Economy Of Vanuatu - Vanuatu Information

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Economy Of Vanuatu
Vanuatu Information - Country Guides

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 about 50,000 visitors in 1997, 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. A severe earthquake in November 1999 followed by a tsunami, caused extensive damage to the northern island of Pentecote and left thousands homeless. Another powerful earthquake in January 2002 caused extensive damage in the capital, Port-Vila, and surrounding areas, and also was followed by a tsunami. GDP growth rose less than 3% on average in the 1990s. 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. Agriculture, especially livestock farming, is a second target for growth. Australia and New Zealand are the main suppliers of tourists and foreign aid. Growth expanded moderately in 2003.
GDP	purchasing power parity - $563 million (2002 est.)
GDP - real growth rate	-0.3% (2002 est.)
GDP - per capita	purchasing power parity - $2,900 (2002 est.)
GDP - composition by sector	agriculture: 26% industry: 12% services: 62% (2000 est.)
Investment gross fixed
Population below poverty line	NA
Household income or consumption by percentage share	lowest 10%: na highest 10%: na
Distribution of family income - Gini index
Inflation rate consumer prices	2% (2002 est.)
Labor force	NA
Labor force by occupation	agriculture 65%, industry 5%, services 30% (2000 est.)
Unemployment rate	NA
Budget	revenues: $94.4 million expenditures: $99.8 million, including capital expenditures of $30.4 million (1996 est.)
Public debt
Agriculture products	copra, coconuts, cocoa, coffee, taro, yams, coconuts, fruits, vegetables; fish, beef
Industries	food and fish freezing, wood processing, meat canning
Industrial production growth rate	1% (1997 est.)
Electricity production	43.46 million kWh (2001)
Electricity production by source	fossil fuel: 100% hydro: 0% other: 0% (2001) nuclear: 0%
Electricity consumption	40.42 million kWh (2001)
Electricity exports	0 kWh (2001)
Electricity imports	0 kWh (2001)
Oil production	0 bbl/day (2001 est.)
Oil consumption	600 bbl/day (2001 est.)
Oil exports	NA (2001)
Oil imports	NA (2001)
Oil proved reserves
Natural gas production
Natural gas consumption
Natural gas exports
Natural gas imports
Natural gas proved reserves
Current account balance
Exports	$79 million f.o.b. (2002)
Exports commodities	copra, beef, cocoa, timber, kava, coffee
Exports partners	India 32.8%, Thailand 25.5%, Indonesia 9.6%, Japan 7.6%, Australia 4%, Poland 4% (2003)
Imports	$138 million c.i.f. (2002)
Imports commodities	machinery and equipment, foodstuffs, fuels
Imports partners	Australia 15.3%, Japan 10.6%, Singapore 7.4%, New Zealand 6%, Fiji 5.1% (2003)
Reserves of foreign exchange gold
Debt external	$65.8 million (2001 est.)
Economic aid recipient	$45.8 million (1995)
Currency	vatu (VUV)
Currency code	VUV
Exchange rates	vatu per US dollar - 122.189 (2003), 139.198 (2002), 145.312 (2001), 137.643 (2000), 129.075 (1999)
Fiscal year	calendar year

Ni-Vanuatu Flag Map Of Vanuatu

Economy Of VanuatuVanuatu Information - Country Guides

Economy Of Vanuatu
Vanuatu Information - Country Guides