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Palau Economy 2020

SOURCE: 2020 CIA WORLD FACTBOOK AND OTHER SOURCES











Palau Economy 2020
SOURCE: 2020 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 27, 2020

Economy - overview:
The economy is dominated by tourism, fishing, and subsistence agriculture. Government is a major employer of the work force relying on financial assistance from the US under the Compact of Free Association (Compact) with the US that took effect after the end of the UN trusteeship on 1 October 1994. The US provided Palau with roughly $700 million in aid for the first 15 years following commencement of the Compact in 1994 in return for unrestricted access to its land and waterways for strategic purposes. The population enjoys a per capita income roughly double that of the Philippines and much of Micronesia.

Business and leisure tourist arrivals reached a record 167,966 in 2015, a 14.4% increase over the previous year, but fell to 138,408 in 2016. Long-run prospects for tourism have been bolstered by the expansion of air travel in the Pacific, the rising prosperity of industrial East Asia, and the willingness of foreigners to finance infrastructure development. Proximity to Guam, the region's major destination for tourists from East Asia, and a regionally competitive tourist infrastructure enhance Palau's advantage as a destination.

GDP (purchasing power parity):
$264 million (2017 est.)
$274.2 million (2016 est.)
$274.1 million (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 217
[see also: GDP country ranks ]

GDP (official exchange rate):
$292 million (2017 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
-3.7% (2017 est.)
0% (2016 est.)
10.1% (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 215
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$14,700 (2017 est.)
$15,200 (2016 est.)
$15,200 (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 115
[see also: GDP - per capita country ranks ]

Gross national saving:
48.7% of GDP (2016 est.)
50.1% of GDP (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 2
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 60.5% (2016 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 27.2% (2016 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 22.7% (2016 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 1.9% (2016 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 55.2% (2016 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -67.6% (2016 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 3% (2016 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 19% (2016 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 78% (2016 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
coconuts, cassava (manioc, tapioca), sweet potatoes; fish, pigs, chickens, eggs, bananas, papaya, breadfruit, calamansi, soursop, Polynesian chestnuts, Polynesian almonds, mangoes, taro, guava, beans, cucumbers, squash/pumpkins (various), eggplant, green onions, kangkong (watercress), cabbages (various), radishes, betel nuts, melons, peppers, noni, okra

Industries:
tourism, fishing, subsistence agriculture

Industrial production growth rate:
NA
[see also: Industrial production growth rate country ranks ]

Labor force:
11,610 (2016)
country comparison to the world (CIA rank, may be based on non-current data): 216
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 1.2%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 12.4%
[see also: Labor force - by occupation - industry country ranks ]
services: 86.4% (2016)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
1.7% (2015 est.)
4.1% (2012)
country comparison to the world (CIA rank, may be based on non-current data): 15
[see also: Unemployment rate country ranks ]

Population below poverty line:
24.9% NA (2006)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Budget:
revenues: 193 million (2012 est.)
[see also: Budget - revenues country ranks ]
expenditures: 167.3 million (2012 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
66.1% (of GDP) (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 6
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
8.8% (of GDP) (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 3
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
24.1% of GDP (2016 est.)
21.6% of GDP (2015)
country comparison to the world (CIA rank, may be based on non-current data): 179
[see also: Public debt country ranks ]

Fiscal year:
1 October - 30 September

Inflation rate (consumer prices):
0.9% (2017 est.)
-1% (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 46
[see also: Inflation rate (consumer prices) country ranks ]

Market value of publicly traded shares:
NA
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$53 million (2017 est.)
-$36 million (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 79
[see also: Current account balance country ranks ]

Exports:
$23.17 billion (2017 est.)
$14.8 million (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 68
[see also: Exports country ranks ]

Exports - partners:
Japan 51.3%, US 15.8%, India 13.8%, Guam 8% (2017)

Exports - commodities:
shellfish, tuna, other fish (many species)

Imports:
$4.715 billion (2018 est.)
$4.079 billion (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 134
[see also: Imports country ranks ]

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

Imports - partners:
US 33.4%, Guam 15.8%, Japan 15.7%, China 13.5%, South Korea 5.3% (2017)

Reserves of foreign exchange and gold:
$0 (31 December 2017 est.)
$580.9 million (31 December 2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 193
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$18.38 billion (31 December 2014 est.)
$16.47 billion (31 December 2013 est.)
country comparison to the world (CIA rank, may be based on non-current data): 94
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
(31 December 2009 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Exchange rates:

the US dollar is used


NOTE: 1) The information regarding Palau on this page is re-published from the 2020 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Palau Economy 2020 information contained here. All suggestions for corrections of any errors about Palau Economy 2020 should be addressed to the CIA or the source cited on each page.
2) The rank that you see is the CIA reported rank, which may have the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assigns counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order.






This page was last modified 27-Jan-20
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