s. 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 a financial services industry, although the
International Banking Repeal Act of 2002 resulted in the termination
of all offshore banking licenses. Economic aid from New Zealand in
2002 was US$2.6 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):

$7.6 million (2000 est.)

GDP (official exchange rate):

$10.01 million (2003)

GDP - real growth rate:

6.2% (2003 est.)

GDP - per capita (PPP):

$5,800 (2003 est.)

GDP - composition by sector:

agriculture: 23.5%
industry: 26.9%
services: 49.5% (2003)

Labor force:

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:

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 (FY0405)

Fiscal year:

1 April - 31 March

Inflation rate (consumer prices):

4% (2005)

Agriculture - products:

coconuts, passion fruit, honey, limes, taro, yams, cassava
(tapioca), sweet potatoes; pigs, poultry, beef cattle

Industries:

tourism, handicrafts, food processing

Industrial production growth rate:

NA%

Electricity - production:

4 million kWh (2006 est.)

Electricity - consumption:

3.72 million kWh (2006 est.)

Electricity - exports:

0 kWh (2007 est.)

Electricity - imports:

0 kWh (2007 est.)

Electricity - production by source:

fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (2001)

Oil - production:

0 bbl/day (2007 est.)

Oil - consumption:

20 bbl/day (2006 est.)