AllRefer.com Reference and Encyclopedia Resource 

AllRefer Channels :: Health | Yellow Pages | | Reference

October 30, 2020  
 Countries
 Flags
 Maps

You are here : AllRefer.com > Reference > World > Countries > Vanuatu > Vanuatu - Economy

Vanuatu: Economy

Economy Vanuatu
Economy - overview:
The economy is based primarily on subsistence or small-scale agriculture, which provides a living for 65% of the population. Fishing, offshore financial services, and tourism, with about 50,000 visitors in 1997, 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. A severe earthquake in November 1999 followed by a tsunami, caused extensive damage to the northern island of Pentecote and left thousands homeless. Another powerful earthquake in January 2002 caused extensive damage in the capital, Port-Vila, and surrounding areas, and also was followed by a tsunami. 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. Australia and New Zealand are the main suppliers of foreign aid.
GDP:
purchasing power parity - $563 million (2002 est.)
GDP - real growth rate:
-0.3% (2002 est.)
GDP - per capita:
purchasing power parity - $2,900 (2002 est.)
GDP - composition by sector:
agriculture: 26%
industry: 12%
services: 62% (2000 est.)
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices):
3.2% (2001 est.)
Labor force:
NA
Labor force - by occupation:
agriculture 65%, services 30%, industry 5% (2000 est.)
Unemployment rate:
NA%
Budget:
revenues: $94.4 million
expenditures: $99.8 million, including capital expenditures of $30.4 million (1996 est.)
Industries:
food and fish freezing, wood processing, meat canning
Industrial production growth rate:
1% (1997 est.)
Electricity - production:
43.46 million kWh (2001)
Electricity - production by source:
fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%
Electricity - consumption:
40.42 million kWh (2001)
Electricity - exports:
0 kWh (2001)
Electricity - imports:
0 kWh (2001)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
600 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Agriculture - products:
copra, coconuts, cocoa, coffee, taro, yams, coconuts, fruits, vegetables; fish, beef
Exports:
$22 million f.o.b. (2001)
Exports - commodities:
copra, beef, cocoa, timber, kava, coffee
Exports - partners:
India 32.5%, Thailand 22.8%, South Korea 10.5%, Indonesia 6.3%, Japan 4.9% (2002)
Imports:
$93 million c.i.f. (2001)
Imports - commodities:
machinery and equipment, foodstuffs, fuels
Imports - partners:
Australia 22.1%, Japan 19.2%, New Zealand 10.1%, Singapore 8.1%, Fiji 6.6%, Taiwan 5%, India 5% (2002)
Debt - external:
$68.6 million (2000 est.)
Economic aid - recipient:
$45.8 million (1995)
Currency:
vatu (VUV)
Currency code:
VUV
Exchange rates:
vatu per US dollar - 139.2 (2002), 145.31 (2001), 137.64 (2000), 129.08 (1999), 127.52 (1998)
Fiscal year:
calendar year

Also See:

Background & Country Profile
Geography
People
Government
Economy
Communications
Transportation
Military
Transnational Issues & International Disputes
Map
Flag

 

Source: The CIA World Fact Book 2003

Content on this web site is provided for informational purposes only. We accept no responsibility for any loss, injury or inconvenience sustained by any person resulting from information published on this site. We encourage you to verify any critical information with the relevant authorities.

About Us | Contact Us | Terms of Use | Privacy  
Copyright 2013 AllRefer.com All Rights reserved.
Site best viewed in 800 x 600 resolution.