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World > Oceania > Vanuatu > Economy (Facts)

Vanuatu - Economy (Facts)
Economy - overview: This South Pacific island economy is based primarily on small-scale agriculture, which provides a living for 65% of the population. Fishing, offshore financial services, and tourism, with more than 60,000 visitors in 2005, are other mainstays of the economy. Mineral deposits are negligible; the country has no known petroleum deposits. A small light industry sector caters to the local market. Tax revenues come mainly from import duties. Economic development is hindered by dependence on relatively few commodity exports, vulnerability to natural disasters, and long distances from main markets and between constituent islands. GDP growth rose less than 3% on average in the 1990s. In response to foreign concerns, the government has promised to tighten regulation of its offshore financial center. In mid-2002 the government stepped up efforts to boost tourism through improved air connections, resort development, and cruise ship facilities. Agriculture, especially livestock farming, is a second target for growth. Australia and New Zealand are the main suppliers of tourists and foreign aid.
GDP - real growth rate: 6.8% (2005 est.)
GDP (purchasing power parity): $739 million (2006 est.)
GDP (official exchange rate): $341 million (2005)
GDP - per capita (PPP): $2,900 (2003 est.)
GDP - composition by sector: agriculture: 26%
industry: 12%
services: 62% (2000 est.)
Population below poverty line: NA
Household income or consumption by percentage share: lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices): -1.6% (2005 est.)
Labor force: 76,410 (1999)
Labor force - by occupation: agriculture: 65%
industry: 5%
services: 30% (2000 est.)
Unemployment rate: 1.7% (1999)
Budget: revenues: $78.7 million
expenditures: $72.23 million (2005 est.)
Industries: food and fish freezing, wood processing, meat canning
Industrial production growth rate: 1% (1997 est.)
Electricity - production: 43 million kWh (2004)
Electricity - consumption: 39.99 million kWh (2004)
Electricity - exports: 0 kWh (2004 est.)
Electricity - imports: 0 kWh (2004)
Oil - production: 0 bbl/day (2004 est.)
Oil - consumption: 620 bbl/day (2004 est.)
Oil - exports: NA bbl/day
Oil - imports: NA bbl/day
Oil - proved reserves: 0 bbl
Natural gas - production: 0 cu m (2004 est.)
Agriculture - products: copra, coconuts, cocoa, coffee, taro, yams, fruits, vegetables; beef; fish
Exports: $34.11 million f.o.b. (2004 est.)
Exports - commodities: copra, beef, cocoa, timber, kava, coffee
Exports - partners: Thailand 59%, India 16.5%, Japan 11.3% (2006)
Imports: $117.1 million c.i.f. (2004 est.)
Imports - commodities: machinery and equipment, foodstuffs, fuels
Imports - partners: Australia 20%, Japan 19.2%, Singapore 11.7%, NZ 8.6%, Fiji 7.5%, China 7.2%, New Caledonia 4.2% (2006)
Debt - external: $81.2 million (2004)
Economic aid - recipient: $37.8 million (2004)
Currency: Vanuatu Vatu (VUV)
Currency code: VUV
Exchange rates: vatu per US dollar - 111.93 (2006), NA (2005), 111.79 (2004), 122.19 (2003), 139.2 (2002)
Fiscal year: calendar year


Facts at a Glance: Geography - People - Government - Economy - Communications - Transportation - Military - Current Time - Ranking Positions
Notes and Commentary: People - Economy - Government and Political Conditions - Historical Highlights - Foreign Relations - Relations with U.S.



Facts at a Glance
Geography
People
Government
Economy
Communications
Transportation
Military
Current Time
Ranking Positions


Notes and Commentary
People
Economy
Government and Political Conditions
Historical Highlights
Foreign Relations
Relations with U.S.





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