Economy - overview The economy is based primarily on subsistence or small-scale agriculturewhich provides a living for 65% of the population. Fishing and tourism arethe other mainstays of the economy, with 43,000 visitors in 1992. Mineraldeposits are negligible; the country has no known petroleum deposits. A smalllight industry sector caters to the local market. Tax revenues come mainlyfrom import duties. Economic development is hindered by dependence on relativelyfew commodity exports, vulnerability to natural disasters, and long distancesfrom main markets and between constituent islands.

GDP purchasing power parity - $219 million (1995 est.)

GDP - real growth rate 2% (1995)

GDP - per capita purchasing power parity - $1,230 (1995 est.)

GDP - composition by sector
agriculture : 25%
industry: 9%
services: 66%

Inflation rate - consumer price index 4% (1995)

Labor force
total: 66,597 (1989 est.)
by occupation: agriculture 65%, services 32%, industry 3% (1995 est.)

Unemployment rate NA%

Budget
revenues : $74.8 million
expenditures: $76.1 million, including capital expenditures of $NA (1994 est.)

Industries food and fish freezing, wood processing, meat canning

Industrial production growth rate 3.4% (1993 est.)

Electricity - capacity 11,000 kW (1995)

Electricity - production 30 million kWh (1994)

Electricity - consumption per capita NA kWh

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

Exports
total value: $28 million (f.o.b., 1995)
commodities: copra, beef, cocoa, timber, coffee
partners : EU 32%, Japan 29%, Australia 11%, New Caledonia 7% (1993)

Imports
total value: $93 million (f.o.b., 1995 est.)
commodities: machines and vehicles, food and beverages, basic manufactures, raw materialsand fuels, chemicals
partners: Australia 41%, France 15%, NZ 11%, Japan 9%, Fiji 6% (1992)

Debt - external $38.2 million (yearend 1993)

Economic aid
recipient: ODA, $9.6 million from Australia (FY96/97 est.); $3.1 million from NZ(FY95/96)

Currency 1 vatu (VT) = 100 centimes

Exchange rates vatu (VT) per US$1 - 112.36 (January 1997), 111.72 (1996), 112.11 (1995),116.41 (1994), 121.58 (1993), 113.39 (1992)

Fiscal year calendar year

NOTE: The information regarding Vanuatu on this page is re-published from the 1997 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Vanuatu Economy 1997 information contained here. All suggestions for corrections of any errors about Vanuatu Economy 1997 should be addressed to the CIA.