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Vanuatu Economy 1996

Overview:

The economy is based primarily on subsistence farming which provides a living for about 80% 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.

National product:

GDP - purchasing power parity - $200 million (1993 est.)

National product real growth rate:

NA%

National product per capita:

$1,200 (1993 est.)

Inflation rate (consumer prices):

2.3% (1992 est.)

Unemployment rate:

NA%

Budget:

revenues:

$90 million

expenditures:

$103 million, including capital expenditures of $45 million (1989 est.)

Exports:

$14.9 million (f.o.b., 1991)

commodities:

copra, beef, cocoa, timber, coffee

partners:

Netherlands, Japan, France, New Caledonia, Belgium

Imports:

$74 million (f.o.b., 1991)

commodities:

machines and vehicles, food and beverages, basic manufactures, raw materials and fuels, chemicals

partners:

Australia 36%, Japan 13%, NZ 10%, France 8%, Fiji 8%

External debt:

$40 million (yearend 1992)

Industrial production:

growth rate 8.1% (1990); accounts for about 10% of GDP

Electricity:

capacity:

17,000 kW

production:

30 million kWh

consumption per capita:

181 kWh (1993)

Industries:

food and fish freezing, wood processing, meat canning

Agriculture:

export crops - coconuts, cocoa, coffee, fish; subsistence crops - taro, yams, coconuts, fruits, vegetables

Economic aid:

recipient:

Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $606 million

Currency:

1 vatu (VT) = 100 centimes

Exchange rates:

vatu (VT) per US$1 - 112.42 (December 1994), 116.41 (1994), 121.58 (1993), 113.39 (1992), 111.68 (1991), 116.57 (1990)

Fiscal year:

calendar year

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