Short facts about the economy in New Caledonia

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.)

Population below poverty line:

NA%

Household income or consumption by percentage share:

lowest 10%:  NA% highest 10%:  NA%

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)

Electricity - exports:

0 kWh (1999)

Electricity - imports:

0 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)

Currency code:

XPF

Exchange rates:

Comptoirs Francais du Pacifique francs (XPF) per US dollar - 127.11 (January 2001), 129.44 (2000), 111.93 (1999), 107.25 (1998), 106.11 (1997), 93.00 (1996); note - linked at the rate of 119.25 XPF to the euro

Fiscal year:

calendar year

Source: World Factbook