Norfolk Island Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

high-income Australian territorial economy; key tourism and re-exportation industries; small labor force and declining participation creating more part-time jobs; former tax haven; increasing medical cannabis exporter; little transportation infrastructure

Real GDP (purchasing power parity)

N/A

Agricultural products

Norfolk Island pine seed, Kentia palm seed, cereals, vegetables, fruit; cattle, poultry

Industries

tourism, light industry, ready mixed concrete

Labor force

978 (2006)

Labor force - by occupation

agriculture: 6%

industry: 14%

services: 80% (2006 est.)

Budget

revenues: $4.6 million (FY99/00)

expenditures: $4.8 million (FY99/00)

Fiscal year

1 July - 30 June

Exports

N/A

Exports - partners

Philippines 29%, Singapore 21%, India 14%, Belgium 7%, Australia 5%, Canada 5% (2019)

Exports - commodities

pine seeds, lumber, cars and vehicle parts, soybeans, lactose syrup, cleaning products, scrap aluminum (2021)

Imports

$NA

Imports - partners

New Zealand 23%, Australia 19%, Philippines 19%, Singapore 14%, Fiji 11% (2019)

Imports - commodities

clothing and apparel, chemical analysis instruments, refined petroleum, cars, kitchen machinery (2019)

Debt - external

N/A

Exchange rates

Australian dollars (AUD) per US dollar -

1.311 (2017 est.)

1.3291 (2016 est.)

1.3291 (2015)

1.3291 (2014 est.)

1.1094 (2013 est.)

NOTE: The information regarding Norfolk Island 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 Norfolk Island 2023 information contained here. All suggestions for corrections of any errors about Norfolk Island 2023 should be addressed to the CIA or the source cited on each page.