Niue Economy—overview: The economy is heavily dependent on aid from New Zealand and remittances as Niue has no indigenous export product. Government expenditures regularly exceed revenues with the shortfall made up by grants from New Zealand; the grants are used to pay wages to public employees. Niue cut government expenditures in 1994-96 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 migration of Niueans to New Zealand. A small tourist industry is developing. GDP: purchasing power parity—$2.4 million (1993 est.) GDP—real growth rate: NA% GDP—per capita: purchasing power parity—$1 200 (1993 est.) GDP—composition by sector: agriculture: NA% industry: NA% services: NA% Inflation rate—consumer price index: 5% (1992) Labor force: total: 450 (1992 est.) by occupation: most work on family plantations; paid work exists only in government service small industry and the Niue Development Board Unemployment rate: NA% Budget: revenues: $5.5 million expenditures: $6.3 million including capital expenditures of $NA (1985 est.) Industries: tourism handicrafts food processing Industrial production growth rate: NA% Electricity—capacity: 1 000 kW (1995) Electricity—production: 3 million kWh (1995) Electricity—consumption per capita: 1 633 kWh (1995) Agriculture—products: coconuts passion fruit honey limes taro yams cassava (tapioca) sweet potatoes; pigs poultry beef cattle Exports: total value: $117 500 (f.o.b. 1989) commodities: canned coconut cream copra honey passion fruit products pawpaw root crops limes footballs stamps handicrafts partners: NZ 89% Fiji Cook Islands Australia Imports: total value: $4.1 million (c.i.f. 1989) commodities: food live animals manufactured goods machinery fuels lubricants chemicals drugs partners: NZ 59% Fiji 20% Japan 13% Samoa Australia US Debt—external: $NA Economic aid: recipient: ODA $5.9 million from NZ (FY95/96) Currency: 1 New Zealand dollar (NZ$) = 100 cents Exchange rates: New Zealand dollars (NZ$) per US$1—1.7283 (January 1998) 1.5082 (1997) 1.4543 (1996) 1.5235 (1995) 1.6844 (1994) 1.8495 (1993) Fiscal year: 1 April—31 March
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