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New Caledonia Economy: from the All Country Info reference guide to country facts

New Caledonia Economy

New Caledonia Economy: A summary of information about New Caledonia Economy, from government research data as well as independent research and other sources.

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New Caledonia: Economy

Economy - overview
New Caledonia has more than 20% of the world's
known nickel resources. In recent years, the economy has suffered
because of depressed international demand for nickel, the principal
source of export earnings. Only a negligible amount of the land is
suitable for cultivation, and food accounts for about 20% of imports.
In addition to nickel, the substantial financial support from France
and tourism are keys to the health of the economy. The situation in
1998 was clouded by the spillover of financial problems in East Asia
and by lower prices for nickel. Nickel prices jumped in 1999, and
large additions were made to capacity.
GDP
purchasing power parity - $3 billion (1998 est.)
GDP - real growth rate
3.5% (1998 est.)
GDP - per capita
purchasing power parity - $15,000 (1998 est.)
GDP - composition by sector
agriculture: 4%
industry: 30%
services: 66% (1997 est.)
Population below poverty line
NA%
Household income or consumption by percentage share
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices)
1.5% (1998 est.)
Labor force
79,395 (including 15, 018 unemployed, 1996)
Labor force - by occupation
agriculture 7%, industry 23%, services
70% (1999 est.)
Unemployment rate
15% (1994)
Budget
revenues: $861.3 million
expenditures: $735.3 million, including capital expenditures of $52
million (1996 est.)
Industries
nickel mining and smelting
Industrial production growth rate
NA%
Electricity - production
1.52 billion kWh (1998)
Electricity - production by source
fossil fuel: 65.79%
hydro: 34.21%
nuclear: 0%
other: 0% (1998)
Electricity - consumption
1.414 billion kWh (1998)
Electricity - exports
0 kWh (1998)
Electricity - imports
0 kWh (1998)
Agriculture - products
vegetables; beef, deer, other livestock
products
Exports
$381 million (f.o.b., 1998)
Exports - commodities
ferronickels, nickel ore, fish
Exports - partners
Japan 36%, France 30%, US 14%, Taiwan 9%,
Australia 7% (1997)
Imports
$922 million (c.i.f., 1998)
Imports - commodities
foods, machinery and equipment, fuels, minerals
Imports - partners
France 41%, Australia 13%, New Zealand 7%, Japan
5% (1998)
Debt - external
$79 million (1998 est.)
Economic aid - recipient
$770 million from France (1998)
Currency
1 Comptoirs Francais du Pacifique franc (CFPF) = 100
centimes
Exchange rates
Comptoirs Francais du Pacifique francs (CFPF) per US$1
- 117.67 (January 2000), 111.93 (1999), 107.25 (1998), 106.11 (1997),
93.00 (1996), 90.75 (1995); note - linked at the rate of 18.18 to the
French franc
Fiscal year
calendar year
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