Niue Economy

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.

Niue Economy Data

What is the GDP of Niue?

Currency Name and Code New Zealand Dollar (NZD)
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%
Inflation Rate 4%
Labor Force 663
Labor Force by Occupation - note most work on family plantations; paid work exists only in government service, small industry, and the Niue Development Board
Unemployment Rate 12%
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
Exchange Rate per US Dollar New Zealand dollar (NZD)

Labor Force by Occupation- As reported by Niue

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