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Tuvalu Economy 2014
http://www.theodora.com/wfbcurrent/tuvalu/tuvalu_economy.html
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 28, 2014

Economy - overview:
Tuvalu consists of a densely populated, scattered group of nine coral atolls with poor soil. Only eight of the atolls are inhabited. The country has no known mineral resources and few exports and is almost entirely dependent upon imported food and fuel. Subsistence farming and fishing are the primary economic activities. Fewer than 1,000 tourists, on average, visit Tuvalu annually. Job opportunities are scarce and public sector workers make up most of those employed. About 15% of the adult male population work as seamen on merchant ships abroad, and remittances are a vital source of income contributing around $2 million in 2007. Substantial income is received annually from the Tuvalu Trust Fund (TTF) an international trust fund established in 1987 by Australia, NZ, and the UK and supported also by Japan and South Korea. Thanks to wise investments and conservative withdrawals, this fund grew from an initial $17 million to an estimated value of $77 million in 2006. The TTF contributed nearly $9 million towards the government budget in 2006 and is an important cushion for meeting shortfalls in the government's budget. The US Government is also a major revenue source for Tuvalu because of payments from a 1988 treaty on fisheries. In an effort to ensure financial stability and sustainability, the government is pursuing public sector reforms, including privatization of some government functions and personnel cuts. Tuvalu also derives royalties from the lease of its ".tv" Internet domain name with revenue of more than $2 million in 2006. A minor source of government revenue comes from the sale of stamps and coins. With merchandise exports only a fraction of merchandise imports, continued reliance must be placed on fishing and telecommunications license fees, remittances from overseas workers, official transfers, and income from overseas investments. Growing income disparities and the vulnerability of the country to climatic change are among leading concerns for the nation.

GDP (purchasing power parity):
$39 million (2012 est.)
country comparison to the world: 226

$38.66 million (2011 est.)
$35.27 million (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$39.46 million (2012 est.)

GDP - real growth rate:
0.2% (2012 est.)
country comparison to the world: 176

8.5% (2011 est.)
-2.7% (2010 est.)

GDP - per capita (PPP):
$3,400 (2012 est.)
country comparison to the world: 172

$3,500 (2011 est.)
$3,200 (2010 est.)

GDP - composition, by sector of origin:
agriculture: 16.6%
industry: 27.2%
services: 56.2% (2002)

Agriculture - products:
coconuts; fish

Industries:
fishing, tourism, copra

Industrial production growth rate:
NA%

Labor force:
3,615 (2004 est.)
country comparison to the world: 224

Labor force - by occupation:
note: people make a living mainly through exploitation of the sea, reefs, and atolls and from wages sent home by those abroad (mostly workers in the phosphate industry and sailors)

Unemployment rate:
NA%

Population below poverty line:
NA%

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Budget:
revenues: $21.54 million
expenditures: $23.05 million (2006)

Taxes and other revenues:
54.6% of GDP (2006)
country comparison to the world: 9

Budget surplus (+) or deficit (-):
-3.8% of GDP (2006)
country comparison to the world: 141

Fiscal year:
calendar year

Inflation rate (consumer prices):
3.8% (2006 est.)
country comparison to the world: 116

Current account balance:
$-7.7 million (2010 est.)
country comparison to the world: 59

$-11.68 million (2003)

Exports:
$600,000 (2010 est.)
country comparison to the world: 218

$1 million (2004 est.)

Exports - commodities:
copra, fish

Imports:
$16.5 million (2010 est.)
country comparison to the world: 221

$12.91 million (2005)

Imports - commodities:
food, animals, mineral fuels, machinery, manufactured goods

Debt - external:
$NA

Exchange rates:
Tuvaluan dollars or Australian dollars (AUD) per US dollar -

0.9658 (2011)
1.67 (2011 est.)
1.67 (2010)
1.2822 (2009)
1.2059 (2008)


NOTE: The information regarding Tuvalu on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Tuvalu Economy 2014 information contained here. All suggestions for corrections of any errors about Tuvalu Economy 2014 should be addressed to the CIA.



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