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ECONOMY OF TUVALU
is a 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. [Source: CIA World Factbook, 2023]
Sectors of the Economy Composition of GDP by Origin) agriculture: 24.5 percent (2012 estimate)
industry: 5.6 percent (2012 estimate)
services: 70 percent (2012 estimate)
comparison rankings: agriculture 29; industry 220; services 71. [Source: CIA World Factbook, 2023]
Sectors of the Economy Composition of GDP by End Use) government consumption: 87 percent (2016 estimate)
investment in fixed capital: 24.3 percent (2016 estimate)
exports of goods and services: 43.7 percent (2016 estimate)
imports of goods and services: -66.1 percent (2016 estimate). [Source: CIA World Factbook, 2023]
Natural Resources: fish, coconut (copra)
Industries: fishing. Industrial Production Growth -26.1 percent (2012 estimate); ranking compared to other countries in the world: 208. [Source: CIA World Factbook, 2023]
Fiscal Year: Calendar year. [Source: CIA World Factbook, 2023]
Economic Statistics for Tuvalu
Gross Domestic Product (GDP) (purchasing power parity): $55.169 million (2021 estimate)
$53.57 million (2020 estimate)
$52.77 million (2019 estimate). Data are in 2017 dollars; ranking compared to other countries in the world: 226. [Source: CIA World Factbook, 2023]
Growth: 2.99 percent (2021 estimate)
1.52 percent (2020 estimate)
13.79 percent (2019 estimate); ranking compared to other countries in the world: 145. [Source: CIA World Factbook, 2023]
Per Capita GDP: $4,900 (2021 estimate)
$4,800 (2020 estimate)
$4,800 (2019 estimate). Data are in 2017 dollars; ranking compared to other countries in the world: 177. [Source: CIA World Factbook, 2023]
GDP: (official exchange): $40 million (2017 estimate). [Source: CIA World Factbook, 2023]
Inflation (consumer prices): 4.1 percent (2017 estimate)
3.5 percent (2016 estimate); ranking compared to other countries in the world: 84
Agriculture in Tuvalu
Agricultural Products: coconuts, vegetables, tropical fruit, bananas, roots/tubers nes, pork, poultry, eggs, pig fat, pig offals. [Source: CIA World Factbook, 2023]
Land Use: agricultural land: 60 percent (2018 estimate). Arable Land: 0 percent (2018 estimate); permanent crops: 60 percent (2018 estimate); permanent pasture: 0 percent (2018 estimate); forest: 33.3 percent (2018 estimate); other: 6.7 percent (2018 estimate). Irrigated Land: 0 square kilometers (2022). [Source: CIA World Factbook 2023]
Labor, Poverty and Unemployment
Labor Force: 3,615 (2004 estimate); ranking compared to other countries in the world: 225. [Source: CIA World Factbook, 2023]
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. [Source: CIA World Factbook 2023]
Youth Unemployment Rate (ages 15-24): total: 20.6 percent; male: 9.8 percent; female: 45.9 percent (2016); ranking compared to other countries in the world: 79. [Source: CIA World Factbook 2023]
Population Below Poverty Line: 26.3 percent (2010 estimate)
Gini Index coefficient: distribution of family income
39.1 (2010 estimate); ranking compared to other countries in the world: 68. [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
Current Account Balance: $20.82 million (2021 estimate)
$9.015 million (2020 estimate)
-$6.051 million (2019 estimate); ranking compared to other countries in the world: 70. [Source: CIA World Factbook, 2023]
Exports (data in current year dollars): $2.699 million (2021 estimate); $3.087 million (2020 estimate); $10.266 million (2019 estimate); ranking compared to other countries in the world: 222. [Source: CIA World Factbook, 2023]
Export Partners: Thailand 50 percent, Indonesia 40 percent (2019). [Source: CIA World Factbook, 2023]
Main Exports: fish, ships, coins, metal-clad products, electrical power accessories (2019). [Source: CIA World Factbook, 2023]
Imports (data in current year dollars): $51.187 million (2021 estimate); $50.792 million (2020 estimate); $65.24 million (2019 estimate); ranking compared to other countries in the world: 220. [Source: CIA World Factbook, 2023]
Import Partners: China 32 percent, Japan 29 percent, Fiji 23 percent, New Zealand 6 percent (2019). [Source: CIA World Factbook, 2023]
Main Imports: refined petroleum, fishing ships, tug boats, other ships, iron structures (2019). [Source: CIA World Factbook, 2023]
Debt (External): NA. [Source: CIA World Factbook, 2023]
Debt and Foreign Exchange
Public Debt: 37 percent of GDP (2017 estimate)
47.2 percent of GDP (2016 estimate); ranking compared to other countries in the world: 145. [Source: CIA World Factbook, 2023]
Taxes: 106.7 percent (of GDP) (2013 estimate). note: revenue data include Official Development Assistance from Australia; ranking compared to other countries in the world: 1. [Source: CIA World Factbook, 2023]
Currency Exchange Rates: Tuvaluan dollars or Australian dollars (AUD) per US dollar
1.311 (2017 estimate)
1.3442 (2016 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