Economy - overview:
The economy suffers from the typical Pacific island problems of geographic isolation, few resources, and a small population. Government expenditures regularly exceed revenues, and the shortfall is made up by critically needed grants from New Zealand that are used to pay wages to public employees. Niue has cut government expenditures by reducing the public service by almost half. The agricultural sector consists mainly of subsistence gardening, although some cash crops are grown for export. Industry consists primarily of small factories to process passion fruit, lime oil, honey, and coconut cream. The sale of postage stamps to foreign collectors is an important source of revenue. The island in recent years has suffered a serious loss of population because of emigration to New Zealand. Efforts to increase GDP include the promotion of tourism and financial services, although the International Banking Repeal Act of 2002 resulted in the termination of all offshore banking licenses. Economic aid from New Zealand in FY08/09 was US$5.7 million. Niue suffered a devastating typhoon in January 2004, which decimated nascent economic programs. While in the process of rebuilding, Niue has been dependent on foreign aid.

GDP (purchasing power parity):
$10.01 million (2003 est.)
country comparison to the world: 228
[see also: GDP (purchasing power parity) country ranks ]

GDP (official exchange rate):
$10.01 million (2003)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
6.2% (2003 est.)
country comparison to the world: 33
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$5,800 (2003 est.)
country comparison to the world: 140
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 23.5%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 26.9%
[see also: GDP - composition by sector - industry country ranks ]
services: 49.5% (2003)
[see also: GDP - composition by sector - services country ranks ]

Labor force:
663 (2001)
country comparison to the world: 228
[see also: Labor force country ranks ]

Labor force - by occupation:
note: most work on family plantations; paid work exists only in government service, small industry, and the Niue Development Board

Unemployment rate:
12% (2001)
country comparison to the world: 128
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Budget:
revenues: $15.07 million
[see also: Budget - revenues country ranks ]
expenditures: $16.33 million
[see also: Budget - expenditures country ranks ]

Inflation rate (consumer prices):
4% (2005)
country comparison to the world: 117
[see also: Inflation rate (consumer prices) country ranks ]

Agriculture - products:
coconuts, passion fruit, honey, limes, taro, yams, cassava (tapioca), sweet potatoes; pigs, poultry, beef cattle

Industries:
handicrafts, food processing

Industrial production growth rate:
NA%
[see also: Industrial production growth rate country ranks ]

Electricity - production:
3 million kWh (2007 est.)
country comparison to the world: 212
[see also: Electricity - production country ranks ]

Electricity - consumption:
2.79 million kWh (2007 est.)
country comparison to the world: 213
[see also: Electricity - consumption country ranks ]

Electricity - exports:
0 kWh (2008 est.)
[see also: Electricity - exports country ranks ]

Electricity - imports:
0 kWh (2008 est.)
[see also: Electricity - imports country ranks ]

Oil - production:
0 bbl/day (2009 est.)
country comparison to the world: 150
[see also: Oil - production country ranks ]

Oil - consumption:
NA bbl/day
[see also: Oil - consumption country ranks ]

Oil - exports:
0 bbl/day (2007 est.)
country comparison to the world: 158
[see also: Oil - exports country ranks ]

Oil - imports:
31 bbl/day (2007 est.)
country comparison to the world: 204
[see also: Oil - imports country ranks ]

Oil - proved reserves:
0 bbl (1 January 2010 est.)
country comparison to the world: 147
[see also: Oil - proved reserves country ranks ]

Natural gas - production:
0 cu m (2008 est.)
country comparison to the world: 153
[see also: Natural gas - production country ranks ]

Natural gas - consumption:
0 cu m (2008 est.)
country comparison to the world: 118
[see also: Natural gas - consumption country ranks ]

Natural gas - exports:
0 cu m (2008 est.)
country comparison to the world: 147
[see also: Natural gas - exports country ranks ]

Natural gas - imports:
0 cu m (2008 est.)
country comparison to the world: 107
[see also: Natural gas - imports country ranks ]

Natural gas - proved reserves:
0 cu m (1 January 2010 est.)
country comparison to the world: 113
[see also: Natural gas - proved reserves country ranks ]

Exports:
$201,400 (2004)
country comparison to the world: 221
[see also: Exports country ranks ]

Exports - commodities:
canned coconut cream, copra, honey, vanilla, passion fruit products, pawpaws, root crops, limes, footballs, stamps, handicrafts

Imports:
$9.038 million (2004)
country comparison to the world: 222
[see also: Imports country ranks ]

Imports - commodities:
food, live animals, manufactured goods, machinery, fuels, lubricants, chemicals, drugs

Debt - external:
$418,000 (2002 est.)
country comparison to the world: 195
[see also: Debt - external country ranks ]

Exchange rates:
New Zealand dollars (NZD) per US dollar - 1.4015 (2010), 1.6002 (2009), 1.4151 (2008), 1.3811 (2007), 1.5408 (2006)