| Economy - overview | This South Pacific island economy is based primarily on small-scale agriculture, which provides a living for 65% of the population. Fishing, offshore financial services, and tourism, with more than 60,000 visitors in 2005, 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. GDP growth rose 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. In mid-2002 the government stepped up efforts to boost tourism through improved air connections, resort development, and cruise ship facilities. Agriculture, especially livestock farming, is a second target for growth. Australia and New Zealand are the main suppliers of tourists and foreign aid. |
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| GDP | NA |
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| GDP - real growth rate | 6.8% (2005 est.) |
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| GDP - composition by sector | agriculture: 26%
industry: 12%
services: 62% (2000 est.) |
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| Population below poverty line | NA% |
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Household income or consumption
by percentage share | lowest 10%: NA%
highest 10%: NA% |
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| Labor force | 76,410 (1999) |
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| Labor force - by occupation | agriculture: 65%
industry: 5%
services: 30% (2000 est.) |
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| Unemployment rate | 1.7% (1999) |
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| Budget | revenues: $78.7 million
expenditures: $72.23 million (2005 est.) |
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| Industries | food and fish freezing, wood processing, meat canning |
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| Industrial production growth rate | 1% (1997 est.) |
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Electricity -
production | 43 million kWh (2004) |
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Electricity -
production by source | fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (2001) |
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Electricity -
consumption | 39.99 million kWh (2004) |
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Electricity -
exports | 0 kWh (2004 est.) |
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Electricity -
imports | 0 kWh (2004) |
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| Oil - production | 0 bbl/day (2004 est.) |
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| Oil - consumption | 620 bbl/day (2004 est.) |
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| Oil - exports | NA bbl/day |
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| Oil - imports | NA bbl/day |
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| Agriculture - products | copra, coconuts, cocoa, coffee, taro, yams, fruits, vegetables; beef; fish |
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| Exports | $34.11 million f.o.b. (2004 est.) |
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| Exports - commodities | copra, beef, cocoa, timber, kava, coffee |
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| Exports - partners | Thailand 46.5%, India 14.1%, Poland 7.9%, Turkey 7.7%, Japan 6.9% (2005) |
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| Imports | $117.1 million c.i.f. (2004 est.) |
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| Imports - commodities | machinery and equipment, foodstuffs, fuels |
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| Imports - partners | Australia 18.4%, Japan 16.6%, Singapore 14.7%, Poland 8.5%, NZ 7.2%, Fiji 6.3% (2005) |
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| Debt - external | $81.2 million (2004) |
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| Economic aid - recipient | $37.8 million (2004) |
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| Currency code | VUV |
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| Exchange rates | vatu per US dollar - 111.93 (2006), NA (2005), 111.79 (2004), 122.19 (2003), 139.2 (2002) |
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| Fiscal year | calendar year |
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