| Economy | Palau |
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Economy - overview:
|
The economy consists primarily of tourism, subsistence agriculture, and fishing. The government is the major employer of the work force relying heavily on financial assistance from the US. The Compact of Free Association with the US, entered into after the end of the UN trusteeship on 1 October 1994, provided Palau with up to $700 million in US aid for the following 15 years in return for furnishing military facilities. Business and tourist arrivals numbered 85,000 in 2007. The population enjoys a per capita income roughly 50% higher than that of the Philippines and much of Micronesia. Long-run prospects for the key tourist sector have been greatly bolstered by the expansion of air travel in the Pacific, the rising prosperity of leading East Asian countries, and the willingness of foreigners to finance infrastructure development. |
GDP (purchasing power parity):
|
$164 million (2008 est.)
$124.5 million (2004 est.)
note: data are in 2011 US dollars
GDP estimate includes US subsidy |
GDP - per capita (PPP):
|
$8,100 (2008 est.)
$7,600 (2005 est.) |
GDP (official exchange rate):
|
$164 million (2008) |
GDP - real growth rate:
|
NA% (2009)
5.5% (2005 est.) |
GDP - composition by sector:
|
agriculture: 6.2%
industry: 12%
services: 81.8% (2003) |
Investment (gross fixed):
|
void |
Population below poverty line:
|
NA% |
Household income or consumption by percentage share:
|
lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
|
2.7% (2005 est.) |
Central bank discount rate:
|
void |
Commercial bank prime lending rate:
|
void |
Stock of money:
|
void |
Stock of money - per capita:
|
void |
Stock of quasi money:
|
void |
Stock of quasi money - per capita:
|
void |
Stock of domestic credit:
|
void |
Stock of domestic credit - per capita:
|
void |
Stock of narrow money:
|
void |
Stock of broad money:
|
void |
Labor force:
|
9,777 (2005) |
Labor force participation rate:
|
46.65 % of population |
Labor force - by occupation:
|
agriculture: 20%
industry: NA%
services: NA% (1990) |
Unemployment rate:
|
4.2% (2005 est.) |
Unemployment, youth ages 15-24:
|
void |
Budget:
|
revenues: $114.8 million
expenditures: $99.5 million (2008 est.) |
Budget revenues per capita:
|
5,479 USD per capita |
Taxes and other revenues:
|
70% of GDP (2008 est.) |
Budget surplus (+) or deficit (-):
|
9.3% of GDP (2008 est.) |
Public debt:
|
void |
Industries:
|
tourism, craft items (from shell, wood, pearls), construction, garment making |
Industrial production growth rate:
|
NA% |
Electricity - production:
|
void |
Electricity - production per capita:
|
void |
Electricity - consumption:
|
void |
Electricity - consumption - per capita:
|
void |
Electricity - exports:
|
void |
Electricity - imports:
|
void |
Oil - production:
|
void |
Oil - production per capita:
|
void |
Oil - consumption:
|
void |
Oil - consumption - per capita:
|
void |
Oil - exports:
|
void |
Oil - imports:
|
void |
Oil - proved reserves:
|
void |
Natural gas - production:
|
void |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
void |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
void |
Natural gas - imports:
|
void |
Natural gas - proved reserves:
|
void |
Agriculture - products:
|
coconuts, copra, cassava (tapioca), sweet potatoes; fish |
Current account balance:
|
$15.09 million (FY03/04) |
Current account balance - per capita:
|
721 USD per capita |
Exports:
|
$5.882 million (2004 est.) |
Exports per capita:
|
281 USD per capita |
Exports - commodities:
|
shellfish, tuna, copra, garments |
Exports - partners:
|
void |
Imports:
|
$107.3 million (2004 est.) |
Imports per capita:
|
5,121 USD per capita |
Imports - commodities:
|
machinery and equipment, fuels, metals; foodstuffs |
Imports - partners:
|
void |
Reserves of foreign exchange and gold:
|
void |
Reserves of foreign exchange and gold - per capita:
|
void |
Debt - external:
|
$0 (FY99/00) |
Debt - external - per capita:
|
void |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
void |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
|
$NA |
Market value of publicly traded shares - per capita:
|
void |
Currency (code):
|
US dollar (USD) |
Exchange rates:
|
the US dollar is used |
Fiscal year:
|
1 October - 30 September |
|
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