Norfolk Island Economy - 2005

Economy - overview:
Tourism, the primary economic activity, has steadily increased over the years and has brought a level of prosperity unusual among inhabitants of the Pacific islands. The agricultural sector has become self-sufficient in the production of beef, poultry, and eggs.

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:
1,345

Labor force - by occupation:
tourism 90%, subsistence agriculture 10%

Unemployment rate:
0%

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: $20 million
expenditures: $20 million, including capital expenditures of $2 million (FY99/00)

Agriculture - products:
Norfolk Island pine seed, Kentia palm seed, cereals, vegetables, fruit; cattle, poultry

Industries:
tourism, light industry, ready mixed concrete

Industrial production growth rate:
NA

Electricity - production:
NA kWh

Electricity - consumption:
NA kWh

Exports:
$1.5 million f.o.b. (FY99/00)

Exports - commodities:
postage stamps, seeds of the Norfolk Island pine and Kentia palm, small quantities of avocados

Exports - partners:
Australia, other Pacific island countries, NZ, Asia, Europe

Imports:
$17.9 million c.i.f. (FY91/92)

Imports - commodities:
NA

Imports - partners:
Australia, other Pacific island countries, NZ, Asia, Europe

Debt - external:
NA

Economic aid - recipient:
NA

Currency (code):
Australian dollar (AUD)

Exchange rates:
Australian dollars per US dollar - 1.3598 (2004), 1.5419 (2003), 1.8406 (2002), 1.9334 (2001), 1.7248 (2000)