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New Caledonia Economy 1996

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:

GDP - purchasing power parity - $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:

250,000 kW

production:

1.2 billion kWh

consumption per capita:

6,178 kWh (1993)

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 du Pacifique francs (CFPF) per US$1 - 96.25 (January 1995), 100.93 (1994), 102.96 (1993), 96.24 (1992), 102.57 (1991), 99.00 (1990); note - linked at the rate of 18.18 to the French franc

Fiscal year:

calendar year

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