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Wallis and Futuna Economy Profile

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Economy - overview

The economy is limited to traditional subsistence agriculture, with about 80% of labor force earnings coming from agriculture (coconuts and vegetables), livestock (mostly pigs), and fishing. However, roughly 70% of the labor force is employed in the public sector, although only about a third of the population is in salaried employment.

Revenues come from French Government subsidies, licensing of fishing rights to Japan and South Korea, import taxes, and remittances from expatriate workers in New Caledonia. France directly finances the public sector and health-care and education services. It also provides funding for key development projects in a range of areas, including infrastructure, economic development, environmental management, and health-care facilities.

A key concern for Wallis and Futuna is an aging population with consequent economic development issues. Very few people aged 18-30 live on the islands due to the limited formal employment opportunities. Improving job creation is a current priority for the territorial government.

GDP (purchasing power parity)
$60 million (2004 est.)
GDP (official exchange rate)
$195 million (2005) (2005)
GDP - real growth rate

NA

GDP - per capita (PPP)
$3,800 (2004 est.)
GDP - composition, by end use
household consumption: 26% (2005)
government consumption: 54% (2005)
GDP - composition by sector
agriculture: NA
industry: NA
services: NA
Population below poverty line
NA
Labor force
4,482 (2013)
Labor force - by occupation
agriculture: 74%
industry: 3%
services: 23% (2015 est.)
Unemployment rate
8.8% (2013 est.)
12.2% (2008 est.)
Household income or consumption by percentage share
lowest 10%: NA
highest 10%: NA
Budget
revenues: 32.54 million NA (2015 est.)
expenditures: 34.18 million NA (2015 est.)
Taxes and other revenues
16.7% (of GDP) NA (2015 est.)
Budget surplus (+) or deficit (-)
-0.8% (of GDP) NA (2015 est.)
Public debt
5.6% of GDP (2004 est.)

note: offical data; data cover general government debt and include debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities, as well as intragovernmental debt; intragovernmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; debt instruments for the social funds are not sold at public auctions

Inflation rate (consumer prices)
0.9% (2015)
2.8% (2005)
Agriculture - products
coconuts, breadfruit, yams, taro, bananas; pigs, goats; fish
Industries
copra, handicrafts, fishing, lumber
Industrial production growth rate
NA
Exports
$47,450 (2004 est.)
Exports - commodities
copra, chemicals, construction materials
Imports
$61.17 million (2004 est.)
Imports - commodities
chemicals, machinery, consumer goods
Debt - external
$3.67 million (2004)
Stock of direct foreign investment - at home
(31 December 2009 est.)
Exchange rates
Comptoirs Francais du Pacifique francs (XPF) per US dollar -
110.2 (2015 est.)
89.8 (2014 est.)
89.85 (2013 est.)
90.56 (2012 est.)
Fiscal year
calendar year

Source: CIA World Factbook
This page was last updated on Friday, November 27, 2020