New Caledonia Economy 2007

Economy - overview:
New Caledonia has about 25% of the world's known nickel resources. Only a small amount of the land is suitable for cultivation, and food accounts for about 20% of imports. In addition to nickel, substantial financial support from France - equal to more than 15% of GDP - and tourism are keys to the health of the economy. Substantial new investment in the nickel industry, combined with the recovery of global nickel prices, brightens the economic outlook for the next several years.

GDP (purchasing power parity):
$3.158 billion (2003 est.)

GDP (official exchange rate):
$3.3 billion (2003 est.)

GDP - real growth rate:
NA%

GDP - per capita (PPP):
$15,000 (2003 est.)

GDP - composition by sector:
agriculture: 15%
industry: 8.8%
services: 76.2% (2003)

Labor force:
78,990 (2004)

Labor force - by occupation:
agriculture: 20%
industry: 20%
services: 60% (2002)

Unemployment rate:
17.1% (2004)

Population below poverty line:
NA%

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

Inflation rate (consumer prices):
1.4% (2000 est.)

Budget:
revenues: $996 million
expenditures: $1.072 billion (2001 est.)

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

Industries:
nickel mining and smelting

Industrial production growth rate:
-0.6% (1996)

Electricity - production:
1.508 billion kWh (2005)

Electricity - consumption:
1.403 billion kWh (2005)

Electricity - exports:
0 kWh (2005)

Electricity - imports:
0 kWh (2005)

Oil - production:
0 bbl/day (2004 est.)

Oil - consumption:
10,000 bbl/day (2004 est.)

Oil - exports:
NA bbl/day

Oil - imports:
NA bbl/day

Oil - proved reserves:
0 bbl (1 January 2006)

Natural gas - production:
0 cu m (2005 est.)

Natural gas - consumption:
0 cu m (2005 est.)

Exports:
$1.085 billion f.o.b. (2005 est.)

Exports - commodities:
ferronickels, nickel ore, fish

Exports - partners:
Japan 17.8%, Taiwan 14.9%, France 13.7%, China 11.1%, Spain 9.7%, Belgium 7.5%, Italy 6.2%, Australia 4.7% (2006)

Imports:
$1.78 billion f.o.b. (2005 est.)

Imports - commodities:
machinery and equipment, fuels, chemicals, foodstuffs

Imports - partners:
France 38.9%, Singapore 15.3%, Australia 11.4%, NZ 4.8% (2006)

Economic aid - recipient:
$524.3 million annual subsidy from France (2004)

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

Market value of publicly traded shares:
$NA

Currency (code):
Comptoirs Francais du Pacifique franc (XPF)

Exchange rates:
Comptoirs Francais du Pacifique francs (XPF) per US dollar - 95.025 (2006), 95.89 (2005), 96.04 (2004), 105.66 (2003), 126.71 (2002)