Political pressure groups and leaders:
NA
International organization participation:
ACP, FAO, IFAD, OPCW, PIF, Sparteca, SPC, UNESCO, UPU, WHO, WMO
Diplomatic representation in the US:
none (self-governing territory in free association with New Zealand)
Diplomatic representation from the US:
none (self-governing territory in free association with New Zealand)
Flag description:
yellow with the flag of the UK in the upper hoist-side quadrant;
the flag of the UK bears five yellow five-pointed stars - a large
one on a blue disk in the center and a smaller one on each arm of
the bold red cross
Economy Niue
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
emigration to New Zealand. Efforts to increase GDP include the
promotion of tourism and a financial services industry, although the
International Banking Repeal Act of 2002 resulted in the termination
of all offshore banking licenses. Economic aid from New Zealand in
2002 was about US$2 million. Niue suffered a devastating typhoon 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 (official exchange rate):
$10.01 million (2003)
GDP - real growth rate:
6.2% (2003 est.)