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    Niue Economy 1998

      Economy - overview The economy is heavily dependent on aid from New Zealand and remittances as Niue has no indigenous export product. Government expenditures regularly exceed revenues, with the shortfall made up by grants from New Zealand; the grants are used to pay wages to public employees. Niue cut government expenditures in 1994-96 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 migration of Niueans to New Zealand. A small tourist industry is developing.

      GDP purchasing power parity - $2.4 million (1993 est.)

      GDP - real growth rate NA%

      GDP - per capita purchasing power parity - $1,200 (1993 est.)

      GDP - composition by sector
      agriculture: NA%
      industry: NA%
      services: NA%

      Inflation rate - consumer price index 5% (1992)

      Labor force
      total: 450 (1992 est.)
      by occupation: most work on family plantations; paid work exists only in government service, small industry, and the Niue Development Board

      Unemployment rate NA%

      revenues: $5.5 million
      expenditures: $6.3 million, including capital expenditures of $NA (1985 est.)

      Industries tourism, handicrafts, food processing

      Industrial production growth rate NA%

      Electricity - capacity 1,000 kW (1995)

      Electricity - production 3 million kWh (1995)

      Electricity - consumption per capita 1,633 kWh (1995)

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

      total value: $117,500 (f.o.b., 1989)
      commodities: canned coconut cream, copra, honey, passion fruit products, pawpaw, root crops, limes, footballs, stamps, handicrafts
      partners: NZ 89%, Fiji, Cook Islands, Australia

      total value: $4.1 million (c.i.f., 1989)
      commodities: food, live animals, manufactured goods, machinery, fuels, lubricants, chemicals, drugs
      partners: NZ 59%, Fiji 20%, Japan 13%, Samoa, Australia, US

      Debt - external $NA

      Economic aid
      recipient: ODA, $5.9 million from NZ (FY95/96)

      Currency 1 New Zealand dollar (NZ$) = 100 cents

      Exchange rates New Zealand dollars (NZ$) per US$1 - 1.7283 (January 1998), 1.5082 (1997), 1.4543 (1996), 1.5235 (1995), 1.6844 (1994), 1.8495 (1993)

      Fiscal year 1 April - 31 March

      NOTE: The information regarding Niue on this page is re-published from the 1998 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Niue Economy 1998 information contained here. All suggestions for corrections of any errors about Niue Economy 1998 should be addressed to the CIA.

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    Revised 21-Dec-01
    Copyright © 2001 Photius Coutsoukis (all rights reserved)