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 migration
of Niueans to New Zealand. Efforts to increase GDP include the
promotion of tourism and a financial services industry, although
former Premier LAKATANI announced in February 2002 that Niue will
shut down the offshore banking industry. Economic aid from New
Zealand in 2002 was about $2.6 million. Niue suffered a devastating
hurricane in January 2004, which decimated nascent economic
programs. While in the process of rebuilding, Niue has been
dependent on foreign aid.

GDP (purchasing power parity):
$7.6 million (2000 est.)

GDP - real growth rate:
-0.3% (2000 est.)

GDP - per capita:
purchasing power parity - $3,600 (2000 est.)

GDP - composition by sector:
agriculture: NA
industry: NA
services: 55%

Labor force:
NA

Labor force - by occupation:
most work on family plantations; paid work exists only in
government service, small industry, and the Niue Development Board

Unemployment rate:
NA

Population below poverty line:
NA

Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: NA

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

Budget:
revenues: NA
expenditures: NA

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

Industries:
tourism, handicrafts, food processing

Industrial production growth rate:
NA

Electricity - production:
3 million kWh (2002)

Electricity - production by source:
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (2001)

Electricity - consumption:
2.79 million kWh (20