Niue (NZ): Economy
The World Factbook 1993: Niue Economy

Overview: The economy is heavily dependent on aid from New Zealand. Government expenditures regularly exceed revenues, with the shortfall made up by grants from New Zealand - the grants are used to pay wages to public employees. The agricultural sector consists mainly of subsistence gardening, although some cash crops are grown for export. Industry consists primarily of small factories to process passion fruit, lime oil, honey, and coconut cream. The sale of postage stamps to foreign collectors is an important source of revenue. The island in recent years has suffered a serious loss of population because of migration of Niueans to New Zealand.

National product: GNP - exchange rate conversion - $2.1 million (1989 est.)

National product real growth rate: NA%

National product per capita: $1,000 (1989 est.)

Inflation rate (consumer prices): 9.6% (1984)

Unemployment rate: NA%

Budget: revenues $5.5 million; expenditures $6.3 million, including capital expenditures of $NA (FY85 est.)

Exports: $175,274 (f.o.b., 1985) commodities: canned coconut cream, copra, honey, passion fruit products, pawpaw, root crops, limes, footballs, stamps, handicrafts partners: NZ 89%, Fiji, Cook Islands, Australia Imports: $3.8 million (c.i.f., 1985) commodities: food, live animals, manufactured goods, machinery, fuels, lubricants, chemicals, drugs partners: NZ 59%, Fiji 20%, Japan 13%, Western Samoa, Australia, US

External debt: $NA

Industrial production: growth rate NA%

Electricity: 1,500 kW capacity; 3 million kWh produced, 1,490 kWh per capita (1990)

Industries: tourist, handicrafts, coconut products

Agriculture: coconuts, passion fruit, honey, limes; subsistence crops - taro, yams, cassava (tapioca), sweet potatoes; pigs, poultry, beef cattle

Economic aid: Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $62 million

Currency: 1 New Zealand dollar (NZ$)=100 cents

Exchange rates: New Zealand dollars (NZ$) per US$1 - 1.9486 (January 1993), 1.8584 (1992), 1.7265 (1991), 1.6750 (1990), 1.6711 (1989), 1.5244 (1988)

Fiscal year: 1 April-31 March