Niue Economy - 2022

GEOGRAPHICAL NAMES 

Economic overview

The economy suffers from the typical Pacific island problems of geographic isolation, few resources, and a small population. The agricultural sector consists mainly of subsistence gardening, although some cash crops are grown for export. Industry consists primarily of small factories for processing passion fruit, lime oil, honey, and coconut cream. The sale of postage stamps to foreign collectors is an important source of revenue.

 

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. Economic aid allocation from New Zealand in FY13/14 was US$10.1 million. Niue has cut government expenditures by reducing the public service by almost half.

 

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.

Real GDP (purchasing power parity)

$10.01 million (2003 est.)

Real GDP growth rate

6.2% (2003 est.)

Real GDP per capita

$5,800 (2003 est.)

GDP (official exchange rate)

$10.01 million (2003) (2003)

Inflation rate (consumer prices)

4% (2005)

GDP - composition, by sector of origin

agriculture: 23.5% (2003)

industry: 26.9% (2003)

services: 49.5% (2003)

Agricultural products

coconuts, taro, fruit, sweet potatoes, tropical fruit, yams, vegetables, lemons, limes, bananas

Industries

handicrafts, food processing

Industrial production growth rate

N/A

Labor force

663 (2001)

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)

Population below poverty line

N/A

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Budget

revenues: 15.07 million (FY04/05)

expenditures: 16.33 million (FY04/05)

Budget surplus (+) or deficit (-)

-12.6% (of GDP) (FY04/05)

Fiscal year

1 April - 31 March

Exports

$201,400 (2004 est.)

Exports - partners

Indonesia 92%, South Korea 5% (2019)

Exports - commodities

tanker ships, fruit juice, thermostats, textiles, measurement devices/appliances (2019)

Imports

$9.038 million (2004 est.)

Imports - partners

New Zealand 43%, United Kingdom 30%, Japan 22% (2019)

Imports - commodities

hydraulic engines, ships, refined petroleum, cars, plastics (2019)

Debt - external

$418,000 (2002 est.)

Exchange rates

New Zealand dollars (NZD) per US dollar -

1.416 (2017 est.)

1.4279 (2016 est.)

1.4279 (2015)

1.4279 (2014 est.)

1.2039 (2013 est.)

NOTE: The information regarding Niue on this page is re-published from the 2022 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Niue 2022 information contained here. All suggestions for corrections of any errors about Niue 2022 should be addressed to the CIA or the source cited on each page.