New Caledonia ) , anthem = "" , image_map = New Caledonia on the globe (small islands magnified) (Polynesia centered).svg , map_alt = Location of New Caledonia , map_caption = Location of New Caledonia , mapsize = 290px , subdivision_type = Sovereign st ...

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). 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 France (), officially the French Republic ( ), is a country primarily located in Western Europe. It also comprises of Overseas France, overseas regions and territories in the Americas and the Atlantic Ocean, Atlantic, Pacific Ocean, Pac ...

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. 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. The

GDP Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced and sold (not resold) in a specific time period by countries. Due to its complex and subjective nature this measure is ofte ...

of New Caledonia in 2007 was 8.8 billion US dollars at market exchange rates, the fourth-largest economy in

Oceania Oceania (, , ) is a geographical region that includes Australasia, Melanesia, Micronesia, and Polynesia. Spanning the Eastern and Western hemispheres, Oceania is estimated to have a land area of and a population of around 44.5 million ...

after Australia, New Zealand, and Hawaii. 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. In 2007, exports from New Caledonia amounted to 2.11 billion US dollars, 96.3% of which were mineral products and alloys (essentially

nickel Nickel is a chemical element with symbol Ni and atomic number 28. It is a silvery-white lustrous metal with a slight golden tinge. Nickel is a hard and ductile transition metal. Pure nickel is chemically reactive but large pieces are slow t ...

ore and

ferronickel Ferroalloy refers to various alloys of iron with a high proportion of one or more other elements such as manganese (Mn), aluminium (Al), or silicon (Si). They are used in the production of steels and alloys. The alloys impart distinctive qualitie ...

). Imports amounted to 2.88 billion US dollars. 26.6% of imports came from

Metropolitan France Metropolitan France (french: France métropolitaine or ''la Métropole''), also known as European France (french: Territoire européen de la France) is the area of France which is geographically in Europe. This collective name for the European ...

, 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.

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 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 ...

.Plan for new chapel
"

''

Papua New Guinea Post-Courier The ''Papua New Guinea Post-Courier'' is a newspaper based in Konedobu, Port Moresby, Papua New Guinea. It was established on 30 June 1969. Its parent company, The Herald and Weekly Times (later purchased by News Corp Australia), had acquired w ...

''. Weekend Edition, Friday 29 January-Tuesday February 2, 2007. Retrieved on 20 August 2013. New Caledonia is a popular destination for Australian high school students who are studying French.

References

{{DEFAULTSORT:Economy Of New Caledonia

Tourism

See also

References