WGovernment procurement or public procurement is the procurement of goods, services and works on behalf of a public authority, such as a government agency. Amounting to 12 percent of global GDP in 2018, government procurement accounts for a substantial part of the global economy.
WThe Sovereign Base Areas of Akrotiri and Dhekelia is a British Overseas Territory in the island country of Cyprus. The areas, which include British military bases and installations, as well as other land, were retained by the British under the 1960 treaty of independence, signed by the United Kingdom, Greece, Turkey and representatives from the Greek and Turkish Cypriot communities, which granted independence to the Crown colony of Cyprus. The territory serves an important role as a station for signals intelligence and provides a vital strategic part of the United Kingdom communications gathering and monitoring network in the Mediterranean and the Middle East. Following UK permission, the United States was given a limited, short-term presence on the British bases between 2013 and 2017.
WThe economy of the Republic of Artsakh is small, but rapidly growing. The war torn economy of Karabakh shows a relatively quick and confident recovery. In 1999, the GDP figure was $59 million, 80 percent down on the figure in Soviet times. Yet, the GDP of the Republic of Artsakh has reached $114 million in 2005, double the figure in 2001, registering economic growth of 14% in 2005, and in 2009 it registered a GDP of $260 million, which increased to $320 million by 2010. Nagorno-Karabakh's GDP (PPP) for 2010 is estimated at $1.6 billion.
WThe economy of the Faroe Islands was the 166th largest in the world in 2014, having a nominal gross domestic product (GDP) of $2.613 billion per annum. The vast majority of Faroese exports, around 90%, consists of fishery products.
WNew Caledonia is a major source for nickel and contains roughly 10% of the worlds 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 ongoing 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. When full-scale production begins in 2013 this plant will produce 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.
WThe economy of Saint Pierre and Miquelon, due to the islands' location, has been dependent on fishing and servicing fishing fleets operating off the coast of Newfoundland. The economy has been declining, however, due to disputes with Canada over fishing quotas and a decline in the number of ships stopping at the islands. In 1992 an arbitration panel awarded the islands an exclusive economic zone of 12,348 square kilometres (4,768 sq mi) to settle a longstanding territorial dispute with Canada, although it represents only 25 percent of what France had sought. The islands are heavily subsidized by France, which benefits the standard of living. The government hopes an expansion of tourism will boost economic prospects, and test drilling for oil may pave the way development of the energy sector.
WThis page is an overview of the economy of Wallis and Futuna.