unbekannter Gast

Niue: Economy#

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 financial services, although the International Banking Repeal Act of 2002 resulted in the termination of all offshore banking licenses. Economic aid from New Zealand in FY08/09 was US$5.7 million. While in the process of rebuilding, Niue has been dependent on foreign aid.

Economic Facts#

GDP (purchasing power parity)$10.01 million (2003 est.)
GDP - real growth rate6.2% (2003 est.)
GDP - per capita (PPP)$5,800 (2003 est.)
GDP - composition, by sector of originagriculture: 23.5%
industry: 26.9%
services: 49.5% (2003)
Population below poverty lineNA%
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Labor force - by occupationnote: most work on family plantations; paid work exists only in government service, small industry, and the Niue Development Board
Exports - commoditiescanned coconut cream, copra, honey, vanilla, passion fruit products, pawpaws, root crops, limes, footballs, stamps, handicrafts
Agriculture - productscoconuts, passion fruit, honey, limes, taro, yams, cassava (manioc, tapioca), sweet potatoes; pigs, poultry, beef cattle
Budgetrevenues: $15.07 million
expenditures: $16.33 million (FY04/05)
Imports - commoditiesfood, live animals, manufactured goods, machinery, fuels, lubricants, chemicals, drugs
Exchange ratesNew Zealand dollars (NZD) per US dollar -
1.247 (2013)
1.2334 (2012)
1.3874 (2010)
1.6002 (2009)
1.4151 (2008)
Exports$201,400 (2004)
Debt - external$418,000 (2002 est.)
Fiscal year1 April - 31 March
Imports$9.038 million (2004)
Industrial production growth rateNA%
Industrieshandicrafts, food processing
Inflation rate (consumer prices)4% (2005)
Labor force663 (2001)
Unemployment rate12% (2001)
GDP (official exchange rate)$10.01 million (2003)
Budget surplus (+) or deficit (-)-12.6% of GDP (FY04/05)