New Caledonia Economy - 2024

Economic overview

upper-middle-income French Pacific territorial economy; enormous nickel reserves; ongoing French independence negotiations; large Chinese nickel exporter; luxury eco-tourism destination; large French aid recipient; high cost-of-living; lingering wealth disparities

Real GDP (purchasing power parity)

$10.266 billion (2021 est.)
$11.11 billion (2017 est.)
$10.89 billion (2016 est.)

note: data are in 2015 dollars

Real GDP growth rate

2% (2017 est.)
1.1% (2016 est.)
3.2% (2015 est.)

Real GDP per capita

$35,700 (2021 est.)
$31,100 (2015 est.)
$32,100 (2014 est.)

GDP (official exchange rate)

$9.77 billion (2017 est.)

Inflation rate (consumer prices)

1.4% (2017 est.)
0.6% (2016 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

132,200 (2021 est.)

Unemployment rate

16.57% (2021 est.)
16.43% (2020 est.)
14.91% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 41% (2021 est.)

male: 39.2%

female: 43.2%

Population below poverty line

17% (2008)

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Remittances

6.58% of GDP (2020 est.)
6.58% of GDP (2019 est.)
6.31% of GDP (2018 est.)

Budget

revenues: $1.995 billion (2015 est.)

expenditures: $1.993 billion (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.)

Taxes and other revenues

20.4% (of GDP) (2015 est.)

Fiscal year

calendar year

Current account balance

-$654.237 million (2016 est.)
-$1.861 billion (2013 est.)

Exports

$1.92 billion (2021 est.)
$1.8 billion (2020 est.)
$1.79 billion (2019 est.)

Exports - partners

China 55%, South Korea 16%, Japan 11%, Taiwan 4%, Spain 3% (2021)

Exports - commodities

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

Imports

$2.26 billion (2021 est.)
$2.1 billion (2020 est.)
$2.48 billion (2019 est.)

Imports - partners

France 39%, Australia 14%, Singapore 11%, New Zealand 7%, China 7% (2021)

Imports - commodities

refined petroleum, coal, cars, packaged medicines, delivery trucks (2021)

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 -

Exchange rates:
100.88 (2021 est.)
104.711 (2020 est.)
106.589 (2019 est.)
101.047 (2018 est.)
105.633 (2017 est.)