Economy of New Caledonia

Last updated

Economy of New Caledonia
Goro mine tailings dam.jpg
Currency CFP franc (₣)
Calendar year
Statistics
GDP Increase2.svg$10.432 billion (2023 est.)
GDP growth
Increase2.svg2.8% (2014 est.)
GDP per capita
Increase2.svg$35,651 (2023 est.)
GDP by sector
agriculture: 1.4%; industry: 26.8%; services: 71.8% (2014 est.)
Decrease2.svg0.4% (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 and smelting
External
ExportsIncrease2.svg$2.21 billion (2014 est.)
Export goods
ferronickels, nickel ore, fish
Main export partners
Flag of the People's Republic of China.svg  China 59%
Flag of South Korea.svg  South Korea 14%
Flag of Japan.svg  Japan 11%
(2019 est.) [1]
ImportsDecrease2.svg$2.72 billion (2015 est.)
Import goods
machinery and equipment, fuels, chemicals, foodstuffs
Main import partners
Flag of France.svg  France 43%
Flag of Australia (converted).svg  Australia 12%
Flag of Singapore.svg  Singapore 12%
Flag of the People's Republic of China.svg  China 6%
(2019 est.) [2]
Increase2.svg$112 million (31 December 2013 est.)

All values, unless otherwise stated, are in US 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 the world'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 the 2007-2008 global 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 from France and tourism are keys to the health of the economy. In the 2000s, large additions were made to nickel mining capacity. The Goro 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.

Contents

The GDP of New Caledonia in 2007 was 8.8 billion US dollars at market exchange rates, the fourth-largest economy in Oceania after Australia, New Zealand, and Hawaii. [5] The GDP per capita was 36,376 US dollars in 2007 (at market exchange rates, not at PPP), 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 (essentially nickel ore and ferronickel). [6] Imports amounted to 2.88 billion US dollars. [6] 26.6% of imports came from Metropolitan 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

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 in Nouméa. [7]

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

See also

Related Research Articles

<span class="mw-page-title-main">New Caledonia</span> French special collectivity in the southwest Pacific Ocean

New Caledonia is a sui generis collectivity of overseas France in the southwest Pacific Ocean, south of Vanuatu, about 1,210 km (750 mi) east of Australia, and 17,000 km (11,000 mi) from Metropolitan France. The archipelago, part of the Melanesia subregion, includes the main island of Grande Terre, the Loyalty Islands, the Chesterfield Islands, the Belep archipelago, the Isle of Pines, and a few remote islets. The Chesterfield Islands are in the Coral Sea. French people, especially locals, call Grande Terre "Le Caillou". It is one of the European Union’s Overseas Countries and Territories (OCTs), but is not part of the European Union.

<span class="mw-page-title-main">Geography of New Caledonia</span>

The geography of New Caledonia (Nouvelle-Calédonie), an overseas collectivity of France located in the subregion of Melanesia, makes the continental island group unique in the southwest Pacific. Among other things, the island chain has played a role in preserving unique biological lineages from the Mesozoic. It served as a waystation in the expansion of the predecessors of the Polynesians, the Lapita culture. Under the Free French it was a vital naval base for Allied Forces during the War in the Pacific.

<span class="mw-page-title-main">Demographics of New Caledonia</span>

Demographic features of the population of New Caledonia include population density, ethnicity, education level, health of the populace, economic status, religious affiliations and other aspects of the population.

The economy of Réunion has traditionally been based on agriculture. Sugarcane has been the primary crop for more than a century, and in some years it accounts for 85% of exports. The government has been pushing the development of a tourist industry to relieve high unemployment, which amounts to more than 40% of the labour force.

<span class="mw-page-title-main">Economy of Wallis and Futuna</span>

This page is an overview of the economy of Wallis and Futuna.

The economy of Mayotte is based primarily on the agricultural sector, including fishing and livestock raising. The island of Mayotte is not self-sufficient and must import a large portion of its food requirements, mainly from Metropolitan France. The economy and future development of the island are heavily dependent on French financial assistance, an important supplement to GDP. Mayotte's remote location is an obstacle to the development of tourism.

<span class="mw-page-title-main">Nouméa</span> Place of New Caledonia, France

Nouméa is the capital and largest city of the French special collectivity of New Caledonia and is also the largest francophone city in Oceania. It is situated on a peninsula in the south of New Caledonia's main island, Grande Terre, and is home to the majority of the island's European, Polynesian, Indonesian, and Vietnamese populations, as well as many Melanesians, Ni-Vanuatu and Kanaks who work in one of the South Pacific's most industrialised cities. The city lies on a protected deepwater harbour that serves as the chief port for New Caledonia.

<span class="mw-page-title-main">Economy of Oceania</span>

The economy of Oceania comprises more than 14 separate countries and their associated economies.

<span class="mw-page-title-main">Le Mont-Dore (New Caledonia)</span> Commune in New Caledonia, France

Le Mont-Dore is a commune in the suburbs of Nouméa in the South Province of New Caledonia, an overseas territory of France in the Pacific Ocean.

<span class="mw-page-title-main">Dumbéa</span> Commune in New Caledonia, France

Dumbéa is a commune in the suburbs of Nouméa in the South Province of New Caledonia, an overseas territory of France in the Pacific Ocean. The population of the commune was 35,873 according to the 2019 census.

<span class="mw-page-title-main">Houaïlou</span> Commune in New Caledonia, France

Houaïlou is a commune in the North Province of New Caledonia, an overseas territory of France in the Pacific Ocean.

<span class="mw-page-title-main">Kaala-Gomen</span> Commune in New Caledonia, France

Kaala-Gomen is a commune in the North Province of New Caledonia, an overseas territory of France in the Pacific Ocean. It is situated on RT1 and is approximately 18 km south of Koumac, 50 km north of Voh, and 365 km from Nouméa.

<span class="mw-page-title-main">Kouaoua</span> Commune in New Caledonia, France

Kouaoua is a commune in the North Province of New Caledonia, an overseas territory of France in the Pacific Ocean. Nickel mining is operated in Kouaoua.

<span class="mw-page-title-main">Païta</span> Commune in New Caledonia, France

Païta is a commune in the suburbs of Nouméa in the South Province of New Caledonia, an overseas territory of France in the Pacific Ocean. New Caledonia's international airport, La Tontouta International Airport, is located there.

<span class="mw-page-title-main">Loyalty Islands Province</span> Place in New Caledonia, France

Loyalty Islands Province is one of the three top-level administrative subdivisions of New Caledonia. It encompasses the Loyalty Islands archipelago in the Pacific Ocean, located northeast of the New Caledonian mainland of Grande Terre.

<span class="mw-page-title-main">Outline of New Caledonia</span> Overview of and topical guide to New Caledonia

The following outline is provided as an overview of and topical guide to New Caledonia:

<span class="mw-page-title-main">Nickel mining in New Caledonia</span>

Nickel mining in New Caledonia is a major sector of the New Caledonian economy. The island contains about 7.1 million tonnes of nickel reserves, about 10% of the world's total. With an annual production of 200,000 tonnes in 2020, New Caledonia was the world's fourth largest producer after Indonesia (760,000), Philippines (320,000), and Russia (280,000), followed by Australia (170,000) and Canada (150,000).

<span class="mw-page-title-main">2020 New Caledonian independence referendum</span>

An independence referendum was held in New Caledonia on 4 October 2020. The poll was the second to be held under the terms of the Nouméa Accord, following a similar referendum in 2018.

The Institute of Statistics and Economic Studies - New Caledonia (ISEE-NC) is a public institution in New Caledonia that collects, produces and analyzes statistical information.

References

  1. "Export Partners of New Caledonia". CIA World Factbook. 2014. Retrieved 2015-07-18.
  2. "Import Partners of New Caledonia". CIA World Factbook. 2014. Retrieved 2015-07-18.
  3. "Nickel" (pdf). USGS. 2011. Retrieved 2011-02-10.
  4. Mining-technology.com. "Goro Nickel Project, New Caledonia" . Retrieved 2011-02-10.
  5. 1 2 Institut de la statistique et des études économiques de Nouvelle-Calédonie (ISEE). "Chiffres clés" (in French). Archived from the original on 2013-10-29. Retrieved 2011-02-10.
  6. 1 2 3 Institut 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 from the original (PDF) on 2008-06-25. Retrieved 2008-05-29.
  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.