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Niue Economy 1996

Overview:

The economy is heavily dependent on aid from New Zealand. 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. 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.

National product:

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

National product real growth rate:

NA%

National product per capita:

$1,200 (1993 est.)

Inflation rate (consumer prices):

5% (1992)

Unemployment rate:

NA%

Budget:

revenues:

$5.5 million

expenditures:

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

Exports:

$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

Imports:

$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%, Western Samoa, Australia, US

External debt:

$NA

Industrial production:

growth rate NA%

Electricity:

capacity:

1,500 kW

production:

2.7 million kWh

consumption per capita:

1,490 kWh (1992)

Industries:

tourism, handicrafts, food processing

Agriculture:

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

Economic aid:

recipient:

Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $62 million

Currency:

1 New Zealand dollar (NZ$) = 100 cents

Exchange rates:

New Zealand dollars (NZ$) per US$1 - 1.5601 (January 1995), 1.6844 (1994), 1.8495 (1993), 1.8584 (1992), 1.7265 (1991), 1.6750 (1990)

Fiscal year:

1 April - 31 March

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