New Caledonia Economy - 2023

Economic overview

upper-middle-income French Pacific territorial economy; large tourism presence that was hit hard by COVID-19; nickel and other metals mining operations; continuing French subsidies; large exporter of nickel to China

Real GDP (purchasing power parity)

$11.11 billion (2017 est.)

$10.89 billion (2016 est.)

$10.77 billion (2015 est.)

note: data are in 2015 dollars

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Real GDP growth rate

2% (2017 est.)

1.1% (2016 est.)

3.2% (2015 est.)

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Real GDP per capita

$31,100 (2015 est.)

$32,100 (2014 est.)

$29,800 (2012 est.)

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GDP (official exchange rate)

$9.77 billion (2017 est.)

Inflation rate (consumer prices)

1.4% (2017 est.)

0.6% (2016 est.)

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GDP - composition, by sector of origin

agriculture: 1.4% (2017 est.)

industry: 26.4% (2017 est.)

services: 72.1% (2017 est.)

GDP - composition, by end use

household consumption: 64.3% (2017 est.)

government consumption: 24% (2017 est.)

investment in fixed capital: 38.4% (2017 est.)

investment in inventories: 0% (2017 est.)

exports of goods and services: 18.7% (2017 est.)

imports of goods and services: -45.5% (2017 est.)

Agricultural products

coconuts, vegetables, maize, fruit, beef, pork, potatoes, bananas, eggs, yams

Industries

nickel mining and smelting

Industrial production growth rate

3.5% (2017 est.)

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Labor force

132,200 (2021 est.)

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Labor force - by occupation

agriculture: 2.7%

industry: 22.4%

services: 74.9% (2010)

Unemployment rate

16.57% (2021 est.)

16.43% (2020 est.)

14.91% (2019 est.)

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Youth unemployment rate (ages 15-24)

total: 41%

male: 39.2%

female: 43.2% (2021 est.)

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Population below poverty line

17% (2008)

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Budget

revenues: $1.995 billion (2015 est.)

expenditures: $1.993 billion (2015 est.)

Budget surplus (+) or deficit (-)

0% (of GDP) (2015 est.)

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Public debt

6.5% of GDP (2015 est.)

6.5% of GDP (2014 est.)

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Taxes and other revenues

20.4% (of GDP) (2015 est.)

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Fiscal year

calendar year

Current account balance

-$654.237 million (2016 est.)

-$1.861 billion (2013 est.)

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Exports

$2.207 billion (2014 est.)

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Exports - partners

China 59%, South Korea 14%, Japan 11% (2019)

Exports - commodities

iron alloys, nickel, essential oils, recreational boats, shrimp (2021)

Imports

$2.715 billion (2015 est.)

$4.4 billion (2014 est.)

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Imports - partners

France 43%, Australia 12%, Singapore 12%, China 6% (2019)

Imports - commodities

refined petroleum, aircraft, coal, cars, packaged medicines (2019)

Debt - external

$112 million (31 December 2013 est.)

$79 million (31 December 1998 est.)

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Exchange rates

Comptoirs Francais du Pacifique francs (XPF) per US dollar -

100.88 (2021 est.)

104.711 (2020 est.)

106.589 (2019 est.)

101.047 (2018 est.)

105.633 (2017 est.)

NOTE: The information regarding New Caledonia on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of New Caledonia 2023 information contained here. All suggestions for corrections of any errors about New Caledonia 2023 should be addressed to the CIA or the source cited on each page.