Agriculture > products
coconuts, passion fruit, honey, limes, taro, yams, cassava, sweet potatoes; pigs, poultry, beef cattle |
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Debt > External
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$418,000.00 |
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[97th of 136]
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Economic aid > Recipient
|
$2,600,000.00 |
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[25th of 134]
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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 emigration to New Zealand. Efforts to increase GDP include the promotion of tourism and a financial services industry, although the International Banking Repeal Act of 2002 resulted in the termination of all offshore banking licenses. Economic aid from New Zealand in 2002 was US$2.6 million. Niue suffered a devastating typhoon in January 2004, which decimated nascent economic programs. While in the process of rebuilding, Niue has been dependent on foreign aid. |
Exchange rates
New Zealand dollars per US dollar - 1.5087 (2004), 1.7221 (2003), 2.1622 (2002), 2.3788 (2001), 2.2012 (2000) |
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Exports
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$201,400.00 |
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[59th of 189]
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Exports > Commodities
canned coconut cream, copra, honey, vanilla, passion fruit products, pawpaws, root crops, limes, footballs, stamps, handicrafts |
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Exports to US
|
$0.00 |
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[227th of 224]
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Fiscal year
|
1 April - 31 March |
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|
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GDP
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$7,600,000.00 |
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[195th of 203]
|
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GDP (official exchange rate)
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$10,010,000.00 |
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[5th of 192]
|
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GDP (purchasing power parity)
|
$7,600,000.00 |
|
[7th of 187]
|
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GDP > Composition by sector > Agriculture
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23.5% |
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[32nd of 146]
|
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GDP > Composition by sector > Industry
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26.9% |
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[84th of 146]
|
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GDP > Composition by sector > Services
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49.5% |
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[92nd of 146]
|
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GDP > Real growth rate
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6.2% |
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[28th of 198]
|
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Imports
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$9,038,000.00 |
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[59th of 185]
|
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Inflation rate (consumer prices)
|
4% |
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[97th of 192]
|
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Tourist arrivals by region of origin > Europe
|
295 |
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[177th of 195]
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Trade balance with US
|
$0.00 |
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[105th of 224]
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