Vanuatu Economy:
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 2004, 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. 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):
$580 million (2003 est.)
GDP — real growth rate:
1.1% (2003 est.)
GDP — per capita:
purchasing power parity: $2,900 (2003 est.)
GDP — composition by sector:
agriculture: 26%
industry: 12%
services: 62%
(2000)
Labor force:
NA
Labor force — by occupation:
agriculture: 65%, industry: 5%, services: 30% (2000 est.)
Unemployment rate:
NA
Population below poverty line:
NA
Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices):
3.1% (2003 est.)
Budget:
revenues: $52.6 million
expenditures: $54.3 million including capital expenditures of $700,000 (2003 est.)
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:
48.42 million kWh (2002 est.)
Electricity — consumption:
45.03 million kWh (2002 est.)
Electricity — exports:
0 kWh (2002 est.)
Electricity — imports:
0 kWh (2002 est.)
Oil — production:
0 bbl/day (2001 est.)
Oil — consumption:
600 bbl/day (2001 est.)
Oil — exports:
NA
Oil — imports:
NA
Exports:
$26.6 million (f.o.b. 2003 est.)
Exports — commodities:
copra, beef, cocoa, timber, kava, coffee
Exports — partners:
Thailand 47%, Malaysia 18.4%, Japan 7.5%, Belgium 5.4%, China 4.9% (2004)
Imports:
$138 million (c.i.f. 2002 est.)
Imports — commodities:
machinery and equipment, foodstuffs, fuels
Imports — partners:
Taiwan 24%, Australia 16.5%, Japan 11.4%, Singapore 8.5%, New Zealand 7.2%, Fiji 6.3%, US 4.4% (2004)
Debt — external:
$83.7 million (2002 est.)
Economic aid — recipient:
$27.5 million (2002 est.)
Currency:
vatu (VUV)
Exchange rates:
vatu per US$: 111.79 (2004 est.), 122.19 (2003 est.), 139.2 (2002 est.), 145.31 (2001 est.), 137.64 (2000 est.)
Fiscal year:
calendar year
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