New Caledonia Economy Profile 2009

Economy - overview

New Caledonia has about 25% of the world's known nickel resources. 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. Substantial new investment in the nickel industry, combined with the recovery of global nickel prices, brightens the economic outlook for the next several years.

GDP (purchasing power parity)

$3.158 billion (2003 est.)

GDP (official exchange rate)

$3.3 billion (2003 est.)

GDP - real growth rate

NA%

GDP - per capita (PPP)

$15,000 (2003 est.)

GDP - composition by sector

agriculture: 15%
industry: 8.8%
services: 76.2% (2003)

Population below poverty line

NA%

Labor force

102,600 (2007)

Labor force - by occupation

agriculture: 20%
industry: 20%
services: 60% (2002)

Unemployment rate

17.1% (2004)

Household income or consumption by percentage share

lowest 10%: NA%
highest 10%: NA%

Budget

revenues: $996 million
expenditures: $1.072 billion (2001 est.)

Inflation rate (consumer prices)

1.4% (2000 est.)

Industries

nickel mining and smelting

Electricity - production

1.602 billion kWh (2006 est.)

Electricity - production by source

fossil fuel: 76.3%
hydro: 23.7%
nuclear: 0%
other: 0% (2001)

Electricity - consumption

1.49 billion kWh (2006 est.)

Electricity - exports

0 kWh (2007 est.)

Electricity - imports

0 kWh (2007 est.)

Oil - production

0 bbl/day (2007 est.)

Oil - consumption

11,560 bbl/day (2006 est.)

Oil - imports

11,780 bbl/day (2005)

Oil - exports

356.2 bbl/day (2005)

Oil - proved reserves

0 bbl (1 January 2006 est.)

Natural gas - production

0 cu m (2007 est.)

Natural gas - consumption

0 cu m (2007 est.)

Natural gas - exports

0 cu m (2007 est.)

Natural gas - imports

0 cu m (2007 est.)

Natural gas - proved reserves

0 cu m (1 January 2006 est.)

Agriculture - products

vegetables; beef, deer, other livestock products; fish

Exports

$1.341 billion (2006)

Exports - commodities

ferronickels, nickel ore, fish

Exports - partners

France 16.9%, Japan 16.4%, China 10.5%, South Africa 9.8%, Spain 6.5%, Belgium 4.9%, Australia 4.2% (2008)

Imports

$1.998 billion (2006)

Imports - commodities

machinery and equipment, fuels, chemicals, foodstuffs

Imports - partners

France 35.5%, Singapore 17.2%, Australia 11.2%, NZ 4.6% (2008)

Debt - external

$79 million (1998 est.)

Market value of publicly traded shares

$NA

Economic aid - recipient

$524.3 million annual subsidy from France (2004)

Currency (code)

XPF

Currency (code)

Comptoirs Francais du Pacifique franc (XPF)

Exchange rates

Comptoirs Francais du Pacifique francs (XPF) per US dollar - 87.59 (2007), 94.97 (2006), 95.89 (2005), 96.04 (2004), 105.66 (2003)

Fiscal year

calendar year