| 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 most 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 $2 million in 2007. 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 TTF 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):
|
$36 million (2010 est.)
$36.34 million (2009 est.)
$36.68 million (2008 est.) |
GDP - per capita (PPP):
|
$3,400 (2010 est.)
$2,900 (2009 est.)
$3,000 (2008 est.) |
GDP (official exchange rate):
|
$32 million (2010 est.) |
GDP - real growth rate:
|
1% (2011 est.)
-0.5% (2010 est.)
-1.7% (2009 est.) |
GDP - composition by sector:
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agriculture: 16.6%
industry: 27.2%
services: 56.2% (2002) |
Investment (gross fixed):
|
void |
Population below poverty line:
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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):
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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 |
Stock of narrow money:
|
void |
Stock of broad money:
|
void |
Labor force:
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3,615 (2004 est.) |
Labor force participation rate:
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34.28 % 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% |
Unemployment, youth ages 15-24:
|
void |
Budget:
|
revenues: $21.54 million
expenditures: $23.05 million (2006) |
Budget revenues per capita:
|
2,043 USD per capita |
Taxes and other revenues:
|
67.3% of GDP (2006) |
Budget surplus (+) or deficit (-):
|
-4.7% of GDP (2006) |
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:
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-$11.68 million (2003) |
Current account balance - per capita:
|
-1,107 USD per capita |
Exports:
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$1 million (2004 est.) |
Exports per capita:
|
95 USD per capita |
Exports - commodities:
|
copra, fish |
Exports - partners:
|
void |
Imports:
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$12.91 million (2005) |
Imports per capita:
|
1,225 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 |
Currency (code):
|
Australian dollar (AUD); note - there is also a Tuvaluan dollar |
Exchange rates:
|
Tuvaluan dollars or Australian dollars (AUD) per US dollar -
0.9694 (2011)
1.67 (2010 est.)
1.2822 (2009)
1.2137 (2007) |
Fiscal year:
|
calendar year |
|
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