Pacific / New Caledonia

New Caledonia growth to remain subdued - report

19:53 pm on 24 October 2019

Last year's economic growth in New Caledonia was minimal and there is no chance of a rebound this year, a French report says.

SLN smelter in Noumea New Caledonia Photo: RNZ Walter Zweifel

The findings were published by Cerom which groups statistics, development and monetary agencies.

It said last year, growth was 0.8 percent after a feeble 1.1 percent in 2017.

By contrast, in the decade between 2005 and 2015 annual rates exceeded three percent.

Cerom said although there had been an improvement in recent months, the price of nickel, which is New Caledonia's key export commodity, remained volatile.

It said there was also uncertainty because of the decolonisation process, which provides for another referendum on independence from France next year.