Norfolk Island - Economy

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Norfolk Island is located Oceania, island in the South Pacific Ocean, east of Australia. The climate is subtropical; mild, little seasonal temperature variation. The terrain is volcanic formation with mostly rolling plains.

Economy - overview

This entry briefly describes the type of economy, including the degree of market orientation, the level of economic development, the most important natural resources, and the unique areas of specialization. It also characterizes major economic events and policy changes in the most recent 12 months and may include a statement about one or two key future macroeconomic trends.
Economy - overview : Tourism, the primary economic activity, has steadily increased over the years and has brought a level of prosperity unusual among inhabitants of the Pacific islands. The agricultural sector has become self-sufficient in the production of beef, poultry, and eggs.

GDP (purchasing power parity)

This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per- capita welfare and when comparing living conditions or use of resources across countries. The measure is difficult to compute, as a US dollar value has to be assigned to all goods and services in the country regardless of whether these goods and services have a direct equivalent in the United States (for example, the value of an ox-cart or non-US military equipment); as a result, PPP estimates for some countries are based on a small and sometimes different set of goods and services. In addition, many countries do not formally participate in the World Bank's PPP project that calculates these measures, so the resulting GDP estimates for these countries may lack precision. For many developing countries, PPP-based GDP measures are multiples of the official exchange rate (OER) measure. The difference between the OER- and PPP- denominated GDP values for most of the wealthy industrialized countries are generally much smaller.
GDP (purchasing power parity) : $NA

Labor force

This entry contains the total labor force figure.
Labor force : NA
Labor force - by occupation - agriculture : 10%
Labor force - by occupation - industry and services : 90%

Budget

This entry includes revenues, expenditures, and capital expenditures. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
Budget - revenues : $4.6 million
Budget - expenditures : $4.8 million (FY99/00)

Fiscal year

Fiscal year : 1 July - 30 June

Agriculture - products

This entry is an ordered listing of major crops and products starting with the most important.
Agriculture - products : Norfolk Island pine seed, Kentia palm seed, cereals, vegetables, fruit; cattle, poultry

Industries

This entry provides a rank ordering of industries starting with the largest by value of annual output.
Industries : tourism, light industry, ready mixed concrete

Electricity - production

This entry is the annual electricity generated expressed in kilowatt-hours. The discrepancy between the amount of electricity generated and/or imported and the amount consumed and/or exported is accounted for as loss in transmission and distribution.
Electricity - production : NA kWh

Electricity - consumption

This entry consists of total electricity generated annually plus imports and minus exports, expressed in kilowatt-hours. The discrepancy between the amount of electricity generated and/or imported and the amount consumed and/or exported is accounted for as loss in transmission and distribution.
Electricity - consumption : NA kWh

Electricity

Electricity - production by source - fossil fuel : 0%
Electricity - production by source - hydro : 0%
Electricity - production by source - nuclear : 0%
Electricity - production by source - other : 0% (2002)

Exports

This entry provides the total US dollar amount of merchandise exports on an f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
Exports : $1.5 million f.o.b. (FY91/92)

Exports - commodities

This entry provides a listing of the highest- valued exported products; it sometimes includes the percent of total dollar value.
Exports - commodities : postage stamps, seeds of the Norfolk Island pine and Kentia palm, small quantities of avocados

Exports - partners

This entry provides a rank ordering of trading partners starting with the most important; it sometimes includes the percent of total dollar value.
Exports - partners : Australia, other Pacific island countries, NZ, Asia, Europe (2006)

Imports

This entry provides the total US dollar amount of merchandise imports on a c.i.f. (cost, insurance, and freight) or f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
Imports : $17.9 million c.i.f. (FY91/92)

Imports - commodities

This entry provides a listing of the highest- valued imported products; it sometimes includes the percent of total dollar value.
Imports - commodities : NA

Imports - partners

This entry provides a rank ordering of trading partners starting with the most important; it sometimes includes the percent of total dollar value.
Imports - partners : Australia, other Pacific island countries, NZ, Asia, Europe (2006)

Economic aid

Economic aid - recipient : $NA

Debt - external

This entry gives the total public and private debt owed to nonresidents repayable in foreign currency, goods, or services. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
Debt - external : $NA

Currency (code)

Currency (code) : Australian dollar (AUD)

Currency code

Currency code : AUD

Exchange rates

This entry provides the official value of a country's monetary unit at a given date or over a given period of time, as expressed in units of local currency per US dollar and as determined by international market forces or official fiat. The International Organization for Standardization (ISO) 4217 alphabetic currency code for the national medium of exchange is presented in parenthesis.
Exchange rates : Australian dollars (AUD) per US dollar - 1.2137 (2007), 1.3285 (2006), 1.3095 (2005), 1.3598 (2004), 1.5419 (2003)

More Information about the country

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