Vanuatu Economic Indicators
This South Pacific island economic climate is based largely on small-scale agriculture, which provides a living for about two thirds of the population. Fishing, offshore financial solutions, and tourism, with greater than 330,000 visitors yearly, are other essentials of the economic situation. Tourism has battled after Efate, one of the most populous and most popular island for vacationers, was harmed by Tropical Cyclone Pam in 2015.
Ongoing infrastructure troubles at Port Vila's Bauerfield Flight terminal have caused flight interruptions, even more hampering tourism numbers. Australia and New Zealand are the primary source of visitors and foreign aid. A tiny light industry market deals with the local market.
Tax incomes come primarily from import obligations. Natural resources are minimal; the country has no recognized oil deposits.
Country Economy Details
Vanuatu's infrastructure depends on traditional ways, which leaves them vulnerable to a number of dangers
Economic development is hindered by dependancy on reasonably few product exports, vulnerability to natural disasters, and far away from primary markets and between constituent islands. In reaction to international problems, the government has guaranteed to tighten policy of its offshore financial center.
Considering that 2002, the federal government has stepped up initiatives to improve tourism via boosted air links, resort growth, and cruise liner facilities. Agriculture, specifically livestock farming, is a 2nd target for development.
More details regarding the economy of Vanuatu:
GDP (purchasing power parity):
$787 million (2017 est.)
$753.1 million (2016 est.)
$724.1 million (2015 est.)
note: data are in dollars
country comparison to the world: 206
GDP (official exchange rate):
$837 million (2017 est.)
GDP - real growth rate:
4.5% (2017 est.)
4% (2016 est.)
1.6% (2015 est.)
country comparison to the world: 52
GDP - per capita (PPP):
$2,800 (2017 est.)
$2,700 (2016 est.)
$2,700 (2015 est.)
note: data are in dollars
country comparison to the world: 194
GDP - composition, by end use:
household consumption: 59.4%
government consumption: 17.9%
investment in fixed capital: 29.1%
investment in inventories: 0%
exports of goods and services: 41.8%
imports of goods and services: -48.2% (2017 est.)
GDP - composition, by sector of origin:
agriculture:
27%
industry:
9.1%
services:
63.9% (2017 est.)
Agriculture - products:
copra, coconuts, cocoa, coffee, taro, yams, fruits, vegetables;
beef; fish
Industries:
food and fish freezing, wood processing, meat canning
Industrial production growth rate:
4.5% (2017 est.)
country comparison to the world: 60
Labor force:
115,900 (2007 est.)
country comparison to the world: 183
Labor force - by occupation:
agriculture: 65%
industry: 5%
services: 30% (2000 est.)
Unemployment rate:
1.7% (1999 est.)
country comparison to the world: 12
Budget:
revenues: $202.4 million
expenditures: $206.9 million (2017 est.)
Taxes and other revenues:
1.7% (1999 est.)
country comparison to the world: 12
Budget surplus (+) or deficit (-):
-0.5% of GDP (2017 est.)
country comparison to the world: 46
Public debt:
31.3% of GDP (2016 est.)
25.6% of GDP (2015 est.)
country comparison to the world: 160
Fiscal year:
Yearly
Inflation rate (consumer prices):
2.6% (2017 est.)
0.9% (2016 est.)
country comparison to the world: 122
Steady Growth
As you can see, Vanuatu's economy is steadily growing over time, and one of the biggest factors to this is the foreign investments it has been getting lately. These investments have proven to be beneficial and profitable, attracting more and more investors in a short timespan.
If you are further interested, here are additional Vanuatu economic indicators and statistics:
Central bank discount rate:
20% (31 December 2010 est.)
6% (31 December 2009 est.)
country comparison to the world: 6
Commercial bank prime lending rate:
3.7% (31 December 2017 est.)
2.95% (31 December 2016 est.)
country comparison to the world: 163
Stock of narrow money:
$457.4 million (31 December 2017 est.)
$379.9 million (31 December 2016 est.)
country comparison to the world: 170
Stock of broad money:
$716.4 million (31 December 2017 est.)
$641 million (31 December 2016 est.)
country comparison to the world: 177
Stock of domestic credit:
$509.1 million (31 December 2017 est.)
$463.4 million (31 December 2016 est.)
country comparison to the world: 177
Current account balance:
$-120 million (2017 est.)
$-30 million (2016 est.)
country comparison to the world: 84
Exports:
$43.9 million (2017 est.)
$53.5 million (2016 est.)
country comparison to the world: 205
Exports - commodities:
copra, beef (veal), cocoa, timber, kava, coffee, coconut oil, shell, cowhides, coconut meal, fish
Exports - partners:
Ecuador 18.4%, Australia 13.8%, Venezuela 10.1%, US 9.8%, Japan 8.2%, UK 6.7%, France 5.7%, Hong Kong 5.2% (2016)
Imports:
$249.9 million (2017 est.)
$308.5 million (2016 est.)
country comparison to the world: 202
Imports - commodities:
machinery and equipment, foodstuffs, fuels
Imports - partners:
Australia 27.8%, NZ 17.6%, China 10.5%, France 10%, Singapore 6.1%, Thailand 4.8% (2016)
Reserves of foreign exchange and gold:
$288.9 million (31 December 2017 est.)
$267.4 million (31 December 2016 est.)
country comparison to the world: 156
Debt - external:
$185.4 million (31 December 2017 est.)
$182.5 million (31 December 2016 est.)
country comparison to the world: 190
Stock of direct foreign investment - at home:
$590.9 million (31 December 2017 est.)
$535.9 million (31 December 2016 est.)
country comparison to the world: 122
Stock of direct foreign investment - abroad:
$22.3 million (31 December 2017 est.)
$22.4 million (31 December 2016 est.)
country comparison to the world: 111
Exchange rates:
vatu (VUV) per US dollar -
109.7 (2017 est.)
108.48 (2016 est.)
108.48 (2015 est.)
108.99 (2014 est.)
97.07 (2013 est.)
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