Economy Vanuatu
Economy - overview:
This South Pacific island economy is based primarily on small-scale
agriculture, which provides a living for 65% of the population.
Fishing, offshore financial services, and tourism, with more than
60,000 visitors in 2005, 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. 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 through improved air connections, resort development,
and cruise ship facilities. Agriculture, especially livestock
farming, is a second target for growth. Australia and New Zealand
are the main suppliers of tourists and foreign aid.
GDP (purchasing power parity):
$276.3 million (2003 est.)
GDP (official exchange rate):
$341 million (2005)
GDP - real growth rate:
6.8% (2005 est.)
GDP - per capita (PPP):
$2,900 (2003 est.)
GDP - composition by sector: agriculture: 26% industry: 12% services: 62% (2000 est.)
Labor force: 76,410 (1999)
Labor force - by occupation: agriculture: 65% industry: 5% services: 30% (2000 est.)
Unemployment rate:
1.7% (1999)