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Vanuatu Economy Profile 2014

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Economy - overviewThis South Pacific island economy is based primarily on small-scale agriculture, which provides a living for about two-thirds of the population. Fishing, offshore financial services, and tourism, with nearly 197,000 visitors in 2008, 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)$1.27 billion (2013 est.)
$1.23 billion (2012 est.)
$1.203 billion (2011 est.)
note: data are in 2013 US dollars
GDP (official exchange rate)$828 million (2013 est.)
GDP - real growth rate3.3% (2013 est.)
2.3% (2012 est.)
1.4% (2011 est.)
GDP - per capita (PPP)$4,800 (2013 est.)
$4,900 (2012 est.)
$4,900 (2011 est.)
note: data are in 2013 US dollars
GDP - composition, by end usehousehold consumption: 60.8%
government consumption: 17.8%
investment in fixed capital: 27.3%
investment in inventories: 0%
exports of goods and services: 41.5%
imports of goods and services: -47.3%
(2013 est.)
GDP - composition by sectoragriculture: 22.4%
industry: 9.7%
services: 67.9% (2013 est.)
Population below poverty lineNA%
Labor force115,900 (2007)
Labor force - by occupationagriculture: 65%
industry: 5%
services: 30% (2000 est.)
Unemployment rate1.7% (1999)
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Budgetrevenues: $203.5 million
expenditures: $201.3 million (2013 est.)
Taxes and other revenues24.6% of GDP (2013 est.)
Budget surplus (+) or deficit (-)0.3% of GDP (2013 est.)
Inflation rate (consumer prices)1.9% (2013 est.)
1.4% (2012 est.)
Central bank discount rate20% (31 December 2010 est.)
6% (31 December 2009 est.)
Commercial bank prime lending rate6.7% (31 December 2013 est.)
6% (31 December 2012 est.)
Stock of narrow money$270.7 million (31 December 2013 est.)
$264.1 million (31 December 2012 est.)
Stock of broad money$644 million (31 December 2013 est.)
$643.3 million (31 December 2012 est.)
Stock of domestic credit$560.8 million (31 December 2013 est.)
$549.4 million (31 December 2012 est.)
Market value of publicly traded shares$NA
Agriculture - productscopra, coconuts, cocoa, coffee, taro, yams, fruits, vegetables; beef; fish
Industriesfood and fish freezing, wood processing, meat canning
Industrial production growth rate4.8% (2013 est.)
Current Account Balance-$118 million (2013 est.)
-$128.6 million (2012 est.)
Exports$43.1 million (2013 est.)
$57.5 million (2012 est.)
Exports - commoditiescopra, beef, cocoa, timber, kava, coffee
Exports - partnersThailand 41.9%, Cote dIvoire 30.5%, Japan 14.7% (2012)
Imports$319.4 million (2013 est.)
$322.6 million (2012 est.)
Imports - commoditiesmachinery and equipment, foodstuffs, fuels
Imports - partnersChina 20.2%, Singapore 18.8%, US 15%, Japan 11.6%, Australia 10.4%, Fiji 5.2%, NZ 4.8% (2012)
Reserves of foreign exchange and gold$174.2 million (31 December 2013 est.)
$187.3 million (31 December 2012 est.)
Debt - external$307.7 million (31 December 2011 est.)
$258.9 million (31 December 2010 est.)
Stock of direct foreign investment - at home$620.1 million (31 December 2013 est.)
$565.1 million (31 December 2012 est.)
Stock of direct foreign investment - abroad$21.3 million (31 December 2013 est.)
$22.3 million (31 December 2012 est.)
Exchange ratesvatu (VUV) per US dollar -
92.38 (2013 est.)
92.64 (2012 est.)
96.91 (2010 est.)
Fiscal yearcalendar year

Source: CIA World Factbook
This page was last updated on June 30, 2015