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    Tuvalu Index 2006

    Tuvalu Main Index

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    Tuvalu Economy - 2006

      Economy - overview:
      Tuvalu consists of a densely populated, scattered group of nine coral atolls with poor soil. The country has no known mineral resources and few exports. Subsistence farming and fishing are the primary economic activities. Fewer than 1,000 tourists, on average, visit Tuvalu annually. Government revenues largely come from the sale of stamps and coins and remittances from seamen on merchant ships abroad. About 1,000 Tuvaluans are being repatriated from Nauru, with the decline of phosphate resources there. Substantial income is received annually from 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 has grown from an initial $17 million to over $35 million in 1999. The US Government is also a major revenue source for Tuvalu because of payments from a 1988 treaty on fisheries. In an effort to reduce its dependence on foreign aid, the government is pursuing public sector reforms, including privatization of some government functions and personnel cuts of up to 7%. Tuvalu derives around $1.5 million per year from the lease of its ".tv" Internet domain name. 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.

      GDP (purchasing power parity):
      $12.2 million (2000 est.)

      GDP (official exchange rate):

      GDP - real growth rate:
      3% (2000 est.)

      GDP - per capita (PPP):
      $1,100 (2000 est.)

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

      Labor force:
      7,000 (2001 est.)

      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:

      Population below poverty line:

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

      Inflation rate (consumer prices):
      5% (2000 est.)

      revenues: $22.5 million
      expenditures: $11.2 million; including capital expenditures of $4.2 million (2000 est.)

      Agriculture - products:
      coconuts; fish

      fishing, tourism, copra

      Industrial production growth rate:

      $1 million f.o.b. (2004 est.)

      Exports - commodities:
      copra, fish

      Exports - partners:
      Germany 56.8%, Fiji 14.4%, Italy 10.9%, UK 7.7%, Poland 4.9% (2004)

      $31 million c.i.f. (2004 est.)

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

      Imports - partners:
      Fiji 50.2%, Japan 18.1%, Australia 9.6%, China 8%, NZ 5.5% (2004)

      Debt - external:

      Economic aid - recipient:
      $13 million; note - major donors are Australia, Japan, and the US (1999 est.)

      Currency (code):
      Australian dollar (AUD); note - there is also a Tuvaluan dollar

      Exchange rates:
      Tuvaluan dollars or Australian dollars per US dollar - 1.3095 (2005), 1.3598 (2004), 1.5419 (2003), 1.8406 (2002), 1.9334 (2001)

      Fiscal year:
      calendar year

      NOTE: The information regarding Tuvalu 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 Tuvalu Economy 2006 information contained here. All suggestions for corrections of any errors about Tuvalu Economy 2006 should be addressed to the CIA.

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