New Caledonia: Economy#

New Caledonia has about 25% of the world's known nickel reserves. Only a small amount of the land is suitable for cultivation, and food accounts for about 20% of imports. In addition to nickel, substantial financial support from France - equal to more than 15% of GDP - and tourism are keys to the health of the economy; during 2009-10, France sent more development assistance to New Caledonia than to any of its other overseas territories. Substantial new investment in the nickel industry, combined with the recovery of global nickel prices, brightens the economic outlook for the next several years.

Economic Facts#

GDP (purchasing power parity)$9.28 billion (2008 est.)
$3.158 billion (2003 est.)
GDP - real growth rate0.6% (2008 est.)
GDP - per capita (PPP)$37,700 (2008 est.)
$15,000 (2003 est.)
GDP - composition, by sector of originagriculture: 2.1%
industry: 30%
services: 67.9% (2013 est.)
Population below poverty lineNA%
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Labor force - by occupationagriculture: 20%
industry: 20%
services: 60% (2002)
Exports - commoditiesferronickels, nickel ore, fish
Exports - partnersJapan 17.2%, France 16.3%, South Korea 12.3%, China 9.6%, Australia 8.4%, Belgium 4.9% (2012)
Agriculture - productsvegetables; beef, venison, other livestock products; fish
Budgetrevenues: $996 million
expenditures: $1.072 billion (2001 est.)
Imports - commoditiesmachinery and equipment, fuels, chemicals, foodstuffs
Imports - partnersFrance 33.5%, Singapore 22.5%, Australia 11.7%, NZ 5.1% (2012)
Exchange ratesComptoirs Francais du Pacifique francs (XPF) per US dollar -
85.74 (2011 est.)
90.01 (2010 est.)
Exports$1.321 billion (2012 est.)
$1.661 billion (2011 est.)
Debt - external$79 million (1998 est.)
Fiscal yearcalendar year
Imports$3.245 billion (2012 est.)
$3.698 billion (2011 est.)
Industrial production growth rate8% (2013 est.)
Industriesnickel mining and smelting
Inflation rate (consumer prices)1.7% (2013 est.)
1.7% (2012 est.)
Labor force106,400 (2010)
Unemployment rate17.1% (2004)
GDP (official exchange rate)$9.28 billion (2008 est.)
Market value of publicly traded shares$NA
Budget surplus (+) or deficit (-)NA% of GDP
GDP - composition, by end usehousehold consumption: 63.5%
government consumption: 27.6%
investment in fixed capital: 29.2%
investment in inventories: 0%
exports of goods and services: 25.1%
imports of goods and services: -45.4%
(2013 est.)