Economy
Economic overview:
The economy is based primarily on subsistence farming which provides a living for the bulk of the population. Fishing and tourism are the other mainstays of the economy, with 43,000 visitors in 1992. 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.
GDP:
purchasing power parity - $210 million (1994 est.)
GDP real growth rate:
2% (1994 est.)
GDP per capita:
$1,220 (1994 est.)
GDP composition by sector:
agriculture:
NA%
industry:
NA%
services:
NA%
Inflation rate (consumer prices):
7% (1995 est.)
Labor force:
66,597 (1989 est.)
by occupation:
agriculture 65%, services 32%, industry 3% (1995 est.)
Unemployment rate:
NA%
Budget:
revenues:
$74.8 million
expenditures:
$76.1 million, including capital expenditures of $NA (1994 est.)
Industries:
food and fish freezing, wood processing, meat canning
Industrial production growth rate:
3.4% (1993 est.)
Electricity:
capacity:
17,000 kW
production:
30 million kWh
consumption per capita:
181 kWh (1993)
Agriculture:
coconuts, cocoa, coffee, taro, yams, coconuts, fruits, vegetables; fish
Exports:
$24.6 million (f.o.b., 1994 est.)
commodities:
copra, beef, cocoa, timber, coffee
partners:
EU 32%, Japan 29%, Australia 11%, New Caledonia 7% (1993)
Imports:
$78.6 million (f.o.b., 1994 est.)
commodities:
machines and vehicles, food and beverages, basic manufactures, raw materials and fuels, chemicals
partners:
Australia 41%, France 15%, NZ 11%, Japan 9%, Fiji 6% (1992)
External debt:
$38.2 million (yearend 1993)
Economic aid:
recipient:
ODA, $NA
Currency:
1 vatu (VT) = 100 centimes
Exchange rates:
vatu (VT) per US$1 - 114.40 (January 1996), 112.11 (1995), 116.41 (1994), 121.58 (1993), 113.39 (1992), 111.68 (1991)
Fiscal year:
calendar year
