Economy New Caledonia
Economy - overview: New Caledonia has about 25% 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 small amount of the land is suitable for cultivation, and food accounts for about 20% of imports. In addition to nickel, the substantial financial support from France and tourism are keys to the health of the economy. The situation in 1998 was clouded by the spillover of financial problems in East Asia and by lower prices for nickel. Nickel prices jumped in 1999-2000, and large additions were made to capacity. Strikes in the building industry in 2001, which lasted four months, adversely affected many other sectors of the economy. French Government interests in the New Caledonian nickel industry are being transferred to local ownership.
GDP: purchasing power parity - $3.1 billion (2000 est.)
GDP - real growth rate: 2.1% (2000 est.)
GDP - per capita: purchasing power parity - $15,000 (2000 est.)
GDP - composition by sector: agriculture: 5% industry: 30% services: 65% (1997 est.)
Population below poverty line: NA%
Household income or consumption by percentage share: lowest 10%: NA% highest 10%: NA%
Inflation rate (consumer prices): 2.3% (2000 est.)
Labor force: 79,395 (including 15,018 unemployed, 1996)