Overview: New Caledonia has more than 25% 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 25% of imports.

National product: GNP - exchange rate conversion - $1 billion (1991 est.)

National product real growth rate: 2.4% (1988)

National product per capita: $6,000 (1991 est.)

Inflation rate (consumer prices): 1.4% (1990)

Unemployment rate: 16% (1989)

Budget:
revenues: $224 million
expenditures: $211 million, including capital expenditures of $NA (1985 est.)

Exports: $671 million (f.o.b., 1989)
commodities: nickel metal 87%, nickel ore
partners: France 32%, Japan 23.5%, US 3.6%

Imports: $764 million (c.i.f., 1989)
commodities: foods, fuels, minerals, machines, electrical equipment
partners: France 44.0%, US 10%, Australia 9%

External debt: $NA

Industrial production: growth rate NA%

Electricity:
capacity: 400,000 kW
production: 2.2 billion kWh
consumption per capita: 12,790 kWh (1990)

Industries: nickel mining and smelting

Agriculture: large areas devoted to cattle grazing; coffee, corn, wheat, vegetables; 60% self-sufficient in beef

Illicit drugs: illicit cannabis cultivation is becoming a principal source of income for some families

Economic aid:
recipient: Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $4.185 billion

Currency: 1 CFP franc (CFPF) = 100 centimes
Exchange rates: Comptoirs Francais duPacifique francs (CFPF) per US$1 - 107.63 (January 1994), 102.96 (1993), 96.24 (1992), 102.57 (1991), 99.00 (1990), 115.99 (1989); note - linked at the rate of 18.18 to the French franc

Fiscal year: calendar year

NOTE: The information regarding New Caledonia on this page is re-published from the 1995 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of New Caledonia Economy 1995 information contained here. All suggestions for corrections of any errors about New Caledonia Economy 1995 should be addressed to the CIA.