Economy of New Caledonia

Economy - overview:
New Caledonia has more than 25% of the world's known nickel resources. In recent years, the economy has suffered because of depressed international demand for nickel, the principal source of export earnings. Only a negligible amount of the land is suitable for cultivation, and food accounts for about 20% of imports. In addition to nickel, the substantial financial support from France and tourism are keys to the health of the economy. The situation in 1998 was clouded by the spillover of financial problems in East Asia and by lower prices for nickel. Nickel prices jumped in 1999, and large additions were made to capacity. However, the need to respond to environmental concerns over the country's globally-recognised ecological heritage, may increasingly need to be factored into capitalisation of mining operations.

GDP (real exchange rate): - US$6.81 billion (in 2006)fr icon cite web| url=http://www.isee.nc/chiffresc/chiffresc.html| title=Chiffres clés| author=Institut de la statistique et des études économiques de Nouvelle-Calédonie (ISEE)| accessdate=2008-01-06]

GDP - real growth rate: 4.4% (in 2006) [fr icon cite web| url=http://prod-afd.afd.zeni.fr/jahia/webdav/site/cerom/users/admin_cerom/public/Pdf/d-cerom2007A4.pdf| title=Les comptes économiques rapides de la Nouvelle-Calédonie en 2006| author=INSEE-CEROM| accessdate=2008-01-16]

GDP - per capita (real exchange rate): US$28,568 (in 2006)

GDP - composition by sector:
"agriculture:"5%
"industry:"30%
"services:"65% (1997 est.)

Population below poverty line:NA%

Household income or consumption by percentage share:
"lowest 10%:"NA%
"highest 10%:"NA%

Inflation rate (consumer prices):-0.6% (2000 est.)

Labor force:78 990 (including 11 300 unemployed, 2004)

Labor force - by occupation:agriculture 20%, industry 20%, services 60% (1999 est.)

Unemployment rate:17.1% (2004)

Budget:
"revenues:"US$856.3 million
"expenditures:"US$836.5 million (1996 est.)

Industries:nickel mining and smelting

Industrial production growth rate:-0.6% (1996)

Electricity - production:1.581 billion kWh (2003)

Electricity - production by source:
"fossil fuel:"65.79%
"hydro:"34.21%
"nuclear:"0%
"other:"0% (1998)

Electricity - consumption:1,47 billion kWh (2003)

Electricity - exports:0 kWh (1998)

Electricity - imports:0 kWh (1998)

Agriculture - products:vegetables; beef, deer, other livestock products

Exports:US$2.11 billion (in 2007)fr icon cite web| url=http://www.isee.nc/telechargement/bilan2007.pdf| title=Bilan économique et social 2007 - Échanges Extérieurs (on page 23)| author=Institut de la statistique et des études économiques de Nouvelle-Calédonie (ISEE)| format=PDF| accessdate=2008-05-29]

Exports - commodities:ferronickels, nickel ore, fish

Exports - partners:Japan 22.4%, Metropolitan France 15.2%, China 14.2%, Taiwan 13.2%, other European countries 20.5%, Oceania 5.9%, Africa 4.8%, Americas 2.7%, other Asian countries 1.1% (2007)

Imports:US$2.88 billion (in 2007)

Imports - commodities:foods, machinery and equipment, fuels, minerals

Imports - partners:Metropolitan France 26.6%, other European countries 16.1%, Singapore 13.6%, Australia 10.7%, New Zealand 4.0%, United States 3.2%, Japan 3.0%, other countries 22.7% (2007)

Debt - external:US$79 million (1998 est.) / €62 million (exchange rate as of 2006-05-07)

Economic aid - recipient:US$770 million from France (1998) / €605 million (exchange rate as of 2006-05-07)

Currency:1 CFP franc = 100 centimes

Exchange rates:CFP franc per US$1 - 95.89 (2005), 96.04 (2004), 105.66 (2003), 126.71 (2002), 133.26 (2001), 117.67 (January 2000), 111.93 (1999), 107.25 (1998), 106.11 (1997), 93.00 (1996), 90.75 (1995); note - linked at the rate of 1000 CFP to 8.38 euro

Fiscal year:calendar year

References

:"See also :" New Caledonia