Vanuatu:
Economy

Pages for other countries and territories

Other pages in this profile of Vanuatu:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.


Economy - overview	Definition 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)	Definition - World rank and map $897 million (2007 est.)
GDP (official exchange rate)	Definition $455 million (2007 est.)
GDP - real growth rate	Definition - World rank and map 5% (2007 est.)
GDP - per capita	Definition - World rank and map $3,900 (2007 est.)
GDP - composition by sector	Definition agriculture: 26% industry: 12% services: 62% (2000 est.)
Labor force	Definition 76,410 (1999)
Labor force - by occupation	Definition agriculture: 65% industry: 5% services: 30% (2000 est.)
Unemployment rate	Definition - World rank and map 1.7% (1999)
Population below poverty line	Definition NA%
Household income or consumption by percentage share	Definition lowest 10%: NA% highest 10%: NA%
Inflation rate (consumer prices)	Definition - World rank and map 3.9% (2007 est.)
Budget	Definition revenues: $78.7 million expenditures: $72.23 million (2005)
Agriculture - products	Definition copra, coconuts, cocoa, coffee, taro, yams, fruits, vegetables; beef; fish
Industries	Definition food and fish freezing, wood processing, meat canning
Industrial production growth rate	Definition - World rank and map 1% (1997 est.)
Electricity - production	Definition - World rank and map 41 million kWh (2005)
Electricity - consumption	Definition - World rank and map 38.13 million kWh (2005)
Electricity - consumption per capita	Definition - World rank and map 177 kWh (2005)
Electricity - exports	Definition 0 kWh (2005 est.)
Electricity - imports	Definition 0 kWh (2005)
Oil - production	Definition - World rank and map 0 bbl/day (2005 est.)
Oil - consumption	Definition - World rank and map 640 bbl/day (2005 est.)
Oil - consumption per 1,000 people	Definition - World rank and map 3 bbl/day (2005 est.)
Oil - exports	Definition - World rank and map 0 bbl/day (2004)
Oil - imports	Definition - World rank and map 628.5 bbl/day (2004)
Oil - proved reserves	Definition - World rank and map 0 bbl (1 January 2006 est.)
Natural gas - production	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - consumption	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - consumption per capita	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - exports	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - imports	Definition - World rank and map 0 cu m (2005)
Natural gas - proved reserves	Definition - World rank and map 0 cu m (1 January 2006 est.)
Current account balance	Definition - World rank and map -$60 million (2003)
Exports	Definition - World rank and map $40 million f.o.b. (2006)
Exports - commodities	Definition copra, beef, cocoa, timber, kava, coffee
Exports - partners	Definition Thailand 59.4%, India 18.8%, Japan 11.5% (2006)
Imports	Definition - World rank and map $156 million c.i.f. (2006)
Imports - commodities	Definition machinery and equipment, foodstuffs, fuels
Imports - partners	Definition 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	Definition - World rank and map $40.54 million (2003)
Debt - external	Definition - World rank and map $81.2 million (2004)
Market value of publicly traded shares	Definition $NA
Economic aid - recipient	Definition $39.48 million (2005)
Currency (code)	Definition vatu (VUV)
Exchange rates	Definition vatu per US dollar - NA (2007), 111.93 (2006), NA (2005), 111.79 (2004), 122.19 (2003)
Fiscal year	Definition calendar year

Vanuatu: Economy

Vanuatu:
Economy