Vanuatu Economy Profile 2009

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 (purchasing power parity)

$988.5 million (2008 est.)
$927.3 million (2007 est.)
$868.3 million (2006 est.)
note: data are in 2008 US dollars

GDP (official exchange rate)

$573 million (2008 est.)

GDP - real growth rate

6.6% (2008 est.)
6.8% (2007 est.)
7.2% (2006 est.)

GDP - per capita (PPP)

$4,600 (2008 est.)
$4,400 (2007 est.)
$4,100 (2006 est.)
note: data are in 2008 US dollars

GDP - composition by sector

agriculture: 26%
industry: 12%
services: 62% (2000 est.)

Population below poverty line

NA%

Labor force

115,900 (2007)

Labor force - by occupation

agriculture: 65%
industry: 5%
services: 30% (2000 est.)

Unemployment rate

1.7% (1999)

Household income or consumption by percentage share

lowest 10%: NA%
highest 10%: NA%

Budget

revenues: $78.7 million
expenditures: $72.23 million (2005 est.)

Inflation rate (consumer prices)

3.9% (2007 est.)

Central bank discount rate

NA% (31 December 2008)
6% (31 December 2007)

Commercial bank prime lending rate

NA% (31 December 2008)
8.16% (31 December 2007)

Stock of money

$NA (31 December 2008)
$107.1 million (31 December 2007)

Stock of quasi money

$NA (31 December 2008)
$421.8 million (31 December 2007)

Stock of domestic credit

$NA (31 December 2008)
$229.5 million (31 December 2007)

Industries

food and fish freezing, wood processing, meat canning

Electricity - production

46 million kWh (2007 est.)

Electricity - production by source

fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (2001)

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 - imports

671.1 bbl/day (2005)

Oil - exports

0 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.)

Current Account Balance

-$60 million (2007 est.)

Agriculture - products

copra, coconuts, cocoa, coffee, taro, yams, fruits, vegetables; beef; fish

Exports

$40 million (2006)

Exports - commodities

copra, beef, cocoa, timber, kava, coffee

Exports - partners

Thailand 75.6%, India 10.4%, Japan 5.4% (2008)

Imports

$156 million (2006)

Imports - commodities

machinery and equipment, foodstuffs, fuels

Imports - partners

Australia 18.1%, US 16.4%, Japan 12.3%, Singapore 11.2%, NZ 7.7%, Fiji 6.9%, China 6.3% (2008)

Reserves of foreign exchange and gold

$40.54 million (2003)

Debt - external

$81.2 million (2004)

Market value of publicly traded shares

$NA

Economic aid - recipient

$39.48 million (2005)

Currency (code)

VUV

Currency (code)

vatu (VUV)

Exchange rates

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

Fiscal year

calendar year