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 migration of Niueans to New Zealand. Efforts to increase GDP include the promotion of tourism and a financial services industry, although Premier LAKATANI announced in February 2002 that Niue will shut down the offshore banking industry. Economic aid from New Zealand in 2002 will be about $2.6 million.

GDP purchasing power parity - $7.6 million (2000 est.)

GDP - real growth rate -0.3% (2000 est.)

GDP - per capita purchasing power parity - $3,600 (2000 est.)

GDP - composition by sector
agriculture: NA%
industry: NA%
services: 55%

Population below poverty line NA%

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

Inflation rate (consumer prices) 1% (1995)

Labor force NA

Labor force - by occupation most work on family plantations; paid work exists only in government service, small industry, and the Niue Development Board

Unemployment rate NA%

Budget
revenues: $NA
expenditures: $NA, including capital expenditures of $NA

Industries tourism, handicrafts, food processing

Industrial production growth rate NA%

Electricity - production 3 million kWh (2000)

Electricity - production by source
fossil fuel: 100%
hydro: 0%
other: 0% (2000)
nuclear: 0%

Electricity - consumption 2.79 million kWh (2000)

Electricity - exports 0 kWh (2000)

Electricity - imports 0 kWh (2000)

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

Exports $137,200 (1999)

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

Exports - partners NZ mainly, Fiji, Cook Islands, Australia

Imports $2.38 million (1999)

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

Imports - partners NZ mainly, Fiji, Japan, Samoa, Australia, US

Debt - external $NA

Economic aid - recipient $2.6 million from New Zealand (2002)

Currency New Zealand dollar (NZD)

Currency code NZD

Exchange rates New Zealand dollars per US dollar - 2.3535 (January 2002), 2.3776 (2001), 2.1863 (2000), 1.8886 (1999), 1.8629 (1998), 1.5082 (1997)

Fiscal year 1 April - 31 March

NOTE: The information regarding Niue on this page is re-published from the 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Niue Economy 2002 information contained here. All suggestions for corrections of any errors about Niue Economy 2002 should be addressed to the CIA.