Economy of New Caledonia

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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. However, the need to respond to environmental concerns over the country's globally-recognised ecological heritage, may increasingly need to be factored into capitalisation of mining operations.

GDP purchasing power parity (PPP): - US$3.158 billion (2003 est.) / €2.481 (exchange rate as of 2006-05-07)

GDP - real growth rate: 3.5% (1998 est.)

GDP - per capita (PPP): US$15 000 (2003 est.) / €11 786 (exchange rate as of 2006-05-07)

GDP - composition by sector:
agriculture: 5%
industry: 30%
services: 65% (1997 est.)

Population below poverty line: NA%

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices): -0.6% (2000 est.)

Labor force: 78 990 (including 11 300 unemployed, 2004)

Labor force - by occupation: agriculture 20%, industry 20%, services 60% (1999 est.)

Unemployment rate: 17.1% (2004)

Budget:
revenues: US$856.3 million
expenditures: US$836.5 million (1996 est.)

Industries: nickel mining and smelting

Industrial production growth rate: -0.6% (1996)

Electricity - production: 1.581 billion kWh (2003)

Electricity - production by source:
fossil fuel: 65.79%
hydro: 34.21%
nuclear: 0%
other: 0% (1998)

Electricity - consumption: 1,47 billion kWh (2003)

Electricity - exports: 0 kWh (1998)

Electricity - imports: 0 kWh (1998)

Agriculture - products: vegetables; beef, deer, other livestock products

Exports: US$999 million (f.o.b., 2004 est.) / €785 million (exchange rate as of 2006-05-07)

Exports - commodities: ferronickels, nickel ore, fish

Exports - partners: Japan 22%, France 16.5%, Taiwan 12.3%, South Korea 12%, Spain 6.3%, Australia 6.1%, China 4.8%, South Africa 4.5% (2004)

Imports: US$1 636 billion (f.o.b. 2004) / €1.286 billion (exchange rate as of 2006-05-07)

Imports - commodities: foods, machinery and equipment, fuels, minerals

Imports - partners: France 40.1%, Singapore 17.8%, Australia 9.6%, New Zealand 5.1% (2004)

Debt - external: US$79 million (1998 est.) / €62 million (exchange rate as of 2006-05-07)

Economic aid - recipient: US$770 million from France (1998) / €605 million (exchange rate as of 2006-05-07)

Currency: 1 CFP franc = 100 centimes

Exchange rates: CFP franc per US$1 - 95.89 (2005), 96.04 (2004), 105.66 (2003), 126.71 (2002), 133.26 (2001), 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 1000 CFP to 8.38 euro

Fiscal year: calendar year

See also : New Caledonia