| Economy - overview | The economy suffers from the typical Pacific island problems of geographic isolation, few resources, and a small population. The agricultural sector consists mainly of subsistence gardening, although some cash crops are grown for export. Industry consists primarily of small factories for processing passion fruit, lime oil, honey, and coconut cream. The sale of postage stamps to foreign collectors is an important source of revenue. 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. Economic aid allocation from New Zealand in FY13/14 was US$10.1 million. Niue has cut government expenditures by reducing the public service by almost half. 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 financial services, although the International Banking Repeal Act of 2002 resulted in the termination of all offshore banking licenses. |
| GDP (purchasing power parity) | $10.01 million (2003 est.) |
| GDP (official exchange rate) | $10.01 million (2003) (2003) |
| GDP - real growth rate | 6.2% (2003 est.) |
| GDP - per capita (PPP) | $5,800 (2003 est.) |
| GDP - composition by sector | agriculture: 23.5% (2003) industry: 26.9% (2003) services: 49.5% (2003) |
| Population below poverty line | NA |
| Labor force | 663 (2001) |
| Labor force - by occupation | note: most work on family plantations; paid work exists only in government service, small industry, and the Niue Development Board |
| Unemployment rate | 12% (2001) |
| Household income or consumption by percentage share | lowest 10%: NA highest 10%: NA |
| Budget | revenues: 15.07 million (FY04/05) expenditures: 16.33 million (FY04/05) |
| Budget surplus (+) or deficit (-) | -12.6% (of GDP) (FY04/05) |
| Inflation rate (consumer prices) | 4% (2005) |
| Agriculture - products | coconuts, taro, fruit, sweet potatoes, tropical fruit, yams, vegetables, lemons, limes, bananas |
| Industries | handicrafts, food processing |
| Industrial production growth rate | NA |
| Exports | $201,400 (2004 est.) |
| Exports - commodities | tanker ships, fruit juice, thermostats, textiles, measurement devices/appliances (2019) |
| Exports - partners | Indonesia 92%, South Korea 5% (2019) |
| Imports | $9.038 million (2004 est.) |
| Imports - commodities | hydraulic engines, ships, refined petroleum, cars, plastics (2019) |
| Imports - partners | New Zealand 43%, United Kingdom 30%, Japan 22% (2019) |
| Debt - external | $418,000 (2002 est.) |
| Exchange rates | New Zealand dollars (NZD) per US dollar - 1.416 (2017 est.) 1.4279 (2016 est.) 1.4279 (2015) 1.4279 (2014 est.) 1.2039 (2013 est.) |
| Fiscal year | 1 April - 31 March |
Source: CIA World Factbook
This page was last updated on September 18, 2021
