Economy of New Caledonia

Economy - overview: New Caledonia has more than 20% 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.

GDP: purchasing power parity - $3 billion (1998 est.)

GDP - real growth rate: 3.5% (1998 est.)

GDP - per capita: purchasing power parity - $15,000 (1998 est.)

GDP - composition by sector:
agriculture: 4%
industry: 30%
services: 66% (1997 est.)

Population below poverty line: NA%

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

Inflation rate (consumer prices): 1.5% (1998 est.)

Labor force: 79,395 (including 15, 018 unemployed, 1996)

Labor force - by occupation: agriculture 7%, industry 23%, services 70% (1999 est.)

Unemployment rate: 15% (1994)

Budget:
revenues: $861.3 million
expenditures: $735.3 million, including capital expenditures of $52 million (1996 est.)

Industries: nickel mining and smelting

Industrial production growth rate: NA%

Electricity - production: 1.52 billion kWh (1998)

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

Electricity - consumption: 1.414 billion kWh (1998)

Electricity - exports: 0 kWh (1998)

Electricity - imports: 0 kWh (1998)

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

Exports: $381 million (f.o.b., 1998)

Exports - commodities: ferronickels, nickel ore, fish

Exports - partners: Japan 36%, France 30%, US 14%, Taiwan 9%, Australia 7% (1997)

Imports: $922 million (c.i.f., 1998)

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

Imports - partners: France 41%, Australia 13%, New Zealand 7%, Japan 5% (1998)

Debt - external: $79 million (1998 est.)

Economic aid - recipient: $770 million from France (1998)

Currency: 1 Comptoirs Francais du Pacifique franc (CFPF) = 100 centimes

Exchange rates: Comptoirs Francais du Pacifique francs (CFPF) per US$1 - 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 18.18 to the French franc

Fiscal year: calendar year

See also : New Caledonia