Economy of Niue

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 has historically been an important source of revenue.{{cite web |url=https://stamps.org/news/c/start-collecting/cat/worldwide-in-a-nutshell/post/worldwide-in-a-nutshell-niue |title=Worldwide in a Nutshell: Niue |publisher=American Philatelic Society |access-date=17 January 2023}}

The island in recent years has suffered a serious loss of population because of migration of Niueans to New Zealand. Efforts to increase GDP include the promotion of tourism. An initiative into the financial services industry was dropped under pressure from the US Treasury. More recently[https://internetstiftelsen.se/guide/domannamn/adressen-som-funkar-pa-flera-sprak/ Adressen som funkar på flera språk - Internetstiftelsen] the sale of Internet domain names under the NU top level domain has brought in some income. These domains are particularly popular in Scandinavia, Belgium and the Netherlands, since nu means "now" in Dutch and the Scandinavian languages.http://www.saob.se/artikel/?unik=N_0641-0219.Mc5e, https://ordnet.dk/ddo/ordbog?select=nu,1&query=nu, https://ordbok.uib.no/perl/ordbok.cgi?OPP=+nu&ant_bokmaal=5&ant_nynorsk=5&begge=+&ordbok=begge, http://gtb.inl.nl/iWDB/search?actie=article&wdb=ONW&id=ID3070&lemmodern=nu&domein=0&conc=true

GDP: USD$24.938 million (2016){{Cite web|url=https://spccfpstore1.blob.core.windows.net/digitallibrary-docs/files/d4/d4708ac84ad19cfb9bde59b73ee94011.pdf?sv=2015-12-11&sr=b&sig=KyG5Ur1%2FPYw1M8UcYjcyOo0xUEX0zByZBcdKZMGXyyw%3D&se=2020-04-04T14%3A17%3A11Z&sp=r&rscc=public%2C%20max-age%3D864000%2C%20max-stale%3D86400&rsct=application%2Fpdf&rscd=inline%3B%20filename%3D%22Pocket_Statistical_Summary_18.pdf%22|title=2018 Pacific Community Pocket Statistical Summary}}{{Dead link|date=February 2024 |bot=InternetArchiveBot |fix-attempted=yes }}

GDP:

purchasing power parity – $10 million (2003),{{cite book

|title=World Factbook

|author=Central Intelligence Agency

|isbn=978-8379912131

|date=2015

|url=https://books.google.com/books?id=kskkBgAAQBAJ

|access-date=May 19, 2016

}}

GDP – real growth rate:

6.2% (2003 est.)

GDP – per capita:

nominal - USD$15,586 (2016)

purchasing power parity – $5,800 (2003), $15,066 (2011)

{{cite web

|url=https://dfat.gov.au/trade/resources/Documents/niue.pdf

|title=Niue|date=June 2016|access-date=8 January 2017

}}

GDP – composition by sector:

agriculture:

23% (2003)

industry:

27% (2003)

services:

50% (2003)

Population below poverty line:

13%{{cite web

|url=http://countryoffice.unfpa.org/filemanager/files/pacific/cp13.pdf

|title=Niue

|author=United Nations Population Fund

|access-date=2016-05-19

|archive-url=https://web.archive.org/web/20161018043905/http://countryoffice.unfpa.org/filemanager/files/pacific/cp13.pdf

|archive-date=2016-10-18

|url-status=dead

}}

Household income or consumption by percentage share:

lowest 10%:

NA%

highest 10%:

NA%

Inflation rate (consumer prices):

1% (1995)

Labor force:

450 (1992 est.) 663 (2001 est.)

Labor force – by occupation:

Most people work on family plantations; paid work exists only in government service, small industry, and on the Niue Development Board

Unemployment rate:

12% (2001)

Budget:

revenues:

$15.07 million (FY 04-05)

$26 million (FY 18-19){{Cite web|url=https://storage.googleapis.com/wzukusers/user-32926503/documents/5b2b1d82b9d79EYAjsnu/Minister%20of%20Finance%202018-2019%20Budget%20Statement%20-%2020%20June%202018.pdf|title=2018/2019 Niue Budget Statement}}
expenditures:

$16.33 million

Industries:

tourism, handicrafts, food processing

Industrial production growth rate:

NA%

Electricity – production:

3 GWh (1998)

Electricity – production by source:

fossil fuel:

100%

hydro:

0% (2010)

nuclear:

0% (2010)

other:

0% (1998)

Electricity – consumption:

3 GWh (1998)

Electricity – exports:

0 kWh (1998)

Electricity – imports:

0 kWh (1998)

Agriculture – products:

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

Exports:

$3.52 million 2014,

{{cite web

|title=OEC – Niue (NIU) Exports, Imports, and Trade Partners

|url=http://atlas.media.mit.edu/en/profile/country/niu/#Expots

}} USD$1.391 million (2016)

Exports – commodities:

canned coconut cream, copra, honey, passion fruit products, pawpaws, root crops, limes, footballs, stamps, handicrafts

In 2014:

• Iron Structures ($576k)
• Refined petroleum ($456k)
• Cement ($277k)
• Fruit Juice ($224k)
• Delivery Trucks ($143k)

Exports – partners:

New Zealand 89%, Fiji, Cook Islands, Australia.

In 2014:

• Senegal 44% ($1.55M)
• Czech Republic 12% ($413k)
• New Zealand 10% ($334k)
• Gambia 8% ($277k)
• United States 5% ($169k)

Imports:

$9 million (2003), $19 million (2014), USD$14.95 million (2016), NZD$21.5 million (2018){{Cite web|url=https://www.mfat.govt.nz/en/countries-and-regions/pacific/niue/|title=New Zealand Foreign Affairs statistics}}

Imports – commodities:

food, live animals, manufactured goods, machinery, fuels, lubricants, chemicals, drugs

In 2014: Special Purpose Ships ($5.48M), Refined Petroleum ($2.93M), Large Construction Vehicles ($403k), Prefabricated Buildings ($402k) and Cars ($312k).

Imports – partners:

New Zealand 59%, Fiji 20%, Japan 13%, Samoa, Australia, United States

In 2014:

• New Zealand ($12.4M)
• Japan ($5.58M)
• Canada ($232k)
• Fiji ($211k)
• Australia ($147k)

Debt – external:

$NA

Economic aid – recipient:

$8.3 million (1995), $5.7 million (FY 08-09)

Currency:

1 New Zealand dollar (NZ$) = 100 cents

Exchange rates:

New Zealand dollars (NZ$) per US$1 – 1.9451 (January 2000), 1.8889 (1999), 1.8629 (1998), 1.5082 (1997), 1.4543 (1996), 1.5235 (1995)

Fiscal year:

1 April – 31 March

{{Reflist}}

• {{cite book |last1=Ali |first1=Nazia |editor1-last=Stephenson |editor1-first=Marcus L. |title=Routledge Handbook on Tourism and Small Island States in the Pacific |date=30 December 2022 |publisher=Taylor & Francis |isbn=9780429672330 |pages=343-355 |url=https://books.google.com/books?hl=en&id=q4KiEAAAQBAJ |chapter=Yoga tourism and sustainable development in Niue post-COVID: Investigating the potential for sport tourism and wellness experiences}}

{{Oceania in topic|Economy of}}

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