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. The outlook for 1998 is clouded by the spillover of financial problems in East Asia and by lower expected prices for nickel.

GDP: purchasing power parity—$1.5 billion (1995 est.)

GDP—real growth rate: NA%

GDP—per capita: purchasing power parity—$8 000 (1995 est.)

GDP—composition by sector:

agriculture: 5%

industry: 35%

services: 60% (1992 est.)

Inflation rate—consumer price index: 1.7% (1996 est.)

Labor force:

total: 70 044 (1988)

by occupation: agriculture 32% industry 20% services 40% mining 8% (1992)

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—capacity: 253 000 kW (1995)

Electricity—production: 1.145 billion kWh (1995)

Electricity—consumption per capita: 6 204 kWh (1995)

Agriculture—products: vegetables; beef other livestock products

Exports:

total value: $500 million (f.o.b. 1996)

commodities: ferronickels nickel ore

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

Imports:

total value: $930 million (c.i.f. 1996)

commodities: foods transport equipment machinery and electrical equipment fuels minerals

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

Debt—external: $NA

Economic aid:

recipient: ODA $NA

note: important support from France

Currency: 1 CFP franc (CFPF) = 100 centimes

Exchange rates: Comptoirs Francais du Pacifique francs (CFPF) per US$1—110.60 (January 1998) 106.11 (1997) 93.00 (1996) 90.75 (1995) 100.93 (1994) 102.96 (1993); note—linked at the rate of 18.18 to the French franc

Fiscal year: calendar year