| People | Vanuatu |
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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. 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):
|
$897 million (2007 est.) |
GDP (official exchange rate):
|
$455 million (2007 est.) |
GDP - real growth rate:
|
5% (2007 est.) |
GDP - per capita (PPP):
|
$3,900 (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.) |
Labor force:
|
76,410 (1999) |
Labor force participation rate:
|
35.47 % of population |
Labor force - by occupation:
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agriculture: 65%
industry: 5%
services: 30% (2000 est.) |
Unemployment rate:
|
1.7% (1999) |
Budget:
|
revenues: $78.7 million
expenditures: $72.23 million (2005) |
Budget revenues per capita:
|
366 USD per capita |
Public debt:
|
void |
Industries:
|
food and fish freezing, wood processing, meat canning |
Industrial production growth rate:
|
1% (1997 est.) |
Electricity - production:
|
41 million kWh (2005) |
Electricity - production per capita:
|
191 kWh per capita |
Electricity - consumption:
|
38.13 million kWh (2005) |
Electricity - consumption - per capita:
|
177 kWh per capita |
Electricity - exports:
|
0 kWh (2005 est.) |
Electricity - imports:
|
0 kWh (2005) |
Oil - production:
|
0 bbl/day (2005 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
|
640 bbl/day (2005 est.) |
Oil - consumption - per capita:
|
1.08 bbl/year per capita |
Oil - exports:
|
0 bbl/day (2004) |
Oil - imports:
|
628.5 bbl/day (2004) |
Oil - proved reserves:
|
0 bbl (1 January 2006 est.) |
Natural gas - production:
|
0 cu m (2005 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2005 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
0 cu m (2005 est.) |
Natural gas - imports:
|
0 cu m (2005) |
Natural gas - proved reserves:
|
0 cu m (1 January 2006 est.) |
Agriculture - products:
|
copra, coconuts, cocoa, coffee, taro, yams, fruits, vegetables; beef; fish |
Current account balance:
|
-$60 million (2003) |
Current account balance - per capita:
|
-278 USD per capita |
Exports:
|
$40 million f.o.b. (2006) |
Exports per capita:
|
186 USD per capita |
Exports - commodities:
|
copra, beef, cocoa, timber, kava, coffee |
Exports - partners:
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Thailand 59.4%, India 18.8%, Japan 11.5% (2006) |
Imports:
|
$156 million c.i.f. (2006) |
Imports per capita:
|
725 USD per capita |
Imports - commodities:
|
machinery and equipment, foodstuffs, fuels |
Imports - partners:
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Australia 20.7%, Singapore 12%, NZ 11.4%, Norway 8.6%, US 8.4%, Fiji 8.3%, China 7.3%, New Caledonia 4.6% (2006) |
Reserves of foreign exchange and gold:
|
$40.54 million (2003) |
Reserves of foreign exchange and gold - per capita:
|
189 USD per capita |
Debt - external:
|
$81.2 million (2004) |
Debt - external - per capita:
|
377 USD per capita |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - abroad:
|
void |
Market value of publicly traded shares:
|
$NA |
Economic aid - donor:
|
void |
Economic aid - recipient:
|
$39.48 million (2005) |
Economic aid - recipient per capita:
|
184 USD per capita |
Currency (code):
|
vatu (VUV) |
Exchange rates:
|
vatu per US dollar - NA (2007), 111.93 (2006), NA (2005), 111.79 (2004), 122.19 (2003) |
Fiscal year:
|
calendar year |
|
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