Economy - overview New Caledonia has about 25% 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 small 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. Strikes in the building industry in 2001, which lasted four months, adversely affected many other sectors of the economy. French Government interests in the New Caledonian nickel industry are being transferred to local ownership.

GDP purchasing power parity - $3.1 billion (2000 est.)

GDP - real growth rate 2.1% (2000 est.)

GDP - per capita purchasing power parity - $15,000 (2000 est.)

GDP - composition by sector
agriculture: 5%
industry: 30%
services: 65% (1997 est.)

Population below poverty line NA%

Household income or consumption by percentage share
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices) 2.3% (2000 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 1.565 billion kWh (2000)

Electricity - production by source
fossil fuel: 77.64%
hydro: 22.36%
other: 0% (2000)
nuclear: 0%

Electricity - consumption 1.455 billion kWh (2000)

Electricity - exports 0 kWh (2000)

Electricity - imports 0 kWh (2000)

Agriculture - products vegetables; beef, deer, other livestock products

Exports $400 million (f.o.b., 2000)

Exports - commodities ferronickels, nickel ore, fish

Exports - partners Japan 25.8%, France 18.8%, Taiwan 12%, Australia 8.2%, US 3.0% (1999)

Imports $1 billion (f.o.b., 2000)

Imports - commodities transport equipment, machinery and electrical equipment, fuels, minerals, wine, sugar, rice

Imports - partners France 50.2%, Australia 15.1%, Singapore 5.9%, New Zealand 5.2%, Japan 3.7% (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 - 135.04 (January 2002), 133.26 (2001), 129.44 (2000), 111.93 (1999), 107.25 (1998), 106.11 (1997); note - linked at the rate of 119.25 XPF to the euro

Fiscal year calendar year

NOTE: The information regarding New Caledonia on this page is re-published from the 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of New Caledonia Economy 2002 information contained here. All suggestions for corrections of any errors about New Caledonia Economy 2002 should be addressed to the CIA.