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    Palau Index 2006

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    Palau Economy - 2006

      Economy - overview:
      The economy consists primarily of tourism, subsistence agriculture, and fishing. The government is the major employer of the work force, relying heavily on financial assistance from the US. Business and tourist arrivals numbered 63,000 in 2003. The population enjoys a per capita income twice that of the Philippines and much of Micronesia. Long-run prospects for the key tourist sector have been greatly bolstered by the expansion of air travel in the Pacific, the rising prosperity of leading East Asian countries, and the willingness of foreigners to finance infrastructure development.

      GDP (purchasing power parity):
      $174 million; note - includes US subsidy (2001 est.)

      GDP (official exchange rate):

      GDP - real growth rate:
      1% (2001 est.)

      GDP - per capita (PPP):
      $9,000 (2001 est.)

      GDP - composition by sector:
      agriculture: NA%
      industry: NA%
      services: NA%

      Labor force:
      9,845 (2000)

      Labor force - by occupation:
      agriculture: 20%
      industry: NA%
      services: NA% (1990)

      Unemployment rate:
      2.3% (2000 est.)

      Population below poverty line:

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

      Inflation rate (consumer prices):
      3.4% (2000 est.)

      revenues: $57.7 million
      expenditures: $80.8 million; including capital expenditures of $17.1 million (FY98/99 est.)

      Agriculture - products:
      coconuts, copra, cassava (tapioca), sweet potatoes; fish

      tourism, craft items (from shell, wood, pearls), construction, garment making

      Industrial production growth rate:

      $18 million f.o.b. (2001 est.)

      Exports - commodities:
      shellfish, tuna, copra, garments

      Exports - partners:
      US, Japan, Singapore (2004)

      $99 million f.o.b. (2001 est.)

      Imports - commodities:
      machinery and equipment, fuels, metals; foodstuffs

      Imports - partners:
      US, Guam, Japan, Singapore, South Korea (2004)

      Debt - external:
      $0 (FY99/00)

      Economic aid - recipient:
      $155.8 million; note - the Compact of Free Association with the US, entered into after the end of the UN trusteeship on 1 October 1994, provides Palau with up to $700 million in US aid over 15 years in return for furnishing military facilities

      Currency (code):
      US dollar (USD)

      Exchange rates:
      the US dollar is used

      Fiscal year:
      1 October - 30 September

      NOTE: The information regarding Palau on this page is re-published from the 2006 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Palau Economy 2006 information contained here. All suggestions for corrections of any errors about Palau Economy 2006 should be addressed to the CIA.

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    Revised 06-Jun-06
    Copyright © 2006 Photius Coutsoukis (all rights reserved)