exxun.com - Tuvalu

Economy	Tuvalu
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Economy - overview:	Tuvalu consists of a densely populated, scattered group of nine coral atolls with poor soil. The country has no known mineral resources and few exports and is almost entirely dependent upon imported food and fuel. Subsistence farming and fishing are the primary economic activities. Fewer than 1,000 tourists, on average, visit Tuvalu annually. Job opportunities are scarce and public sector workers make up the majority of those employed. About 15% of the adult male population work as seamen on merchant ships abroad and remittances are a vital source of income, contributing around $4 million in 2006. Substantial income is received annually from the Tuvalu Trust Fund (TTF), an international trust fund established in 1987 by Australia, NZ, and the UK and supported also by Japan and South Korea. Thanks to wise investments and conservative withdrawals, this fund grew from an initial $17 million to an estimated value of $77 million in 2006. The TFF contributed nearly $9 million towards the government budget in 2006 and is an important cushion for meeting shortfalls in the government's budget. The US Government is also a major revenue source for Tuvalu because of payments from a 1988 treaty on fisheries. In an effort to ensure financial stability and sustainability, the government is pursuing public sector reforms, including privatization of some government functions and personnel cuts. Tuvalu also derives royalties from the lease of its ".tv" Internet domain name, with revenue of more than $2 million in 2006. A minor source of government revenue comes from the sale of stamps and coins. With merchandise exports only a fraction of merchandise imports, continued reliance must be placed on fishing and telecommunications license fees, remittances from overseas workers, official transfers, and income from overseas investments. Growing income disparities and the vulnerability of the country to climatic change are among leading concerns for the nation.
GDP (purchasing power parity):	$14.94 million (2002 est.)
GDP - per capita (PPP):	$1,600 (2002 est.)
GDP (official exchange rate):	$14.94 million (2002)
GDP - real growth rate:	3% (2006 est.)
GDP - composition by sector:	agriculture: 16.6% industry: 27.2% services: 56.2% (2002)
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):	3.8% (2006 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
Labor force:	3,615 (2004 est.)
Labor force participation rate:	29.22 % of population
Labor force - by occupation:	note: people make a living mainly through exploitation of the sea, reefs, and atolls and from wages sent home by those abroad (mostly workers in the phosphate industry and sailors)
Unemployment rate:	NA%
Budget:	revenues: $21.54 million expenditures: $23.05 million (2006)
Budget revenues per capita:	1,741 USD per capita
Public debt:	void
Industries:	fishing, tourism, copra
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; fish
Current account balance:	-$11.68 million (2003)
Current account balance - per capita:	-943 USD per capita
Exports:	$1 million f.o.b. (2004 est.)
Exports per capita:	81 USD per capita
Exports - commodities:	copra, fish
Exports - partners:	void
Imports:	$12.91 million c.i.f. (2005)
Imports per capita:	1,044 USD per capita
Imports - commodities:	food, animals, mineral fuels, machinery, manufactured goods
Imports - partners:	void
Reserves of foreign exchange and gold:	void
Reserves of foreign exchange and gold - per capita:	void
Debt - external:	$NA
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:	void
Market value of publicly traded shares - per capita:	void
Economic aid - donor:	void
Economic aid - recipient:	$10.49 million note: includes distributions from the Tuvalu Trust Fund (2006)
Economic aid - recipient per capita:	848 USD per capita
Currency (code):	Australian dollar (AUD); note - there is also a Tuvaluan dollar
Exchange rates:	Tuvaluan dollars or Australian dollars (AUD) per U 1.2059 (2008 est.), 1.2137 (2007), 1.3285 (2006), 1.3095 (2005), 1.3598 (2004)
Fiscal year:	calendar year

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This page was last updated on 29 June, 2009

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