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    Palau Economy 2000

      Economy - overview: The economy consists primarily of subsistence agriculture and fishing. The government is the major employer of the work force, relying heavily on financial assistance from the US. The population enjoys a per capita income of more than twice that of the Philippines and much of Micronesia. Long-run prospects for the tourist sector have been greatly bolstered by the expansion of air travel in the Pacific and the rising prosperity of leading East Asian countries.

      GDP: purchasing power parity - $160 million (1997 est.)
      note: GDP numbers reflect US spending

      GDP - real growth rate: 10% (1997 est.)

      GDP - per capita: purchasing power parity - $8,800 (1997 est.)

      GDP - composition by sector:
      agriculture: NA%
      industry: NA%
      services: NA%

      Population below poverty line: NA%

      Household income or consumption by percentage share:
      lowest 10%: NA%
      highest 10%: NA%

      Inflation rate (consumer prices): NA%

      Labor force: NA

      Labor force - by occupation: agriculture NA%, industry NA%, services NA%

      Unemployment rate: 7%

      revenues: $52.9 million
      expenditures: $59.9 million, including capital expenditures of $NA (1997 est.)

      Industries: tourism, craft items (from shell, wood, pearls), construction, garment making

      Industrial production growth rate: NA%

      Electricity - production: 200 million kWh (1996)

      Electricity - production by source:
      fossil fuel: 85%
      hydro: 15%
      nuclear: 0%
      other: 0% (1996)

      Electricity - consumption: 200 million kWh (1996)

      Electricity - exports: 0 kWh (1996)

      Electricity - imports: 0 kWh (1996)

      Agriculture - products: coconuts, copra, cassava (tapioca), sweet potatoes

      Exports: $14.3 million (f.o.b., 1996)

      Exports - commodities: trochus (type of shellfish), tuna, copra, handicrafts

      Exports - partners: US, Japan

      Imports: $72.4 million (f.o.b., 1996)

      Imports - commodities: machinery and equipment, fuels

      Imports - partners: US

      Debt - external: about $100 million (1989)

      Economic aid - recipient: $155.8 million (1995); note - the Compact of Free Association with the US, entered into after the end of the UN trusteeship on 1 October 1994, will provide Palau with up to $700 million in US aid over 15 years in return for furnishing military facilities

      Currency: 1 United States dollar (US$) = 100 cents

      Exchange rates: US currency is used

      Fiscal year: 1 October - 30 September

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    Revised 01-Nov-00
    Copyright © 2000 Photius Coutsoukis (all rights reserved)