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Niue's remoteness, as well as cultural and linguistic differences between its Polynesian inhabitants and those of the rest of the Cook Islands, have caused it to be separately administered. The population of the island continues to drop (from a peak of 5,200 in 1966 to an estimated 1,311 in 2011) with substantial emigration to New Zealand 2,400 km to the southwest.


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Economy

Economy - overview
The economy suffers from the typical Pacific island problems of geographic isolation, few resources, and a small population. Government expenditures regularly exceed revenues, and the shortfall is made up by critically needed grants from New Zealand that are used to pay wages to public employees. Niue has cut government expenditures by reducing the public service by almost half. 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 emigration to New Zealand. Efforts to increase GDP include the promotion of tourism and financial services, although the International Banking Repeal Act of 2002 resulted in the termination of all offshore banking licenses. Economic aid from New Zealand in FY08/09 was US$5.7 million. Niue suffered a devastating typhoon in January 2004, which decimated nascent economic programs. While in the process of rebuilding, Niue has been dependent on foreign aid.

Gdp (purchasing power parity) World Ranking: 226
$10.01 million (2003 est.)

Gdp (official exchange rate)
$10.01 million (2003)

Gdp - real growth rate World Ranking: 41
6.2% (2003 est.)

Gdp - per capita (ppp) World Ranking: 143
$5,800 (2003 est.)

Gdp - composition by sector
Agriculture 23.5%
Industry 26.9%
Services 49.5% (2003)

Labor force World Ranking: 228
663 (2001)

Labor force - by occupation
Note
Most work on family plantations; paid work exists only in government service, small industry, and the Niue Development Board

Unemployment rate World Ranking: 126
12% (2001)

Population below poverty line
NA%

Household income or consumption by percentage share
Lowest 10% NA%
Highest 10% NA%

Budget
Revenues $15.07 million
Expenditures $16.33 million (FY04/05)

Taxes and other revenues World Ranking: 1
150.5% of GDP (FY04/05)

Budget surplus (+) or deficit (-) World Ranking: 206
-12.6% of GDP (FY04/05)

Inflation rate (consumer prices) World Ranking: 99
4% (2005)

Agriculture - products
Coconuts, passion fruit, honey, limes, taro, yams, cassava (tapioca), sweet potatoes; pigs, poultry, beef cattle

Industries
Handicrafts, food processing

Industrial production growth rate
NA%

Electricity - production World Ranking: 211
3 million kWh (2008 est.)

Electricity - consumption World Ranking: 213
2.79 million kWh (2008 est.)

Electricity - exports
0 kWh (2009 est.)

Electricity - imports
0 kWh (2009 est.)

Oil - production World Ranking: 210
0 bbl/day (2010 est.)

Oil - consumption World Ranking: 209
40 bbl/day (2010 est.)

Oil - exports World Ranking: 186
0 bbl/day (2009 est.)

Oil - imports World Ranking: 205
32.7 bbl/day (2009 est.)

Oil - proved reserves World Ranking: 175
0 bbl (1 January 2011 est.)

Natural gas - production World Ranking: 109
0 cu m (2009 est.)

Natural gas - consumption World Ranking: 117
0 cu m (2009 est.)

Natural gas - exports World Ranking: 156
0 cu m (2009 est.)

Natural gas - imports World Ranking: 106
0 cu m (2009 est.)

Natural gas - proved reserves World Ranking: 112
0 cu m (1 January 2011 est.)

Exports World Ranking: 219
$201,400 (2004)

Exports - commodities
Canned coconut cream, copra, honey, vanilla, passion fruit products, pawpaws, root crops, limes, footballs, stamps, handicrafts

Imports World Ranking: 221
$9.038 million (2004)

Imports - commodities
Food, live animals, manufactured goods, machinery, fuels, lubricants, chemicals, drugs

Debt - external World Ranking: 200
$418,000 (2002 est.)

Exchange rates
New Zealand dollars (NZD) per US dollar -
1.2658 (2011)
1.3874 (2010)
1.6002 (2009)
1.4151 (2008)
1.3811 (2007)

Fiscal year
1 April - 31 March


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