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French Polynesia: Economy

Economy French Polynesia
Economy - overview:
Since 1962, when France stationed military personnel in the region, French Polynesia has changed from a subsistence agricultural economy to one in which a high proportion of the work force is either employed by the military or supports the tourist industry. With the halt of French nuclear testing in 1996, the military contribution to the economy fell sharply. Tourism accounts for about one-fourth of GDP and is a primary source of hard currency earnings. Other sources of income are pearl farming and deep-sea commercial fishing. The small manufacturing sector primarily processes agricultural products. The territory benefits substantially from development agreements with France aimed principally at creating new businesses and strengthening social services.
GDP:
purchasing power parity - $1.3 billion (2001 est.)
GDP - real growth rate:
4% (2001 est.)
GDP - per capita:
purchasing power parity - $5,000 (2001 est.)
GDP - composition by sector:
agriculture: 6%
industry: 18%
services: 76% (1997)
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices):
1.5%
Labor force:
70,000 (1996)
Labor force - by occupation:
agriculture 13%, industry 19%, services 68% (1997)
Unemployment rate:
11.8% (1994)
Budget:
revenues: $1 billion
expenditures: $900 million, including capital expenditures of $185 million (1996)
Industries:
tourism, pearls, agricultural processing, handicrafts, phosphates
Industrial production growth rate:
NA%
Electricity - production:
428.3 million kWh (2001)
Electricity - production by source:
fossil fuel: 60.7%
hydro: 39.3%
other: 0%; note - sun, wind, biomass (2001)
nuclear: 0%
Electricity - consumption:
398.3 million kWh (2001)
Electricity - exports:
0 kWh (2001)
Electricity - imports:
0 kWh (2001)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
4,750 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Agriculture - products:
coconuts, vanilla, vegetables, fruits; poultry, beef, dairy products, coffee
Exports:
$260 million f.o.b. (2000)
Exports - commodities:
cultured pearls 50%, coconut products, mother-of-pearl, vanilla, shark meat (1997)
Exports - partners:
France 37.4%, Japan 35.5%, US 17.5% (2002)
Imports:
$1.2 billion f.o.b. (2000)
Imports - commodities:
fuels, foodstuffs, machinery and equipment
Imports - partners:
France 58.9%, Australia 12.2%, New Zealand 6.9%, US 6.6% (2002)
Debt - external:
$NA
Economic aid - recipient:
$367 million (1997)
Currency:
Comptoirs Francais du Pacifique franc (XPF); note - may adopt the euro in 2003
Currency code:
XPF
Exchange rates:
Comptoirs Francais du Pacifique francs (XPF) per US dollar - 126.41 (2002), 133.26 (2001), 129.44 (2000), 111.93 (1999), 107.25 (1998)
note: pegged at the rate of 119.25 XPF to the euro
Fiscal year:
calendar year

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Source: The CIA World Fact Book 2003

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