Is New Caledonia a wealthy country?
New Caledonia has 11% of the world's nickel reserves, representing the second largest reserves on the planet. 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.
With the gradual increase in the production of two new nickel plants in 2015, average production of metallurgical goods stood at a record level of 94 thousand tons. However, the sector is exposed to the high volatility of nickel prices, which have been in decline since 2016. In 2017, one of the three major mining firms on the island, Vale, put its operations up for sale, triggering concerns of layoffs ahead of the 2018 independence referendum.
What is the GDP of New Caledonia?
|Currency Name and Code||CFP Franc (XPF)|
|GDP - Gross Domestic Product (PPP)||$11,100,000,000 (USD)|
|GDP - official exchange rate||$11,100,000,000 (USD)|
|GDP - real growth rate||2.8%|
|GDP Per Capita||$38,800.00 (USD)|
|GDP by Sector- agriculture||1.4%|
|GDP by Sector- Industry||26.4%|
|GDP by Sector- services||72.2%|
|GDP - composition, by end use||
household consumption: 62.8%
government consumption: 25%
investment in fixed capital: 43.1%
investment in inventories: 0%
exports of goods and services: 21.9%
imports of goods and services: -52.8%
|Labor Force By Occupation- agriculture||20%|
|Labor Force By Occupation- industry||20%|
|Labor Force By Occupation- services||60%|
|Fiscal Year||calendar year|
|Annual Budget||$996,000,000 (USD)|
|Major Industries||nickel mining and smelting|
|Agriculture Products||vegetables; beef, deer, other livestock products|
|Exchange Rate per US Dollar||Comptoirs Francais du Pacifique franc (XPF); note - may adopt the euro in 2003|