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New Caledonia Economy Profile 2019

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Economy - overview

New 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.

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, which have been in decline since 2016. In 2017, one of the three major mining firms on the island, Vale, put its operations up for sale, triggering concerns of layoffs ahead of the 2018 independence referendum.

GDP (purchasing power parity)
$11.11 billion (2017 est.)
$10.89 billion (2016 est.)
$10.77 billion (2015 est.)

note: data are in 2015 dollars

GDP (official exchange rate)
$9.77 billion (2017 est.)
GDP - real growth rate
2% (2017 est.)
1.1% (2016 est.)
3.2% (2015 est.)
GDP - per capita (PPP)
$31,100 (2015 est.)
$32,100 (2014 est.)
$29,800 (2012 est.)
GDP - composition, by end use
household consumption: 64.3% (2017 est.)
government consumption: 24% (2017 est.)
investment in fixed capital: 38.4% (2017 est.)
investment in inventories: 0% (2017 est.)
exports of goods and services: 18.7% (2017 est.)
imports of goods and services: -45.5% (2017 est.)
GDP - composition by sector
agriculture: 1.4% (2017 est.)
industry: 26.4% (2017 est.)
services: 72.1% (2017 est.)
Population below poverty line
17% (2008)
Labor force
119,500 (2016 est.)
Labor force - by occupation
agriculture: 2.7%
industry: 22.4%
services: 74.9% (2010)
Unemployment rate
14.7% (2014)
14% (2009)
Unemployment, youth ages 15-24
total: 38.4%
male: 37.1%
female: 40% (2014 est.)
Household income or consumption by percentage share
lowest 10%: NA
highest 10%: NA
Budget
revenues: 1.995 billion (2015 est.)
expenditures: 1.993 billion (2015 est.)
Taxes and other revenues
20.4% (of GDP) (2015 est.)
Budget surplus (+) or deficit (-)
0% (of GDP) (2015 est.)
Public debt
6.5% of GDP (2015 est.)
6.5% of GDP (2014 est.)
Inflation rate (consumer prices)
1.4% (2017 est.)
0.6% (2016 est.)
Stock of domestic credit
$9.522 billion (2015 est.)
Market value of publicly traded shares

NA

Agriculture - products
vegetables; beef, venison, other livestock products; fish
Industries
nickel mining and smelting
Industrial production growth rate
3.5% (2017 est.)
Current Account Balance
-$1.469 billion (2014 est.)
-$1.861 billion (2013 est.)
Exports
$2.207 billion (2014 est.)
Exports - commodities
ferronickels, nickel ore, fish
Exports - partners
China 25.4%, Japan 16.6%, South Korea 14.8%, France 8.2%, Belgium 5%, US 4.6% (2017)
Imports
$2.715 billion (2015 est.)
$4.4 billion (2014 est.)
Imports - commodities
machinery and equipment, fuels, chemicals, foodstuffs
Imports - partners
France 24.2%, Singapore 13.1%, China 9.2%, Australia 7.1%, South Korea 5.2%, Malaysia 4.7%, NZ 4.4%, US 4.4% (2017)
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.)
$14.55 billion (2014 est.)
Stock of direct foreign investment - abroad
$658.2 million (2015 est.)
$593.8 million (2014 est.)
Exchange rates
Comptoirs Francais du Pacifique francs (XPF) per US dollar -
110.2 (2017 est.)
107.84 (2016 est.)
107.84 (2015 est.)
89.85 (2013 est.)
90.56 (2012 est.)
Fiscal year
calendar year

Source: CIA World Factbook
This page was last updated on December 7, 2019