Tuvalu Economy - 2023

Economic overview

upper middle-income but very fragile Pacific island economy; currency pegged to Australian dollar; public revenues from international aid, fishing licenses, and national trust fund; pursuing Te Kakeega sustainable development; significant remittances

Real GDP (purchasing power parity)

$55.169 million (2021 est.)

$53.57 million (2020 est.)

$52.77 million (2019 est.)

note: data are in 2017 dollars

comparison ranking

Real GDP growth rate

2.99% (2021 est.)

1.52% (2020 est.)

13.79% (2019 est.)

comparison ranking

Real GDP per capita

$4,900 (2021 est.)

$4,800 (2020 est.)

$4,800 (2019 est.)

note: data are in 2017 dollars

comparison ranking

GDP (official exchange rate)

$40 million (2017 est.)

Inflation rate (consumer prices)

4.1% (2017 est.)

3.5% (2016 est.)

comparison ranking

GDP - composition, by sector of origin

agriculture: 24.5% (2012 est.)

industry: 5.6% (2012 est.)

services: 70% (2012 est.)

GDP - composition, by end use

government consumption: 87% (2016 est.)

investment in fixed capital: 24.3% (2016 est.)

exports of goods and services: 43.7% (2016 est.)

imports of goods and services: -66.1% (2016 est.)

Agricultural products

coconuts, vegetables, tropical fruit, bananas, roots/tubers nes, pork, poultry, eggs, pig fat, pig offals

Industries

fishing

Industrial production growth rate

-26.1% (2012 est.)

comparison ranking

Labor force

3,615 (2004 est.)

comparison ranking

Labor force - by occupation

note: most people make a living through exploitation of the sea, reefs, and atolls - and through overseas remittances (mostly from workers in the phosphate industry and sailors)

Unemployment rate

NA

Youth unemployment rate (ages 15-24)

total: 20.6%

male: 9.8%

female: 45.9% (2016)

comparison ranking

Population below poverty line

26.3% (2010 est.)

Gini Index coefficient - distribution of family income

39.1 (2010 est.)

comparison ranking

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Budget

revenues: $87 million (2019 est.)

expenditures: $88 million (2019 est.)

note: revenue data include Official Development Assistance from Australia

Budget surplus (+) or deficit (-)

25.6% (of GDP) (2013 est.)

comparison ranking

Public debt

37% of GDP (2017 est.)

47.2% of GDP (2016 est.)

comparison ranking

Taxes and other revenues

106.7% (of GDP) (2013 est.)

note: revenue data include Official Development Assistance from Australia

comparison ranking

Fiscal year

calendar year

Current account balance

$20.82 million (2021 est.)

$9.015 million (2020 est.)

-$6.051 million (2019 est.)

comparison ranking

Exports

$2.699 million (2021 est.) note: data are in current year dollars

$3.087 million (2020 est.) note: data are in current year dollars

$10.266 million (2019 est.)

comparison ranking

Exports - partners

Thailand 50%, Indonesia 40% (2019)

Exports - commodities

fish, ships, coins, metal-clad products, electrical power accessories (2019)

Imports

$51.187 million (2021 est.) note: data are in current year dollars

$50.792 million (2020 est.) note: data are in current year dollars

$65.24 million (2019 est.)

comparison ranking

Imports - partners

China 32%, Japan 29%, Fiji 23%, New Zealand 6% (2019)

Imports - commodities

refined petroleum, fishing ships, tug boats, other ships, iron structures (2019)

Debt - external

NA

Exchange rates

Tuvaluan dollars or Australian dollars (AUD) per US dollar -

1.311 (2017 est.)

1.3442 (2016 est.)

NOTE: The information regarding Tuvalu on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Tuvalu 2023 information contained here. All suggestions for corrections of any errors about Tuvalu 2023 should be addressed to the CIA or the source cited on each page.