Home | Category: Government, Infrastructure, Economics
ECONOMY OF VANUATU
Vanuatu is a Pacific island agriculture- and tourism-based economy; environmentally vulnerable to cyclones; poor property rights administration; corruption-prone; subsidizing loss-prone state enterprises in agriculture, banking, and airports. [Source: CIA World Factbook, 2023]
Sectors of the Economy Composition of GDP by Origin) agriculture: 27.3 percent (2017 estimate)
industry: 11.8 percent (2017 estimate)
services: 60.8 percent (2017 estimate)
comparison rankings: agriculture 24; industry 201; services 115. [Source: CIA World Factbook, 2023]
Sectors of the Economy Composition of GDP by End Use) household consumption: 59.9 percent (2017 estimate)
government consumption: 17.4 percent (2017 estimate)
investment in fixed capital: 28.7 percent (2017 estimate)
investment in inventories: 0 percent (2017 estimate)
exports of goods and services: 42.5 percent (2017 estimate)
imports of goods and services: -48.5 percent (2017 estimate). [Source: CIA World Factbook, 2023]
Natural Resources: manganese, hardwood forests, fish
Industries: food and fish freezing, wood processing, meat canning. Industrial Production Growth 4.92 percent (2018 estimate); ranking compared to other countries in the world: 93. [Source: CIA World Factbook, 2023]
Fiscal Year: Calendar year. [Source: CIA World Factbook, 2023]
Economic Statistics for Vanuatu
Gross Domestic Product (GDP) (purchasing power parity): $888.165 million (2021 estimate)
$884.192 million (2020 estimate)
$934.627 million (2019 estimate). Data are in 2017 dollars; ranking compared to other countries in the world: 208. [Source: CIA World Factbook, 2023]
Growth: 0.45 percent (2021 estimate)
-5.4 percent (2020 estimate)
3.24 percent (2019 estimate); ranking compared to other countries in the world: 186. [Source: CIA World Factbook, 2023]
Per Capita GDP: $2,800 (2021 estimate)
$2,800 (2020 estimate)
$3,100 (2019 estimate). Data are in 2017 dollars; ranking compared to other countries in the world: 198. [Source: CIA World Factbook, 2023]
GDP: (official exchange): $870 million (2017 estimate). [Source: CIA World Factbook, 2023]
Inflation (consumer prices): 2.34 percent (2021 estimate)
5.33 percent (2020 estimate)
2.76 percent (2019 estimate); ranking compared to other countries in the world: 142
Agriculture in Vanuatu
Agricultural Products: coconuts, roots/tubers nes, bananas, vegetables, pork, fruit, milk, beef, groundnuts, cocoa. [Source: CIA World Factbook, 2023]
Land Use: agricultural land: 15.3 percent (2018 estimate). Arable Land: 1.6 percent (2018 estimate); permanent crops: 10.3 percent (2018 estimate); permanent pasture: 3.4 percent (2018 estimate); forest: 36.1 percent (2018 estimate); other: 48.6 percent (2018 estimate). Irrigated Land: 0 square kilometers (2022). [Source: CIA World Factbook 2023]
Labor, Poverty and Unemployment
Labor Force: 132,700 (2021 estimate); ranking compared to other countries in the world: 180. [Source: CIA World Factbook, 2023]
Labor Force by Occupation: agriculture: 65 percent; industry: 5 percent; services: 30 percent (2000 estimate). [Source: CIA World Factbook, 2023]
Unemployment Rate: 2.18 percent (2021 estimate)
2.12 percent (2020 estimate)
1.8 percent (2019 estimate); ranking compared to other countries in the world: 208. [Source: CIA World Factbook 2023]
Youth Unemployment Rate (ages 15-24): total: 5.4 percent; male: 5.2 percent; female: 5.6 percent (2021 estimate); ranking compared to other countries in the world: 186. [Source: CIA World Factbook 2023]
Population Below Poverty Line: NA. [Source: CIA World Factbook, 2023]
Gini Index Coefficient Distribution: 32.3 (2019 estimate); ranking compared to other countries in the world: 82. [Source: CIA World Factbook, 2023]
Household Income or Consumption by Percentage Share: lowest 10 percent: NA; highest 10 percent: NA. [Source: CIA World Factbook, 2023]
Trade in Vanuatu
Current Account Balance: $1.893 million (2021 estimate)
$60.619 million (2020 estimate)
$215.521 million (2019 estimate); ranking compared to other countries in the world: 75. [Source: CIA World Factbook, 2023]
Exports (data in current year dollars): $88.805 million (2021 estimate); $141.534 million (2020 estimate); $372.711 million (2019 estimate); ranking compared to other countries in the world: 208. [Source: CIA World Factbook, 2023]
Main Exports: fish and fish products, tug boats, perfume plants, mollusks, cocoa beans (2019). Export Partners: Japan 33 percent, Thailand 13 percent, Mauritania 13 percent, South Korea 11 percent, China 9 percent, Fiji 7 percent (2019). [Source: CIA World Factbook, 2023]
Imports (data in current year dollars): $495.858 million (2021 estimate); $429.601 million (2020 estimate); $488.795 million (2019 estimate); ranking compared to other countries in the world: 199. [Source: CIA World Factbook, 2023]
Main Imports: refined petroleum, fishing ships, delivery trucks, poultry meats, broadcasting equipment (2019). Import Partners: China 29 percent, Australia 18 percent, New Zealand 11 percent, Fiji 11 percent, Taiwan 5 percent, Thailand 5 percent (2019). [Source: CIA World Factbook, 2023]
Debt and Foreign Exchange in Vanuatu
Reserves of Foreign Exchange and Gold: $664.751 million (31 December 2021 estimate)
$613.637 million (31 December 2020 estimate)
$511.546 million (31 December 2019 estimate); ranking compared to other countries in the world: 161. [Source: CIA World Factbook, 2023]
Debt (External): $200.5 million (31 December 2017 estimate)
$182.5 million (31 December 2016 estimate); ranking compared to other countries in the world: 188. [Source: CIA World Factbook, 2023]
Public Debt: 48.4 percent of GDP (2017 estimate)
46.1 percent of GDP (2016 estimate); ranking compared to other countries in the world: 113. [Source: CIA World Factbook, 2023]
Taxes: 14.24 percent (of GDP) (2020 estimate); ranking compared to other countries in the world: 155. [Source: CIA World Factbook, 2023]
Currency Exchange Rates: vatu (VUV) per US dollar
109.453 (2021 estimate)
115.38 (2020 estimate)
114.733 (2019 estimate)
110.165 (2018 estimate)
107.821 (2017 estimate)
[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