In 2025, the Business Climate Indicator (ICA) measured by the IEOM continued its recovery from its historical low in the second quarter of 2024, at the time of the riots. The ICA stabilised at 91 by the end of the year but remained well below levels observed between 2021 and 2023.
Numerous other indicators also confirm the deterioration of the New Caledonian economy. Private sector employment continued to contract over the course of 2025 (-2.1% between Q3 2024 and Q3 2025 and -18.4% over two years according to the ISEE).
In 2025, household consumption had not returned to its 2023 level : card payments and withdrawals rose by 3.5% in 2025, following a 6.9% decline in 2024. Banking activity has also been severely affected, with total credit origination (excluding overdrafts) falling by 3.2% compared with 2024 and by 50.5% compared with 2023, despite interest rates generally trending downwards.
Various economic sectors appear under significant strain. Against a backdrop of unfavourable price fluctuations on international markets, the two remaining metallurgists in New Caledonia managed to achieve satisfactory production levels, however they remain dependent on financial support from the French state.
Activity in the construction sector declined further in 2025, with cement consumption reaching a new historical low by the end of the year. Whilst certain indicators for the primary sector appear to be improving, business leaders consulted as part of the economic survey expressed pessimism.
The tourism sector presents a very mixed picture, with a tentative return of cruise passengers to the territory offset by a continuing decline in the number of overnight tourists. All the surveyed participants agree that there are no positive prospects for the coming year.