Economy of Vanuatu
| 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. 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 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): | $739 million (2006 est.) |
| GDP (official exchange rate): | $341 million (2005) |
| GDP - real growth rate: | 6.8% (2005 est.) |
| GDP - per capita (PPP): | $2,900 (2003 est.) |
| GDP - composition by sector: | agriculture: 26% industry: 12% services: 62% (2000 est.) |
| Labor force: | 76,410 (1999) |
| Labor force - by occupation: | agriculture: 65% industry: 5% services: 30% (2000 est.) |
| Unemployment rate: | 1.7% (1999) |
| Population below poverty line: | NA% |
| Household income or consumption by percentage share: | lowest 10%: NA% highest 10%: NA% |
| Inflation rate (consumer prices): | -1.6% (2005 est.) |
| Budget: | revenues: $78.7 million expenditures: $72.23 million (2005 est.) |
| Agriculture - products: | copra, coconuts, cocoa, coffee, taro, yams, fruits, vegetables; beef; fish |
| Industries: | food and fish freezing, wood processing, meat canning |
| Industrial production growth rate: | 1% (1997 est.) |
| Electricity - production: | 43 million kWh (2004) |
| Electricity - production by source: | fossil fuel: 100% hydro: 0% nuclear: 0% other: 0% (2001) |
| Electricity - consumption: | 39.99 million kWh (2004) |
| Electricity - exports: | 0 kWh (2004 est.) |
| Electricity - imports: | 0 kWh (2004) |
| Oil - production: | 0 bbl/day (2004 est.) |
| Oil - consumption: | 620 bbl/day (2004 est.) |
| Oil - exports: | NA bbl/day |
| Oil - imports: | NA bbl/day |
| Oil - proved reserves: | 0 bbl |
| Natural gas - production: | 0 cu m (2004 est.) |
| Natural gas - consumption: | 0 cu m (2004 est.) |
| Current account balance: | -$28.35 million (2003) |
| Exports: | $34.11 million f.o.b. (2004 est.) |
| Exports - commodities: | copra, beef, cocoa, timber, kava, coffee |
| Exports - partners: | Thailand 59%, India 16.5%, Japan 11.3% (2006) |
| Imports: | $117.1 million c.i.f. (2004 est.) |
| Imports - commodities: | machinery and equipment, foodstuffs, fuels |
| Imports - partners: | Australia 20%, Japan 19.2%, Singapore 11.7%, NZ 8.6%, Fiji 7.5%, China 7.2%, New Caledonia 4.2% (2006) |
| Reserves of foreign exchange and gold: | $40.54 million (2003) |
| Debt - external: | $81.2 million (2004) |
| Economic aid - recipient: | $37.8 million (2004) |
| Currency (code): | vatu (VUV) |
| Currency code: | VUV |
| Exchange rates: | vatu per US dollar - 111.93 (2006), NA (2005), 111.79 (2004), 122.19 (2003), 139.2 (2002) |
| Fiscal year: | calendar year |