricity - consumption per capita	Definition - World rank and map 1,932.2 kWh (2005)
Electricity - exports	Definition 0 kWh (2005)
Electricity - imports	Definition 0 kWh (2005)
Oil - production	Definition - World rank and map 0 bbl/day (2005 est.)
Oil - consumption	Definition - World rank and map 20 bbl/day (2005 est.)
Oil - consumption per 1,000 people	Definition - World rank and map 13.9 bbl/day (2005 est.)
Oil - exports	Definition - World rank and map 0 bbl/day (2004)
Oil - imports	Definition - World rank and map 20.38 bbl/day (2004)
Oil - proved reserves	Definition - World rank and map 0 bbl (1 January 2006 est.)
Natural gas - production	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - consumption	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - consumption per capita	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - exports	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - imports	Definition - World rank and map 0 cu m (2005)
Natural gas - proved reserves	Definition - World rank and map 0 cu m (1 January 2006 est.)
Exports	Definition - World rank and map $201,400 (2004)
Exports - commodities	Definition canned coconut cream, copra, honey, vanilla, passion fruit products, pawpaws, root crops, limes, footballs, stamps, handicrafts
Exports - partners	Definition New Zealand mainly, Fiji, Cook Islands, Australia (2006)
Imports	Definition - World rank and map $9.038 million (2004)
Imports - commodities	Definition food, live animals, manufactured goods, machinery, fuels, lubricants, chemicals, drugs
Imports - partners	Definition New Zealand mainly, Fiji, Japan, Samoa, Australia, US (2006)
Debt - external	Definition - World rank and map $418,000 (2002 est.)
Economic aid - recipient	Definition $2.6 million from New Zealand (2002)
Currency (code)	Definition New Zealand dollar (NZD)
Exchange rates	Definition New Zealand dollars per US dollar - 1.3811 (2007), 1.5408 (2006), 1.4203 (2005), 1.5087 (2004), 1.7221 (2003)
Fiscal year	Definition 1 April - 31 March

Niue: Economy

Niue:
Economy