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New Caledonia Economy Profile 2017

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Economy - overviewNew Caledonia has 11% of the world's nickel reserves, representing the second largest reserves on the planet. Only a small amount of the land is suitable for cultivation, and food accounts for about 20% of imports. In addition to nickel, substantial financial support from France - equal to more than 15% of GDP - and tourism are keys to the health of the economy.

During 2009-10, France sent more development assistance to New Caledonia than to any of its other overseas territories. In October 2014, French Prime Minister Manuel VALLS confirmed financial support to New Caledonia totaling $500 million for the period 2016-20. The new government, which inherited a $112 million deficit in 2013, is expected to focus on bringing the territory’s budget back into balance.

With the gradual increase in the production of two new nickel plants in 2015, average production of metallurgical goods stood at a record level of 94 thousand tons. However, the sector is exposed to the high volatility of nickel prices. In April 2016, PM VALLS committed $180 million to support New Caledonia’s main nickel company, SLN.
GDP (purchasing power parity)$10.77 billion (2015 est.)
$10.62 billion (2014 est.)
$10.33 billion (2013 est.)
GDP (official exchange rate)$15.54 billion (2014 est.)
GDP - real growth rate1.4% (2015 est.)
1.3% (2014 est.)
2.2% (2013)
GDP - per capita (PPP)$31,100 (2015 est.)
$32,100 (2014 est.)
$29,800 (2012 est.)
GDP - composition, by end usehousehold consumption: 64.8%
government consumption: 24.1%
investment in fixed capital: 39%
investment in inventories: 0%
exports of goods and services: 18.7%
imports of goods and services: -46.6% (2016 est.)
GDP - composition by sectoragriculture: 1.5%
industry: 25.1%
services: 73.4% (2016 est.)
Population below poverty line17% (2008)
Labor force119,500 (2016 est.)
Labor force - by occupationagriculture: 2.7%
industry: 22.4%
services: 74.9% (2010)
Unemployment rate14.7% (2014)
14% (2009)
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Budgetrevenues: $1.995 billion
expenditures: $1.993 billion (2015 est.)
Taxes and other revenues12.8% of GDP (2015 est.)
Budget surplus (+) or deficit (-)NA% of GDP (2015 est.)
Public debt6.5% of GDP (2015 est.)
6.5% of GDP (2014 est.)
Inflation rate (consumer prices)1% (2016 est.)
0.5% (2015 est.)
Stock of domestic credit$9.522 billion (2015 est.)
Market value of publicly traded shares$NA
Agriculture - productsvegetables; beef, venison, other livestock products; fish
Industriesnickel mining and smelting
Industrial production growth rate1.6% (2016 est.)
Current Account Balance-$1.469 billion (2014 est.)
-$1.861 billion (2013 est.)
Exports$2.207 billion (2014 est.)
$1.903 billion (2013 est.)
Exports - commoditiesferronickels, nickel ore, fish
Exports - partnersChina 31.7%, Japan 15.1%, South Korea 10.6%, Australia 8%, France 7.1%, Belgium 5.1% (2015)
Imports$4.4 billion (2014 est.)
$4.47 billion (2013 est.)
Imports - commoditiesmachinery and equipment, fuels, chemicals, foodstuffs
Imports - partnersFrance 35%, Australia 11.3%, South Korea 8.5%, Singapore 5.3%, Malaysia 5.2%, China 4.4%, NZ 4.4% (2015)
Debt - external$112 million (31 December 2013 est.)
$79 million (31 December 1998 est.)
Stock of direct foreign investment - at home$16.43 billion (2015 est.)
(2014 est.)
Stock of direct foreign investment - abroad$658.2 million (2015 est.)
$593.8 million (2014 est.)
Exchange ratesComptoirs Francais du Pacifique francs (XPF) per US dollar -
107.54 (2015 est.)
89.8 (2014 est.)
Fiscal yearcalendar year

Source: CIA World Factbook
This page was last updated on July 9, 2017