| 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 more than 167,000 visitors in 2007, 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):
|
$983.2 million (2008 est.)
$925 million (2007)
$868.5 million (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
|
$4,600 (2008 est.)
$4,400 (2007 est.)
$4,200 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
|
$560 million (2008 est.) |
GDP - real growth rate:
|
6.3% (2008 est.)
6.5% (2007 est.)
7.2% (2006 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 2007) |
Commercial bank prime lending rate:
|
8.16% (31 December 2007) |
Stock of money:
|
$107.1 million (31 December 2007) |
Stock of money - per capita:
|
491 USD per capita |
Stock of quasi money:
|
$421.8 million (31 December 2007) |
Stock of quasi money - per capita:
|
1,931 USD per capita |
Stock of domestic credit:
|
$229.5 million (31 December 2007) |
Stock of domestic credit - per capita:
|
1,051 USD per capita |
Labor force:
|
76,410 (1999) |
Labor force participation rate:
|
34.97 % 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:
|
361 USD per capita |
Public debt:
|
void |
Industries:
|
food and fish freezing, wood processing, meat canning |
Industrial production growth rate:
|
void |
Electricity - production:
|
46 million kWh (2007 est.) |
Electricity - production per capita:
|
211 kWh per capita |
Electricity - consumption:
|
39.99 million kWh (2006 est.) |
Electricity - consumption - per capita:
|
184 kWh per capita |
Electricity - exports:
|
0 kWh (2007 est.) |
Electricity - imports:
|
0 kWh (2007 est.) |
Oil - production:
|
0 bbl/day (2007 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
|
660 bbl/day (2006 est.) |
Oil - consumption - per capita:
|
1.10 bbl/year per capita |
Oil - exports:
|
0 bbl/day (2005) |
Oil - imports:
|
671.1 bbl/day (2005) |
Oil - proved reserves:
|
0 bbl (1 January 2006 est.) |
Natural gas - production:
|
0 cu m (2007 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2007 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
0 cu m (2007 est.) |
Natural gas - imports:
|
0 cu m (2007 est.) |
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 (2007 est.) |
Current account balance - per capita:
|
-274 USD per capita |
Exports:
|
$40 million f.o.b. (2006) |
Exports per capita:
|
184 USD per capita |
Exports - commodities:
|
copra, beef, cocoa, timber, kava, coffee |
Exports - partners:
|
Thailand 58.3%, India 18.5%, Japan 11.3% (2007) |
Imports:
|
$156 million c.i.f. (2006) |
Imports per capita:
|
714 USD per capita |
Imports - commodities:
|
machinery and equipment, foodstuffs, fuels |
Imports - partners:
|
Australia 20.7%, Singapore 11.8%, NZ 11.2%, Norway 8.5%, US 8.3%, Fiji 8.1%, China 7.2%, New Caledonia 4.5% (2007) |
Reserves of foreign exchange and gold:
|
$40.54 million (2003) |
Reserves of foreign exchange and gold - per capita:
|
186 USD per capita |
Debt - external:
|
$81.2 million (2004) |
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 (2005) |
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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