New Caledonia Economy - 2021

Economic overview

New Caledonia has 11% of the world's nickel reserves, representing the second largest reserves on the planet. Only a small amount of the land is suitable for cultivation, and food accounts for about 20% of imports. In addition to nickel, substantial financial support from France - equal to more than 15% of GDP - and tourism are keys to the health of the economy.

With the gradual increase in the production of two new nickel plants in 2015, average production of metallurgical goods stood at a record level of 94 thousand tons. However, the sector is exposed to the high volatility of nickel prices, which have been in decline since 2016. In 2017, one of the three major mining firms on the island, Vale, put its operations up for sale, triggering concerns of layoffs ahead of the 2018 independence referendum.

Real GDP growth rate

2% (2017 est.)

1.1% (2016 est.)

3.2% (2015 est.)

Inflation rate (consumer prices)

1.4% (2017 est.)

0.6% (2016 est.)

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

GDP (official exchange rate)

$9.77 billion (2017 est.)

Real GDP per capita

$31,100 (2015 est.)

$32,100 (2014 est.)

$29,800 (2012 est.)

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.)

Labor force

119,500 (2016 est.)

Labor force - by occupation

agriculture: 2.7%

industry: 22.4%

services: 74.9% (2010)

Unemployment rate

14.7% (2014)

14% (2009)

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.)

Taxes and other revenues

20.4% (of GDP) (2015 est.)

Budget surplus (+) or deficit (-)

0% (of GDP) (2015 est.)

Public debt

6.5% of GDP (2015 est.)

6.5% of GDP (2014 est.)

Fiscal year

calendar year

Current account balance

-$1.469 billion (2014 est.)

-$1.861 billion (2013 est.)

Exports

$2.207 billion (2014 est.)

Exports - partners

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

Exports - commodities

iron alloys, nickel, cobalt, carbonates, essential oils (2019)

Imports

$2.715 billion (2015 est.)

$4.4 billion (2014 est.)

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.)

Exchange rates

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

110.2 (2017 est.)

107.84 (2016 est.)

107.84 (2015 est.)

89.85 (2013 est.)

90.56 (2012 est.)