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    Niue Economy - 2002
    http://www.greekorthodoxchurch.org/wfb2002/niue/niue_economy.html
    SOURCE: 2002 CIA WORLD FACTBOOK

      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.

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    Revised 30-Jan-03
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