| Economy | Vanuatu |
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Economy - overview:
|
This South Pacific island economy is based primarily on small-scale agriculture, which provides a living for over 70% of the population. Fishing, offshore financial services, and tourism, with nearly 197,000 visitors in 2008, 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. 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 (purchasing power parity):
|
$1.041 billion (2009 est.)
$1.003 billion (2008 est.)
$940.6 million (2007 est.)
note: data are in 2009 US dollars |
GDP - per capita (PPP):
|
$4,800 (2009 est.)
$4,700 (2008 est.)
$4,400 (2007 est.)
note: data are in 2009 US dollars |
GDP (official exchange rate):
|
$554 million (2009 est.) |
GDP - real growth rate:
|
3.8% (2009 est.)
6.6% (2008 est.)
6.8% (2007 est.) |
GDP - composition by sector:
|
agriculture: 26%
industry: 12%
services: 62% (2000 est.) |
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):
|
3.9% (2007 est.) |
Central bank discount rate:
|
6% (31 December 2008)
6% (31 December 2007) |
Commercial bank prime lending rate:
|
5.29% (31 December 2008)
8.16% (31 December 2007) |
Stock of money:
|
$101.6 million (31 December 2008)
$107.1 million (31 December 2007) |
Stock of money - per capita:
|
465 USD per capita |
Stock of quasi money:
|
$430 million (31 December 2008)
$421.8 million (31 December 2007) |
Stock of quasi money - per capita:
|
1,968 USD per capita |
Stock of domestic credit:
|
$274 million (31 December 2008)
$229.5 million (31 December 2007) |
Stock of domestic credit - per capita:
|
1,254 USD per capita |
Labor force:
|
115,900 (2007) |
Labor force participation rate:
|
53.04 % of population |
Labor force - by occupation:
|
agriculture: 65%
industry: 5%
services: 30% (2000 est.) |
Unemployment rate:
|
1.7% (1999 est.) |
Budget:
|
revenues: $78.7 million
expenditures: $72.23 million (2005) |
Budget revenues per capita:
|
361 USD per capita |
Public debt:
|
void |
Industries:
|
food and fish freezing, wood processing, meat canning |
Industrial production growth rate:
|
void |
Electricity - production:
|
42 million kWh (2007 est.) |
Electricity - production per capita:
|
193 kWh per capita |
Electricity - consumption:
|
39.06 million kWh (2007 est.) |
Electricity - consumption - per capita:
|
179 kWh per capita |
Electricity - exports:
|
0 kWh (2008 est.) |
Electricity - imports:
|
0 kWh (2008 est.) |
Oil - production:
|
0 bbl/day (2008 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
|
1,000 bbl/day (2008 est.) |
Oil - consumption - per capita:
|
1.67 bbl/year per capita |
Oil - exports:
|
0 bbl/day (2007 est.) |
Oil - imports:
|
654 bbl/day (2007 est.) |
Oil - proved reserves:
|
0 bbl (1 January 2009 est.) |
Natural gas - production:
|
0 cu m (2008 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2008 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
0 cu m (2008 est.) |
Natural gas - imports:
|
0 cu m (2008 est.) |
Natural gas - proved reserves:
|
0 cu m (1 January 2009 est.) |
Agriculture - products:
|
copra, coconuts, cocoa, coffee, taro, yams, fruits, vegetables; beef; fish |
Current account balance:
|
$-60 million (2007 est.) |
Current account balance - per capita:
|
-274 USD per capita |
Exports:
|
$40 million (2006 est.) |
Exports per capita:
|
184 USD per capita |
Exports - commodities:
|
copra, beef, cocoa, timber, kava, coffee |
Exports - partners:
|
Thailand 83%, Japan 5.9%, Belgium 1.8% (2008) |
Imports:
|
$156 million (2006 est.) |
Imports per capita:
|
714 USD per capita |
Imports - commodities:
|
machinery and equipment, foodstuffs, fuels |
Imports - partners:
|
Australia 17.6%, US 15.9%, Japan 12%, Singapore 10.8%, China 8.5%, NZ 7.5%, Fiji 6.7% (2008) |
Reserves of foreign exchange and gold:
|
$40.54 million (2003 est.) |
Reserves of foreign exchange and gold - per capita:
|
186 USD per capita |
Debt - external:
|
$81.2 million (2004 est.) |
Debt - external - per capita:
|
372 USD per capita |
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 |
Economic aid - donor:
|
void |
Economic aid - recipient:
|
$39.48 million |
Economic aid - recipient per capita:
|
181 USD per capita |
Currency (code):
|
vatu (VUV) |
Exchange rates:
|
vatu (VUV) per US dollar - NA (2007), 111.93 (2006), NA (2005), 111.79 (2004), 122.19 (2003) |
Fiscal year:
|
calendar year |
|
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