Editing Economy of Niue

{{Short description|None}}<!-- This short description is INTENTIONALLY "none" - please see WP:SDNONE before you consider changing it! -->
{{Use dmy dates|date=November 2023}}
{{Infobox economy
| country = Niue
| gdp = $24.938 million
}}
The '''economy of Niue''' is heavily dependent upon aid from [[New Zealand]]. Government expenditures regularly exceed revenues, and grants from New Zealand make up the shortfall and are used to pay wages to public employees. [[Niue]] has cut government expenditures by reducing the public service by almost half.

== Local economic activity ==

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 (Citrus aurantifolia)|lime]] oil, [[honey]], and [[coconut cream]]. The sale of [[postage stamp]]s to foreign [[Stamp collecting|collectors]] has historically been an important source of revenue.<ref>{{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}}</ref>

The island in recent years has suffered a serious loss of population because of [[Human migration|migration]] of Niueans to New Zealand. Efforts to increase [[Gross domestic product|GDP]] include the promotion of tourism.  An initiative into the financial services industry was dropped under pressure from the [[US Treasury]]. More recently<ref>[https://internetstiftelsen.se/guide/domannamn/adressen-som-funkar-pa-flera-sprak/ Adressen som funkar på flera språk - Internetstiftelsen<!-- Bot generated title -->]</ref> the sale of [[Internet]] [[Domain Name System|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 language|Dutch]] and the [[Scandinavian languages]].<ref>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</ref>

== Economic statistics ==

'''GDP:''' USD$24.938 million (2016)<ref name=":0">{{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 }}</ref>

'''GDP:'''
purchasing power parity – $10 million (2003),<ref name="cia">{{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
}}</ref>

'''GDP – real growth rate:'''
6.2% (2003 est.)<ref name="cia" />

'''GDP – per capita:'''
nominal - USD$15,586 (2016)<ref name=":0" />

purchasing power parity – $5,800 (2003),<ref name="cia" />  $15,066 (2011)<ref>
{{cite web
|url=https://dfat.gov.au/trade/resources/Documents/niue.pdf 
|title=Niue|date=June 2016|access-date=8 January 2017
}}</ref>

'''GDP – composition by sector:'''
<br>''agriculture:''
23% (2003) <ref name=cia />
<br>''industry:''
27% (2003) <ref name=cia />
<br>''services:''
50% (2003) <ref name=cia />

'''Population below poverty line:'''
13%<ref name=unfpa>{{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
}}</ref>

'''Household income or consumption by percentage share:'''
<br>''lowest 10%:''
NA%
<br>''highest 10%:''
NA%

'''Inflation rate (consumer prices):'''
1% (1995)

'''Labor force:'''
450 (1992 est.) 663 (2001 est.)<ref name= cia />

'''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) <ref name=cia />

'''Budget:'''
<br>''revenues:''
$15.07 million (FY 04-05)<ref name=cia />
$26 million (FY 18-19)<ref>{{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}}</ref><br>''expenditures:''
$16.33 million<ref name =cia />

'''Industries:'''
tourism, handicrafts, food processing

'''Industrial production growth rate:'''
NA%

'''Electricity – production:'''
3 GWh (1998)

'''Electricity – production by source:'''
<br>''fossil fuel:''
100%
<br>''hydro:''
0% (2010)<ref name=cia />
<br>''nuclear:''
0% (2010)<ref name=cia />
<br>''other:''
0% (1998)

'''Electricity – consumption:'''
3 GWh (1998)

'''Electricity – exports:'''
0 kWh (1998)

'''Electricity – imports:'''
0 kWh (1998)

'''Agriculture – products:'''
[[coconut]]s, [[passion fruit]], [[honey]], [[Lime (Citrus aurantifolia)|lime]]s, [[taro]], [[yam (vegetable)|yams]], [[cassava]] ([[tapioca]]), [[sweet potato]]es; [[pig]]s, [[poultry]], [[beef]] cattle

'''Exports:'''
$3.52 million 2014,<ref name=oec>
{{cite web
|title=OEC – Niue (NIU) Exports, Imports, and Trade Partners
|url=http://atlas.media.mit.edu/en/profile/country/niu/#Expots
}}</ref> USD$1.391 million (2016)<ref name=":0" />

'''Exports – commodities:'''
canned [[coconut]] cream, [[copra]], [[honey]], [[passion fruit]] products, [[papaya|pawpaw]]s, root crops, limes, footballs, stamps, handicrafts

In 2014:<ref name=oec />
*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:<ref name=oec />
*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),<ref name=oec /> USD$14.95 million (2016),<ref name=":0" /> NZD$21.5 million (2018)<ref>{{Cite web|url=https://www.mfat.govt.nz/en/countries-and-regions/pacific/niue/|title=New Zealand Foreign Affairs statistics}}</ref>

'''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:<ref name=oec />
*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)<ref name=cia />

'''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

== References ==
{{Reflist}}

==Further reading==
* {{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}}

{{DEFAULTSORT:Economy Of Niue}}
[[Category:Economy of Niue| ]]