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Niue:
Economy

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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


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