Pitcairn Islands Economy - 2005

Economy - overview:
The inhabitants of this tiny isolated economy exist on fishing, subsistence farming, handicrafts, and postage stamps. The fertile soil of the valleys produces a wide variety of fruits and vegetables, including citrus, sugarcane, watermelons, bananas, yams, and beans. Bartering is an important part of the economy. The major sources of revenue are the sale of postage stamps to collectors and the sale of handicrafts to passing ships. In October 2004, more than one-quarter of Pitcairn's labor force was arrested, putting the economy in a bind, since their services were required as lighter crew to load or unload passing ships.

GDP:
purchasing power parity - NA

GDP - real growth rate:
NA

GDP - per capita:
purchasing power parity - NA

GDP - composition by sector:
agriculture: NA%
industry: NA%
services: NA%

Labor force:
15 able-bodied men (2004)

Labor force - by occupation:
no business community in the usual sense; some public works; subsistence farming and fishing

Unemployment rate:
NA

Population below poverty line:
NA

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

Inflation rate (consumer prices):
NA

Budget:
revenues: $746,000
expenditures: $1.028 million, including capital expenditures of NA (FY04/05)

Agriculture - products:
wide variety of fruits and vegetables, goats, chickens

Industries:
postage stamps, handicrafts, beekeeping, honey

Industrial production growth rate:
NA

Electricity - production:
NA kWh; note - electric power is provided by a small diesel-powered generator

Electricity - consumption:
NA kWh

Exports:
NA

Exports - commodities:
fruits, vegetables, curios, stamps

Exports - partners:
NA

Imports:
NA

Imports - commodities:
fuel oil, machinery, building materials, flour, sugar, other foodstuffs

Imports - partners:
NA

Debt - external:
NA

Economic aid - recipient:
$3.465 million (2004)

Currency (code):
New Zealand dollar (NZD)

Exchange rates:
New Zealand dollars per US dollar - 1.5087 (2004), 1.7221 (2003), 2.1622 (2002), 2.3788 (2001), 2.2012 (2000)