New Caledonia Economy Profile 2008

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%

Household income or consumption by percentage share

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

Inflation rate (consumer prices)

1.4% (2000 est.)

Labor force

78,990 (2004)

Labor force - by occupation

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

Unemployment rate

17.1% (2004)

Budget

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

Industries

nickel mining and smelting

Industrial production growth rate

-0.6% (1996)

Electricity - production

1.508 billion kWh (2005)

Electricity - consumption

1.403 billion kWh (2005)

Electricity - exports

0 kWh (2005)

Electricity - imports

0 kWh (2005)

Oil - production

0 bbl/day (2005 est.)

Oil - consumption

11,000 bbl/day (2005 est.)

Oil - imports

11,980 bbl/day (2004)

Oil - exports

605.7 bbl/day (2004)

Oil - proved reserves

0 bbl (1 January 2006 est.)

Natural gas - production

0 cu m (2005 est.)

Natural gas - consumption

0 cu m (2005 est.)

Natural gas - exports

0 cu m (2005 est.)

Natural gas - imports

0 cu m (2005)

Natural gas - proved reserves

0 cu m (1 January 2006 est.)

Agriculture - products

vegetables; beef, deer, other livestock products; fish

Exports

$1.341 billion f.o.b. (2006)

Exports - commodities

ferronickels, nickel ore, fish

Exports - partners

Japan 17.4%, France 15.9%, Taiwan 14.5%, China 10.8%, Spain 9.4%, Belgium 7.3%, Italy 6%, Australia 4.6% (2006)

Imports

$1.998 billion f.o.b. (2006)

Imports - commodities

machinery and equipment, fuels, chemicals, foodstuffs

Imports - partners

France 39.4%, Singapore 15.1%, Australia 11.3%, NZ 4.8% (2006)

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)

Comptoirs Francais du Pacifique franc (XPF)

Exchange rates

Comptoirs Francais du Pacifique francs (XPF) per US dollar - 87.59 (2007), 95.025 (2006), 95.89 (2005), 96.04 (2004), 105.66 (2003)

Fiscal year

calendar year