Niue Economy 2014


Niue Economy 2014

Page last updated on January 28, 2014

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 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. 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.)
country comparison to the world: 228
[see also: GDP country ranks ]

GDP (official exchange rate):
$10.01 million (2003)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
6.2% (2003 est.)
country comparison to the world: 43
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$5,800 (2003 est.)
country comparison to the world: 151
[see also: GDP - per capita country ranks ]

GDP - composition, by sector of origin:
agriculture: 23.5%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 26.9%
services: 49.5% (2003)

Agriculture - products:
coconuts, passion fruit, honey, limes, taro, yams, cassava (tapioca), sweet potatoes; pigs, poultry, beef cattle

handicrafts, food processing

Industrial production growth rate:
[see also: Industrial production growth rate country ranks ]

Labor force:
663 (2001)
country comparison to the world: 231
[see also: Labor force country ranks ]

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)
country comparison to the world: 125
[see also: Unemployment rate country ranks ]

Population below poverty line:
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%

revenues: $15.07 million
[see also: Budget revenues country ranks ]
expenditures: $16.33 million (FY04/05)

Budget surplus (+) or deficit (-):
-12.6% of GDP (FY04/05)
country comparison to the world: 210
[see also: Budget surplus (+) or deficit (-) country ranks ]

Fiscal year:
1 April - 31 March

Inflation rate (consumer prices):
4% (2005)
country comparison to the world: 125
[see also: Inflation rate (consumer prices) country ranks ]

$201,400 (2004)
country comparison to the world: 219
[see also: Exports country ranks ]

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

$9.038 million (2004)
country comparison to the world: 222
[see also: Imports country ranks ]

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

Debt - external:
$418,000 (2002 est.)
country comparison to the world: 201
[see also: Debt - external country ranks ]

Exchange rates:
New Zealand dollars (NZD) per US dollar -

1.2334 (2012)
1.263 (2011)
1.3874 (2010)
1.6002 (2009)
1.4151 (2008)

NOTE: 1) The information regarding Niue on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Niue Economy 2014 information contained here. All suggestions for corrections of any errors about Niue Economy 2014 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order

This page was last modified 06-Nov-14
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