Home | Category: Economics, Fishing and Agriculture
ECONOMY OF PALAU
Palau is a high-income Pacific island economy; major subsistence agriculture and fishing industries; reliant on US aid; strong tourism has prompted sustainability oversight mechanism; severely disrupted by COVID-19. [Source: CIA World Factbook, 2023]
Sectors of the Economy Composition of GDP by Origin) agriculture: 3 percent (2016 estimate)
industry: 19 percent (2016 estimate)
services: 78 percent (2016 estimate)
comparison rankings: agriculture 148; industry 159; services 36. [Source: CIA World Factbook, 2023]
Sectors of the Economy Composition of GDP by End Use) household consumption: 60.5 percent (2016 estimate)
government consumption: 27.2 percent (2016 estimate)
investment in fixed capital: 22.7 percent (2016 estimate)
investment in inventories: 1.9 percent (2016 estimate)
exports of goods and services: 55.2 percent (2016 estimate)
imports of goods and services: -67.6 percent (2016 estimate). [Source: CIA World Factbook, 2023]
Natural Resources: forests, minerals (especially gold), marine products, deep-seabed minerals
Industries: tourism, fishing, subsistence agriculture. Industrial Production Growth -3.42 percent (2021 estimate) NA; ranking compared to other countries in the world: 181. [Source: CIA World Factbook, 2023]
Fiscal Year: 1 October: 30 September. [Source: CIA World Factbook, 2023]
Economic Statistics for Palau
Gross Domestic Product (GDP) (purchasing power parity): $248.468 million (2021 estimate)
$286.694 million (2020 estimate)
$315.42 million (2019 estimate), data are in 2017 dollars; ranking compared to other countries in the world: 220. [Source: CIA World Factbook, 2023]
Growth: -13.33 percent (2021 estimate)
-9.11 percent (2020 estimate)
0.4 percent (2019 estimate); ranking compared to other countries in the world: 221. [Source: CIA World Factbook, 2023]
Per Capita GDP: $13,800 (2021 estimate), data are in 2017 dollars; $16,000 (2020 estimate) note: data are in 2017 dollars; $17,600 (2019 estimate); ranking compared to other countries in the world: 118. [Source: CIA World Factbook, 2023]
GDP: (official exchange): $292 million (2017 estimate). [Source: CIA World Factbook, 2023]
Inflation (consumer prices): 2.61 percent (2021 estimate)
0.22 percent (2020 estimate)
0.27 percent (2019 estimate); ranking compared to other countries in the world: 128
Agriculture in Palau
Agricultural 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. [Source: CIA World Factbook, 2023]
Land Use: agricultural land: 10.8 percent (2018 estimate). Arable Land: 2.2 percent (2018 estimate); permanent crops: 4.3 percent (2018 estimate); permanent pasture: 4.3 percent (2018 estimate); forest: 87.6 percent (2018 estimate); other: 1.6 percent (2018 estimate). Irrigated Land: 0 square kilometers (2022). [Source: CIA World Factbook 2023]
Labor, Poverty and Unemployment
Labor Force: 11,610 (2016); ranking compared to other countries in the world: 216. [Source: CIA World Factbook, 2023]
Labor Force by Occupation: agriculture: 1.2 percent; industry: 12.4 percent; services: 86.4 percent (2016)
Unemployment Rate: 1.7 percent (2015 estimate)
4.1 percent (2012); ranking compared to other countries in the world: 216. [Source: CIA World Factbook 2023]
Youth Unemployment Rate (ages 15-24): total: 5.6 percent; male: NA; female: (2014) NA; ranking compared to other countries in the world: 185. [Source: CIA World Factbook 2023]
Population Below Poverty Line: 24.9 percent (2006) NA. [Source: CIA World Factbook, 2023]
Trade with Palau
Current Account Balance: -$63.534 million (2021 estimate)
-$106.379 million (2020 estimate)
-$97.48 million (2019 estimate); ranking compared to other countries in the world: 87. [Source: CIA World Factbook, 2023]
Exports (data in current year dollars): $12.07 million (2021 estimate); $58.349 million (2020 estimate); $107.823 million (2019 estimate); ranking compared to other countries in the world: 216. [Source: CIA World Factbook, 2023]
Main Exports: fish, computers, broadcasting equipment, office machinery/parts, scrap vessels (2019). Export Partners: Japan 70 percent, South Korea 15 percent, United States 7 percent (2019). [Source: CIA World Factbook, 2023]
Imports (data in current year dollars): $180.38 million (2021 estimate); $215.97 million (2020 estimate); $226.594 million (2019 estimate); ranking compared to other countries in the world: 213. [Source: CIA World Factbook, 2023]
Main Imports: refined petroleum, fish, cars, broadcasting equipment, modeling instruments (2019). Import Partners: South Korea 19 percent, China 18 percent, Taiwan 17 percent, United States 17 percent, Japan 16 percent (2019). [Source: CIA World Factbook, 2023]
Debt and Foreign Exchange in Palau
Currency Exchange Rates: the U.S. dollar is used.
Reserves of Foreign Exchange and Gold: $0 (31 December 2017 estimate)
$580.9 million (31 December 2015 estimate); ranking compared to other countries in the world: 195. [Source: CIA World Factbook, 2023]
Debt (External): $18.38 billion (31 December 2014 estimate)
$16.47 billion (31 December 2013 estimate); ranking compared to other countries in the world: 95. [Source: CIA World Factbook, 2023]
Public Debt: 86.13 percent of GDP (2019 estimate)
84.75 percent of GDP (2018 estimate)
79.83 percent of GDP (2017 estimate); ranking compared to other countries in the world: 37. [Source: CIA World Factbook, 2023]
Image Sources:
Text Sources: CIA World Factbook, 2023; “Encyclopedia of World Cultures, Volume 2: Oceania,” edited by Terence E. Hays, 1991, Wikipedia, New York Times, Washington Post, Los Angeles Times, Times of London, Lonely Planet Guides, Library of Congress, The Guardian, National Geographic, Smithsonian magazine, The New Yorker, Reuters, Associated Press, AFP, BBC, CNN, and various books, websites and other publications.
Last updated August 2023