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 has risen 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.
GDP: purchasing power parity - $257 million (2000 est.)
GDP - real growth rate: 2.7% (2000 est.)
GDP - per capita: purchasing power parity - $1,300 (2000 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): 2.5% (2000 est.)
Labor force: NA