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• GDP: US$10 million (2003).
• Main exports: Root crops, coconuts, honey and fruit.
• Main imports: Food, live animals, manufactured goods, machinery and fuels.
• Main trade partners: New Zealand, Fiji, Cook Islands and Australia.
• Main exports: Root crops, coconuts, honey and fruit.
• Main imports: Food, live animals, manufactured goods, machinery and fuels.
• Main trade partners: New Zealand, Fiji, Cook Islands and Australia.
Economy
There is limited agriculture, producing coconuts, honey, yams, cassava and sweet potatoes. But weather is inclement and two-thirds of the land is unsuitable for cultivation. Some livestock is reared for local consumption.
Tourism is worth about US$1 million annually, but there is still a budgetary shortfall. This is largely made up for by aid from New Zealand. Niue began developing an offshore financial services industry in the 1990s, but the International Banking Repeal Act of 2002 terminated all offshore banking licences. The island suffers an ongoing population drain as its educated youth leaves in search of work abroad.
Economic growth was reported as 6.2% in 2003. Inflation was 4% in 2005 and unemployment was 12% in 2001.
Tourism is worth about US$1 million annually, but there is still a budgetary shortfall. This is largely made up for by aid from New Zealand. Niue began developing an offshore financial services industry in the 1990s, but the International Banking Repeal Act of 2002 terminated all offshore banking licences. The island suffers an ongoing population drain as its educated youth leaves in search of work abroad.
Economic growth was reported as 6.2% in 2003. Inflation was 4% in 2005 and unemployment was 12% in 2001.
Business Etiquette
Shaking hands is the usual form of greeting and leaving. Lightweight suits are recommended for business. Official invitations will always state the dress code required: ‘formal’ means a jacket and tie for men and ‘fiafia’ means casual dress is acceptable.
Office hours: Mon-Fri 0730-1530 or 0800-1600.
Office hours: Mon-Fri 0730-1530 or 0800-1600.
Conferences & Conventions
Matavai Resort conference rooms can seat 50 to 60 people or 120 theatre-style.