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 25% of imports. In addition to nickel, financial support from France and tourism are key to the health of the economy. The outlook for 1998 is clouded by the spillover of financial problems in East Asia and by lower expected prices for nickel.

GDP purchasing power parity - $1.5 billion (1995 est.)

GDP - real growth rate NA%

GDP - per capita purchasing power parity - $8,000 (1995 est.)

GDP - composition by sector
agriculture: 5%
industry: 35%
services: 60% (1992 est.)

Inflation rate - consumer price index 1.7% (1996 est.)

Labor force
total: 70,044 (1988)
by occupation: agriculture 32%, industry 20%, services 40%, mining 8% (1992)

Unemployment rate 15% (1994)

Budget
revenues: $755.6 million
expenditures: $755.6 million, including capital expenditures of $NA (1995 est.)

Industries nickel mining and smelting

Industrial production growth rate NA%

Electricity - capacity 253,000 kW (1995)

Electricity - production 1.145 billion kWh (1995)

Electricity - consumption per capita 6,204 kWh (1995)

Agriculture - products vegetables; beef, other livestock products

Exports
total value: $500 million (f.o.b., 1996)
commodities: ferronickels, nickel ore
partners: Japan 31%, France 29%, US 12%, Australia 7%, Taiwan 6% (1996 est.)

Imports
total value: $930 million (c.i.f., 1996)
commodities: foods, transport equipment, machinery and electrical equipment, fuels, minerals
partners: France 45%, Australia 18%, Singapore 7%, New Zealand 6%, Japan 4% (1996 est.)

Debt - external $NA

Economic aid
recipient: ODA, $NA
note: important support from France

Currency 1 CFP franc (CFPF) = 100 centimes

Exchange rates Comptoirs Francais du Pacifique francs (CFPF) per US$1 - 110.60 (January 1998), 106.11 (1997), 93.00 (1996), 90.75 (1995), 100.93 (1994), 102.96 (1993); note - linked at the rate of 18.18 to the French franc

Fiscal year calendar year

NOTE: The information regarding New Caledonia on this page is re-published from the 1998 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of New Caledonia Economy 1998 information contained here. All suggestions for corrections of any errors about New Caledonia Economy 1998 should be addressed to the CIA.