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    Vanuatu Economy - 2002
    http://www.greekorthodoxchurch.org/wfb2002/vanuatu/vanuatu_economy.html
    SOURCE: 2002 CIA WORLD FACTBOOK

      Economy - overview The economy is based primarily on subsistence or small-scale agriculture which provides a living for 65% of the population. Fishing, offshore financial services, and tourism, with about 50,000 visitors in 1997, are other mainstays of the economy. 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. Economic development is hindered by dependence on relatively few commodity exports, vulnerability to natural disasters, and long distances from main markets and between constituent islands. A severe earthquake in November 1999 followed by a tsunami, caused extensive damage to the northern island of Pentecote and left thousands homeless. Another powerful earthquake in January 2002 caused extensive damage in the capital, Port-Vila, and surrounding areas, and also was followed by a tsunami. GDP growth has risen less than 3% on average in the 1990s. In response to foreign concerns, the government has promised to tighten regulation of its offshore financial center.

      GDP purchasing power parity - $257 million (2000 est.)

      GDP - real growth rate 2.7% (2000 est.)

      GDP - per capita purchasing power parity - $1,300 (2000 est.)

      GDP - composition by sector
      agriculture: 26%
      industry: 12%
      services: 62% (2000 est.)

      Population below poverty line NA%

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

      Inflation rate (consumer prices) 2.5% (2000 est.)

      Labor force NA

      Labor force - by occupation agriculture 65%, services 30%, industry 5% (2000 est.)

      Unemployment rate NA%

      Budget
      revenues: $94.4 million
      expenditures: $99.8 million, including capital expenditures of $30.4 million (1996 est.)

      Industries food and fish freezing, wood processing, meat canning

      Industrial production growth rate 1% (1997 est.)

      Electricity - production 39 million kWh (2000)

      Electricity - production by source
      fossil fuel: 100%
      hydro: 0%
      other: 0% (2000)
      nuclear: 0%

      Electricity - consumption 36.27 million kWh (2000)

      Electricity - exports 0 kWh (2000)

      Electricity - imports 0 kWh (2000)

      Agriculture - products copra, coconuts, cocoa, coffee, taro, yams, coconuts, fruits, vegetables; fish, beef

      Exports $22.8 million (f.o.b., 2000)

      Exports - commodities copra, kava, beef, cocoa, timber, coffee

      Exports - partners Japan 32%, Belgium 17%, US 17%, Germany 8% (2000)

      Imports $87.5 million (f.o.b., 2000)

      Imports - commodities machinery and equipment, foodstuffs, fuels

      Imports - partners Australia 28%, Singapore 14%, New Zealand 8%, Japan 4%, US 1% (2000)

      Debt - external $64.6 million (1999 est.)

      Economic aid - recipient $45.8 million (1995)

      Currency vatu (VUV)

      Currency code VUV

      Exchange rates vatu per US dollar - 146.02 (December 2001), 145.31 (2001), 137.64 (2000), 129.08 (1999), 127.52 (1998), 115.87 (1997)

      Fiscal year calendar year

      NOTE: The information regarding Vanuatu on this page is re-published from the 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Vanuatu Economy 2002 information contained here. All suggestions for corrections of any errors about Vanuatu Economy 2002 should be addressed to the CIA.

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    Revised 30-Jan-03
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