Economy-overview: Since 1984 the government has accomplished major economic restructuring, moving an agrarian economy dependent on a concessionary British market access toward a more industrialized, free market economy that can compete globally. This dynamic growth has boosted real incomes, broadened and deepened the technological capabilities of the industrial sector, and contained inflationary pressures. Business confidence strengthened in 1994, and export demand picked up in the Asia-Pacific region, resulting in 6.2% growth. Growth continued strong in 1995, but tailed off in 1996-97. Inflation remains among the lowest in the industrial world. Per capita GDP has been moving up to the levels of the big West European economies. However, the Asian economic crisis may slow GDP growth in 1998.
GDP: purchasing power parity-$63.4 billion (1997 est.)
GDP-real growth rate: 2.5% (1997 est.)
GDP-per capita: purchasing power parity-$17,700 (1997 est.)
GDP-composition by sector: agriculture: 7.3% industry: 25.9% services: 66.8% (1990)
Inflation rate-consumer price index: 2% (1997 est.)
Labor force: total: 1,634,500 (September 1995) by occupation: services 64.6%, industry 25.0%, agriculture 10.4% (1994)
Unemployment rate: 5.9% (December 1996)
Budget: revenues: $24.1 billion expenditures: $21.8 billion, including capital expenditures of $NA (FY95/96 est.)
Industries: food processing, wood and paper products, textiles, machinery, transportation equipment, banking and insurance, tourism, mining