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Economy of Niue
The economy of Niue is heavily dependent upon aid from New Zealand. Government expenditures regularly exceed revenues, and grants from New Zealand make up the shortfall and are used to pay wages to public employees. Niue has cut government expenditures by reducing the public service by almost half. Local economic activityThe 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 has historically been an important source of revenue.[1] The island in recent years has suffered a serious loss of population because of migration of Niueans to New Zealand. Efforts to increase GDP include the promotion of tourism. An initiative into the financial services industry was dropped under pressure from the US Treasury. More recently[2] the sale of Internet domain names under the NU top level domain has brought in some income. These domains are particularly popular in Scandinavia, Belgium and the Netherlands, since nu means "now" in Dutch and the Scandinavian languages.[3] Economic statisticsGDP: USD$24.938 million (2016)[4] GDP: purchasing power parity – $10 million (2003),[5] GDP – real growth rate: 6.2% (2003 est.)[5] GDP – per capita: nominal - USD$15,586 (2016)[4] purchasing power parity – $5,800 (2003),[5] $15,066 (2011)[6] GDP – composition by sector:
Population below poverty line: 13%[7] Household income or consumption by percentage share:
Inflation rate (consumer prices): 1% (1995) Labor force: 450 (1992 est.) 663 (2001 est.)[5] Labor force – by occupation: Most people work on family plantations; paid work exists only in government service, small industry, and on the Niue Development Board Unemployment rate: 12% (2001) [5] Budget:
Industries: tourism, handicrafts, food processing Industrial production growth rate: NA% Electricity – production: 3 GWh (1998) Electricity – production by source:
Electricity – consumption: 3 GWh (1998) Electricity – exports: 0 kWh (1998) Electricity – imports: 0 kWh (1998) Agriculture – products: coconuts, passion fruit, honey, limes, taro, yams, cassava (tapioca), sweet potatoes; pigs, poultry, beef cattle Exports: $3.52 million 2014,[9] USD$1.391 million (2016)[4] Exports – commodities: canned coconut cream, copra, honey, passion fruit products, pawpaws, root crops, limes, footballs, stamps, handicrafts In 2014:[9]
Exports – partners: New Zealand 89%, Fiji, Cook Islands, Australia. In 2014:[9]
Imports: $9 million (2003), $19 million (2014),[9] USD$14.95 million (2016),[4] NZD$21.5 million (2018)[10] Imports – commodities: food, live animals, manufactured goods, machinery, fuels, lubricants, chemicals, drugs In 2014: Special Purpose Ships ($5.48M), Refined Petroleum ($2.93M), Large Construction Vehicles ($403k), Prefabricated Buildings ($402k) and Cars ($312k). Imports – partners: New Zealand 59%, Fiji 20%, Japan 13%, Samoa, Australia, United States In 2014:[9]
Debt – external: $NA Economic aid – recipient: $8.3 million (1995), $5.7 million (FY 08-09)[5] Currency: 1 New Zealand dollar (NZ$) = 100 cents Exchange rates: New Zealand dollars (NZ$) per US$1 – 1.9451 (January 2000), 1.8889 (1999), 1.8629 (1998), 1.5082 (1997), 1.4543 (1996), 1.5235 (1995) Fiscal year: 1 April – 31 March References
Further reading
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