| 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 about two-thirds 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):
|
$1.224 billion (2011 est.)
$1.122 billion (2010 est.)
$1.122 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
|
$4,900 (2011 est.)
$4,900 (2010 est.)
$4,900 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
|
$800 million (2011 est.) |
GDP - real growth rate:
|
3.8% (2011 est.)
2.2% (2010 est.)
3.5% (2009 est.) |
GDP - composition by sector:
|
agriculture: 21.2%
industry: 10.4%
services: 68.4% (2011 est.) |
Investment (gross fixed):
|
22.3% of GDP (2011 est.) |
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):
|
3.4% (2011 est.)
2.8% (2010 est.) |
Central bank discount rate:
|
20% (31 December 2010 est.)
6% (31 December 2009 est.) |
Commercial bank prime lending rate:
|
5.8% (31 December 2011 est.)
5.5% (31 December 2010 est.) |
Stock of money:
|
$101.6 million (31 December 2008)
$107.1 million (31 December 2007) |
Stock of money - per capita:
|
453 USD per capita |
Stock of quasi money:
|
$430 million (31 December 2008)
$421.8 million (31 December 2007) |
Stock of quasi money - per capita:
|
1,915 USD per capita |
Stock of domestic credit:
|
$495.6 million (31 December 2011 est.)
$439.1 million (31 December 2010 est.) |
Stock of domestic credit - per capita:
|
2,207 USD per capita |
Stock of narrow money:
|
$163.2 million (31 December 2011 est.)
$149.2 million (31 December 2010 est.) |
Stock of broad money:
|
$639.5 million (31 December 2011 est.)
$607.1 million (31 December 2010 est.) |
Labor force:
|
115,900 (2007) |
Labor force participation rate:
|
51.61 % of population |
Labor force - by occupation:
|
agriculture: 65%
industry: 5%
services: 30% (2000 est.) |
Unemployment rate:
|
1.7% (1999) |
Unemployment, youth ages 15-24:
|
void |
Budget:
|
revenues: $78.7 million
expenditures: $72.23 million (2005 est.) |
Budget revenues per capita:
|
351 USD per capita |
Taxes and other revenues:
|
9.8% of GDP (2005 est.) |
Budget surplus (+) or deficit (-):
|
0.8% of GDP (2005 est.) |
Public debt:
|
void |
Industries:
|
food and fish freezing, wood processing, meat canning |
Industrial production growth rate:
|
void |
Electricity - production:
|
43 million kWh (2008 est.) |
Electricity - production per capita:
|
192 kWh per capita |
Electricity - consumption:
|
39.99 million kWh (2008 est.) |
Electricity - consumption - per capita:
|
179 kWh per capita |
Electricity - exports:
|
0 kWh (2009 est.) |
Electricity - imports:
|
0 kWh (2009 est.) |
Oil - production:
|
0 bbl/day (2010 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
|
1,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
|
1.63 bbl/year per capita |
Oil - exports:
|
0 bbl/day (2009 est.) |
Oil - imports:
|
761.1 bbl/day (2009 est.) |
Oil - proved reserves:
|
0 bbl (1 January 2011 est.) |
Natural gas - production:
|
0 cu m (2009 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2009 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
0 cu m (2009 est.) |
Natural gas - imports:
|
0 cu m (2009 est.) |
Natural gas - proved reserves:
|
0 cu m (1 January 2011 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:
|
-267 USD per capita |
Exports:
|
$40 million (2006) |
Exports per capita:
|
179 USD per capita |
Exports - commodities:
|
copra, beef, cocoa, timber, kava, coffee |
Exports - partners:
|
Thailand 57.4%, Japan 24.8% (2010) |
Imports:
|
$156 million (2006) |
Imports per capita:
|
695 USD per capita |
Imports - commodities:
|
machinery and equipment, foodstuffs, fuels |
Imports - partners:
|
Australia 18.4%, Singapore 17.6%, Japan 12.9%, NZ 8.6%, Fiji 8.2%, China 6.2%, US 5.2%, New Caledonia 4.6% (2010) |
Reserves of foreign exchange and gold:
|
$161.4 million (31 December 2010 est.)
$148.6 million (31 December 2009 est.) |
Reserves of foreign exchange and gold - per capita:
|
719 USD per capita |
Debt - external:
|
$81.2 million (2004) |
Debt - external - per capita:
|
362 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 |
Currency (code):
|
vatu (VUV) |
Exchange rates:
|
vatu (VUV) per US dollar -
90.25 (2011)
96.91 |
Fiscal year:
|
calendar year |
|
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