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gislative Assembly for a three-year term; election last held 12 May 2005 (next to be held May 2008) election results: Young VIVIAN reelected premier; percent of Legislative Assembly vote - Young VIVIAN (NPP) 85%, O'Love JACOBSEN (independent) 15% Legislative branch: unicameral Legislative Assembly (20 seats; members elected by popular vote to serve three-year terms; 6 elected from a common roll and 14 are village representatives) elections: last held 30 April 2005 (next to be held April 2008) election results: percent of vote by party - NA%; seats by party - NA Judicial branch: Supreme Court of New Zealand; High Court of Niue Political parties and leaders: Alliance of Independents or AI; Niue People's Action Party or NPP [Young VIVIAN] Political pressure groups and leaders: NA International organization participation: ACP, FAO, IFAD, OPCW, PIF, Sparteca, SPC, UNESCO, UPU, WHO, WMO Diplomatic representation in the US: none (self-governing territory in free association with New Zealand) Diplomatic representation from the US: none (self-governing territory in free association with New Zealand) Flag description: yellow with the flag of the UK in the upper hoist-side quadrant; the flag of the UK bears five yellow five-pointed stars - a large one on a blue disk in the center and a smaller one on each arm of the bold red cross Economy Niue 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 a financial services industry, although the International Banking Repeal Act of 2002 resulted in the termination of all offshore
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