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 46,000 visitors in 1996, 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 purchasing power parity - $231 million (1996 est.)

GDP - real growth rate 3% (1996 est.)

GDP - per capita purchasing power parity - $1,300 (1996 est.)

GDP - composition by sector
agriculture: 23%
industry: 13%
services: 64% (1996)

Inflation rate - consumer price index 2.2% (1997 est.)

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

Unemployment rate NA%

Budget
revenues: $94.4 million
expenditures: $99.8 million, including capital expenditures of $30.4 million (1996 est.)

Industries food and fish freezing, wood processing, meat canning

Industrial production growth rate 6.4% (1996 est.)

Electricity - capacity 11,000 kW (1995)

Electricity - production 30 million kWh (1995)

Electricity - consumption per capita 173 kWh (1995)

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

Exports
total value: $30 million (f.o.b., 1996)
commodities: copra, beef, cocoa, timber, coffee
partners: Japan 28%, Spain 21%, Germany 14%, UK 7%, Cote d'Ivoire 7%, Australia, New Caledonia (1996 est.)

Imports
total value: $97 million (f.o.b., 1996)
commodities: machines and vehicles, food and beverages, basic manufactures, raw materials and fuels, chemicals
partners: Japan 47%, Australia 23%, Singapore 8%, New Zealand 6%, France 3%, Fiji (1996 est.)

Debt - external $63 million (1996 est.)

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 - 124.56 (January 1998), 115.87 (1997), 111.72 (1996), 112.11 (1995), 116.41 (1994), 121.58 (1993)

Fiscal year calendar year

NOTE: The information regarding Vanuatu on this page is re-published from the 1998 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Vanuatu Economy 1998 information contained here. All suggestions for corrections of any errors about Vanuatu Economy 1998 should be addressed to the CIA.