Norfolk Island Economy - 2024

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)

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 -

Exchange rates:
1.311 (2017 est.)
1.3291 (2016 est.)
1.3291 (2015)
1.3291 (2014 est.)
1.1094 (2013 est.)