Economy of New Caledonia

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Economy - overview: New Caledonia has more than 20% of the world's known nickel resources. In recent years, the economy has suffered because of depressed international demand for nickel, the principal source of export earnings. Only a negligible amount of the land is suitable for cultivation, and food accounts for about 20% of imports. In addition to nickel, the substantial financial support from France and tourism are keys to the health of the economy. The situation in 1998 was clouded by the spillover of financial problems in East Asia and by lower prices for nickel. Nickel prices jumped in 1999-2000, and large additions were made to capacity. French Government interests in the New Caledonian nickel industry are being transferred to local ownership.

GDP: purchasing power parity - $3 billion (1998 est.)
GDP - real growth rate: 3.5% (1998 est.)
GDP - per capita: purchasing power parity - $15,000 (1998 est.)
GDP - composition by sector:
agriculture: 4%
industry: 30%
services: 66% (1997 est.)
Inflation rate (consumer prices): 1.5% (1998 est.)
Labor force: 79,395 (including 15, 018 unemployed, 1996)
Labor force - by occupation: agriculture 7%, industry 23%, services 70% (1999 est.)
Unemployment rate: 19% (1996)
Budget:
revenues: $861.3 million
expenditures: $735.3 million, including capital expenditures of $52 million (1996 est.)
Industries: nickel mining and smelting
Industrial production growth rate: -0.6% (1996)
Electricity - production: 1.52 billion kWh (1999)
Electricity - production by source:
fossil fuel:  78.95%
hydro:  21.05%
nuclear:  0%
other:  0% (1999)
Electricity - consumption: 1.414 billion kWh (1999)
Agriculture - products: vegetables; beef, deer, other livestock products
Exports: $411 million (f.o.b., 1999
Exports - commodities: ferronickels, nickel ore, fish
Exports - partners: Japan 27%, France 17%, Taiwan 12%, South Korea 9% (1999)
Imports: $843 million (f.o.b., 1999)
Imports - commodities: transport equipment, machinery and electrical equipment, fuels, minerals, wine, sugar, rice
Imports - partners: France 49%, Australia 14%, Singapore 6%, New Zealand 5%, US 5% (1999)
Debt - external: $79 million (1998 est.)
Economic aid - recipient: $880 million annual subsidy from France
Currency: Comptoirs Francais du Pacifique franc (XPF)

SOURCE: The World Factbook

Mother Earth Travel > Country Index > New Caledonia > Map Economy