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Niue Economy 2010
https://workmall.com/wfb2010/niue/niue_economy.html
SOURCE: 2010 CIA WORLD FACTBOOK AND OTHER SOURCES

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Niue Economy 2010
SOURCE: 2010 CIA WORLD FACTBOOK AND OTHER SOURCES

Page last updated on January 15, 2010

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 FY08/09 was US$5.7 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):
$10.01 million (2003 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 est.)

Population below poverty line:
NA%

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Budget:
revenues: $NA
expenditures: $NA

Inflation rate (consumer prices):
4% (2005 est.)

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 (2007 est.)

Electricity - consumption:
2.79 million kWh (2007 est.)

Electricity - exports:
0 kWh (2008 est.)

Electricity - imports:
0 kWh (2008 est.)

Oil - production:
0 bbl/day (2008 est.)

Oil - consumption:
0 bbl/day (2008 est.)

Oil - exports:
0 bbl/day (2007 est.)

Oil - imports:
31 bbl/day (2007 est.)

Oil - proved reserves:
0 bbl (1 January 2009 est.)

Natural gas - production:
0 cu m (2008 est.)

Natural gas - consumption:
0 cu m (2008 est.)

Natural gas - exports:
0 cu m (2008 est.)

Natural gas - imports:
0 cu m (2008 est.)

Natural gas - proved reserves:
0 cu m (1 January 2009 est.)

Exports:
$201,400 (2004 est.)

Exports - commodities:
canned coconut cream, copra, honey, vanilla, passion fruit products, pawpaws, root crops, limes, footballs, stamps, handicrafts

Imports:
$9.038 million (2004 est.)

Imports - commodities:
food, live animals, manufactured goods, machinery, fuels, lubricants, chemicals, drugs

Debt - external:
$418,000 (2002 est.)

Exchange rates:
New Zealand dollars (NZD) per US dollar - 1.6204 (2009), 1.4151 (2008), 1.3811 (2007), 1.5408 (2006), 1.4203 (2005)


NOTE: The information regarding Niue on this page is re-published from the 2010 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Niue Economy 2010 information contained here. All suggestions for corrections of any errors about Niue Economy 2010 should be addressed to the CIA.






This page was last modified 09-Feb-10
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