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New Caledonia (overseas territory of France) Economy

    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. Performance in 1998 was hampered by the spillover of financial problems in East Asia and by lower expected prices for nickel.

    GDP: purchasing power parity—$2.1 billion (1996 est.)

    GDP—real growth rate: NA%

    GDP—per capita: purchasing power parity—$11,400 (1996 est.)

    GDP—composition by sector:
    agriculture: 3%
    industry: 25%
    services: 72% (1996)

    Population below poverty line: NA%

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

    Inflation rate (consumer prices): 1.7% (1996 est.)

    Labor force: 70,044 (1988)

    Labor force—by occupation: agriculture 20%, industry 16%, services 60%, mining 4% (1996)

    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—production: 1.145 billion kWh (1996)

    Electricity—production by source:
    fossil fuel: 69.87%
    hydro: 30.13%
    nuclear: 0%
    other: 0% (1996)

    Electricity—consumption: 1.145 billion kWh (1996)

    Electricity—exports: 0 kWh (1996)

    Electricity—imports: 0 kWh (1996)

    Agriculture—products: vegetables; beef, other livestock products

    Exports: $500 million (f.o.b., 1996)

    Exports—commodities: ferronickels, nickel ore

    Exports—partners: Japan 31%, France 29%, US 12%, Australia 7%, Taiwan 6% (1996 est.)

    Imports: $845 million (c.i.f., 1996)

    Imports—commodities: foods, transport equipment, machinery and electrical equipment, fuels, minerals

    Imports—partners: France 45%, Australia 18%, Singapore 7%, New Zealand 6%, Japan 4% (1996 est.)

    Debt—external: $NA

    Economic aid—recipient: $446.3 million (1995); note—about $50 million yearly support from France for government operations

    Currency: 1 Comptoirs Francais du Pacifique franc (CFPF) = 100 centimes

    Exchange rates: Comptoirs Francais du Pacifique francs (CFPF) per US$1—102.72 (January 1999), 107.25 (1998), 106.11 (1997), 93.00 (1996), 90.75 (1995), 100.93 (1994); note—linked at the rate of 18.18 to the French franc

    Fiscal year: calendar year

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Revised 1-Mar-99
Copyright © 1999 Photius Coutsoukis (all rights reserved)