Economy of Niue
| Statistics | |
|---|---|
| GDP | $24.938 million |
All values, unless otherwise stated, are inUS dollars. | |
Theeconomy of Niueis heavily dependent upon aid fromNew Zealand.Government expenditures regularly exceed revenues, and grants from New Zealand make up the shortfall and are used to pay wages to public employees.Niuehas cut government expenditures by reducing the public service by almost half.
Local economic activity[edit]
The agricultural sector consists mainly of subsistence gardening, although some cash crops are grown for export. Industry consists primarily of small factories to processpassion fruit,limeoil,honey,andcoconut cream.The sale ofpostage stampsto foreigncollectorshas historically been an important source of revenue.[1]
The island in recent years has suffered a serious loss of population because ofmigrationof Niueans to New Zealand. Efforts to increaseGDPinclude the promotion of tourism. An initiative into the financial services industry was dropped under pressure from theUS Treasury.More recently[2]the sale ofInternetdomain namesunder the NUtop level domainhas brought in some income. These domains are particularly popular inScandinavia,Belgiumand theNetherlands,sincenumeans "now" inDutchand theScandinavian languages.[3]
Economic statistics[edit]
GDP:USD$24.938 million (2016)[4]
GDP: purchasing power parity – $10 million (2003),[5]
GDP – real growth rate: 6.2% (2003 est.)[5]
GDP – per capita: nominal - USD$15,586 (2016)[4]
purchasing power parity – $5,800 (2003),[5]$15,066 (2011)[6]
GDP – composition by sector:
agriculture:
23% (2003)[5]
industry:
27% (2003)[5]
services:
50% (2003)[5]
Population below poverty line: 13%[7]
Household income or consumption by percentage share:
lowest 10%:
NA%
highest 10%:
NA%
Inflation rate (consumer prices): 1% (1995)
Labor force: 450 (1992 est.) 663 (2001 est.)[5]
Labor force – by occupation: Most people work on family plantations; paid work exists only in government service, small industry, and on the Niue Development Board
Unemployment rate: 12% (2001)[5]
Budget:
revenues:
$15.07 million (FY 04-05)[5]
$26 million (FY 18-19)[8]
expenditures:
$16.33 million[5]
Industries: tourism, handicrafts, food processing
Industrial production growth rate: NA%
Electricity – production: 3 GWh (1998)
Electricity – production by source:
fossil fuel:
100%
hydro:
0% (2010)[5]
nuclear:
0% (2010)[5]
other:
0% (1998)
Electricity – consumption: 3 GWh (1998)
Electricity – exports: 0 kWh (1998)
Electricity – imports: 0 kWh (1998)
Agriculture – products: coconuts,passion fruit,honey,limes,taro,yams,cassava(tapioca),sweet potatoes;pigs,poultry,beefcattle
Exports: $3.52 million 2014,[9]USD$1.391 million (2016)[4]
Exports – commodities: cannedcoconutcream,copra,honey,passion fruitproducts,pawpaws,root crops, limes, footballs, stamps, handicrafts
In 2014:[9]
- Iron Structures ($576k)
- Refined petroleum ($456k)
- Cement ($277k)
- Fruit Juice ($224k)
- Delivery Trucks ($143k)
Exports – partners: New Zealand89%,Fiji,Cook Islands,Australia.
In 2014:[9]
- Senegal 44% ($1.55M)
- Czech Republic 12% ($413k)
- New Zealand 10% ($334k)
- Gambia 8% ($277k)
- United States 5% ($169k)
Imports: $9 million (2003), $19 million (2014),[9]USD$14.95 million (2016),[4]NZD$21.5 million (2018)[10]
Imports – commodities: food, live animals, manufactured goods, machinery, fuels, lubricants, chemicals, drugs
In 2014: Special Purpose Ships ($5.48M), Refined Petroleum ($2.93M), Large Construction Vehicles ($403k), Prefabricated Buildings ($402k) and Cars ($312k).
Imports – partners: New Zealand59%,Fiji20%,Japan13%,Samoa,Australia,United States
In 2014:[9]
- New Zealand ($12.4M)
- Japan ($5.58M)
- Canada ($232k)
- Fiji ($211k)
- Australia ($147k)
Debt – external: $NA
Economic aid – recipient: $8.3 million (1995), $5.7 million (FY 08-09)[5]
Currency: 1 New Zealand dollar (NZ$) = 100 cents
Exchange rates: New Zealand dollars (NZ$) per US$1 – 1.9451 (January 2000), 1.8889 (1999), 1.8629 (1998), 1.5082 (1997), 1.4543 (1996), 1.5235 (1995)
Fiscal year: 1 April – 31 March
References[edit]
- ^"Worldwide in a Nutshell: Niue".American Philatelic Society.Retrieved17 January2023.
- ^Adressen som funkar på flera språk - Internetstiftelsen
- ^http://www.saob.se/artikel/?unik=N_0641-0219.Mc5e,https://ordnet.dk/ddo/ordbog?select=nu,1&query=nu,https://ordbok.uib.no/perl/ordbok.cgi?OPP=+nu&ant_bokmaal=5&ant_nynorsk=5&begge=+&ordbok=begge,http://gtb.inl.nl/iWDB/search?actie=article&wdb=ONW&id=ID3070&lemmodern=nu&domein=0&conc=true
- ^abcd"2018 Pacific Community Pocket Statistical Summary"(PDF).[permanent dead link]
- ^abcdefghijklmCentral Intelligence Agency (2015).World Factbook.ISBN978-8379912131.Retrieved19 May2016.
- ^ "Niue"(PDF).June 2016.Retrieved8 January2017.
- ^United Nations Population Fund."Niue"(PDF).Archived fromthe original(PDF)on 18 October 2016.Retrieved19 May2016.
- ^"2018/2019 Niue Budget Statement"(PDF).
- ^abcde "OEC – Niue (NIU) Exports, Imports, and Trade Partners".
- ^"New Zealand Foreign Affairs statistics".
Further reading[edit]
- Ali, Nazia (30 December 2022). "Yoga tourism and sustainable development in Niue post-COVID: Investigating the potential for sport tourism and wellness experiences". In Stephenson, Marcus L. (ed.).Routledge Handbook on Tourism and Small Island States in the Pacific.Taylor & Francis. pp. 343–355.ISBN9780429672330.