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The Economy of Vanuatu

Ni-Vanuatu Economy

Vanuatu's map

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:

GDP - real growth rate: 6.3% (2008 est.) 6.5% (2007 est.) 7.2% (2006 est.)

GDP - per capita:

GDP - composition by sector: agriculture: 26% industry: 12% services: 62% (2000 est.)

Population below poverty line:

Household income or consumption by percentage share: lowest 10%: NA% highest 10%: NA%

Distribution of family income - Gini index:

Inflation rate (consumer prices):

Labor force: 76,410 (1999)

Labor force - by occupation: agriculture: 65% industry: 5% services: 30% (2000 est.)

Unemployment rate: 1.7% (1999)

Budget: revenues: $78.7 million expenditures: $72.23 million (2005)

Industries: food and fish freezing, wood processing, meat canning

Industrial production growth rate:

Electricity - production: 46 million kWh (2007 est.)

Electricity - production by source:

Electricity - consumption: 39.99 million kWh (2006 est.)

Electricity - exports: 0 kWh (2007 est.)

Electricity - imports: 0 kWh (2007 est.)

Oil - production: 0 bbl/day (2007 est.)

Oil - consumption: 660 bbl/day (2006 est.)

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 - consumption: 0 cu m (2007 est.)

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

Exports: $40 million f.o.b. (2006)

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 - 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)

Debt - external: $81.2 million (2004)

Economic aid - recipient:

Currency:

Currency code:

Exchange rates: vatu (VUV) per US dollar - NA (2007), 111.93 (2006), NA (2005), 111.79 (2004), 122.19 (2003)

Fiscal year: