Pitcairn Islands Economy 2007

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 small 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

Labor force:
15 able-bodied men (2004)

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

Budget:
revenues: $746,000
expenditures: $1.028 million (FY04/05)

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

Industries:
postage stamps, handicrafts, beekeeping, honey

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

Exports:
$NA

Exports - commodities:
fruits, vegetables, curios, stamps

Imports:
$NA

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

Economic aid - recipient:
$3.465 million (2004)

Currency (code):
New Zealand dollar (NZD)

Exchange rates:
New Zealand dollars per US dollar - 1.5408 (2006), 1.4203 (2005), 1.5087 (2004), 1.7221 (2003), 2.1622 (2002)