Is Niue a rich country?
The economy suffers from the typical Pacific island problems of geographic isolation, few resources, and a small population. The agricultural sector consists mainly of subsistence gardening, although some cash crops are grown for export. Industry consists primarily of small factories for processing passion fruit, lime oil, honey, and coconut cream. The sale of postage stamps to foreign collectors is an important source of revenue.
Government expenditures regularly exceed revenues, and the shortfall is made up by critically needed grants from New Zealand that are used to pay wages to public employees. Economic aid allocation from New Zealand in FY13/14 was US$10.1 million. Niue has cut government expenditures by reducing the public service by almost half.
The island in recent years has suffered a serious loss of population because of emigration to New Zealand. Efforts to increase GDP include the promotion of tourism and financial services, although the International Banking Repeal Act of 2002 resulted in the termination of all offshore banking licenses.
What is the GDP of Niue?
|GDP - Gross Domestic Product (PPP)||$10,010,000 (USD)|
|GDP - official exchange rate||$10,010,000 (USD)|
|GDP - real growth rate||6.2%|
|GDP Per Capita||$5,800.00 (USD)|
|GDP by Sector- agriculture||23.5%|
|GDP by Sector- Industry||26.9%|
|GDP by Sector- services||59.5%|
|Labor Force by Occupation - note||most work on family plantations; paid work exists only in government service, small industry, and the Niue Development Board|
|Fiscal Year||1 April - 31 March|
|Annual Budget||$15,070,000 (USD)|
|Budget Surplus or Deficit - percent of GDP||-12.6%|
|Major Industries||tourism, handicrafts, food processing|
|Agriculture Products||coconuts, passion fruit, honey, limes, taro, yams, cassava (tapioca), sweet potatoes; pigs, poultry, beef cattle|
|Currency Code||New Zealand dollar (NZD)|