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Economy of New Caledonia

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Economy ofNew Caledonia
CurrencyCFP franc (₣)
Calendar year
Statistics
GDPIncrease$10.432 billion (2023 est.)
GDP growth
Increase2.8% (2014 est.)
GDP per capita
Increase$35,651 (2023 est.)
GDP by sector
agriculture: 1.4%;industry: 26.8%;services: 71.8% (2014 est.)
Decrease0.4% (2014 est.)
Labour force
106,400 (2010 est.)
Labour force by occupation
agriculture: 2.7%; industry: 22.4%; services: 74.4% (2010 est.)
Unemployment12.8% (2020 est.)
Main industries
nickel mining andsmelting
External
ExportsIncrease$2.21 billion (2014 est.)
Export goods
ferronickels, nickel ore,fish
Main export partners
China 59%
South Korea 14%
Japan 11%
(2019 est.)[1]
ImportsDecrease$2.72 billion (2015 est.)
Import goods
machinery and equipment,fuels,chemicals, foodstuffs
Main import partners
France 43%
Australia 12%
Singapore 12%
China 6%
(2019 est.)[2]
Increase$112 million (31 December 2013 est.)
All values, unless otherwise stated, are inUS dollars.

New Caledonia is a major source for nickel and contains roughly 10% of the world's known nickel supply. The islands contain about 7,100,000 tonnes of nickel. With the annual production of about 107,000 tonnes in 2009, New Caledonia was theworld's fifth largest producer after Russia (266,000), Indonesia (189,000), Canada (181,000) and Australia (167,000).[3] In recent years, the economy has suffered because of depressed international demand for nickel due to the2008 financial crisis. Only a negligible amount of the land is suitable for cultivation, and food accounts for about 20% of imports. In addition to nickel, the substantial financial support fromFrance and tourism are keys to the health of the economy. In the 2000s, large additions were made to nickel mining capacity. TheGoro Nickel Plant is expected to be one of the largest nickel producing plants on Earth. This plant produces an estimated 20% of the global nickel supply.[4] However, the need to respond to environmental concerns over the country's globally recognized ecological heritage, may increasingly need to be factored into capitalization of mining operations.

TheGDP of New Caledonia in 2007 was 8.8 billion US dollars at market exchange rates, the fourth-largest economy inOceania after Australia, New Zealand, and Hawaii.[5] The GDP per capita was 36,376 US dollars in 2007 (at market exchange rates, not atPPP), lower than in Australia and Hawaii, but higher than in New Zealand.[5]

In 2007, exports from New Caledonia amounted to 2.11 billion US dollars, 96.3% of which were mineral products and alloys (essentiallynickel ore andferronickel).[6] Imports amounted to 2.88 billion US dollars.[6] 26.6% of imports came fromMetropolitan France, 16.1% from other European countries, 13.6% from Singapore (mostly fuel), 10.7% from Australia, 4.0% from New Zealand, 3.2% from the United States, 3.0% from China, 3.0% from Japan, and 22.7% from other countries.[6]

Tourism

[edit]
Main article:Tourism in New Caledonia
This article needs to beupdated. Please help update this article to reflect recent events or newly available information.(December 2016)

As of 2007, about 200 Japanese couples travel to New Caledonia each year for their wedding and honeymoon.Oceania Flash reported in 2007 that one company planned to build a new wedding chapel to accommodate Japanese weddings to supplement the Le Meridien Resort inNouméa.[7]

New Caledonia is a popular destination for Australian high school students who are studying French.[citation needed]

See also

[edit]

References

[edit]
  1. ^"Export Partners of New Caledonia".CIA World Factbook. 2014. Retrieved2015-07-18.
  2. ^"Import Partners of New Caledonia".CIA World Factbook. 2014. Retrieved2015-07-18.
  3. ^"Nickel"(PDF). USGS. 2011. Archived fromthe original(PDF) on 2017-05-14. Retrieved2011-02-10.
  4. ^Mining-technology.com."Goro Nickel Project, New Caledonia". Retrieved2011-02-10.
  5. ^abInstitut de la statistique et des études économiques de Nouvelle-Calédonie (ISEE)."Chiffres clés" (in French). Archived fromthe original on 2013-10-29. Retrieved2011-02-10.
  6. ^abcInstitut de la statistique et des études économiques de Nouvelle-Calédonie (ISEE)."Bilan économique et social 2007 - Échanges Extérieurs (on page 23)"(PDF) (in French). Archived fromthe original(PDF) on 2008-06-25. Retrieved2008-05-29.
  7. ^"Plan for new chapel." (Archive)Papua New Guinea Post-Courier. Weekend Edition, Friday 29 January-Tuesday February 2, 2007. Retrieved on 20 August 2013.
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