Tuvalu Economy 1997

Economy - overview Tuvalu consists of a densely populated, scattered group of nine coralatolls with poor soil. The country has no known mineral resources and fewexports. Subsistence farming and fishing are the primary economic activities.The islands are too small and too remote for development of a large-scaletourist industry. Government revenues largely come from the sale of stampsand coins and worker remittances. About 1,000 Tuvaluans work in Nauru in thephosphate mining industry. Nauru has begun repatriating Tuvaluans, however,as phosphate resources decline, which will present additional problems forTuvalu's already stretched economy. Substantial income is received annuallyfrom an international trust fund established in 1987 by Australia, NZ, andthe UK and supported also by Japan and South Korea. In an effort to reduceits dependence on foreign aid, the government is pursuing public sector reforms,including privatization of some government functions and personnel cuts ofup to 7%.

GDP purchasing power parity - $7.8 million (1995 est.)

GDP - real growth rate 8.7% (1995)

GDP - per capita purchasing power parity - $800 (1995 est.)

GDP - composition by sector
agriculture : NA%
industry: NA%
services: NA%

Inflation rate - consumer price index 2.9% (1989)

Labor force NA
by occupation : NA
note: people make a living mainly through exploitation of the sea, reefs,and atolls and from wages sent home by those working abroad (mostly workersin the phosphate industry and sailors)

Unemployment rate NA%

Budget
revenues: $4.3 million
expenditures: $4.3 million, including capital expenditures of $NA (1989 est.)

Industries fishing, tourism, copra

Industrial production growth rate NA%

Electricity - capacity 2,600 kW (1995)

Electricity - production 3 million kWh (1995)

Electricity - consumption per capita NA kWh

Agriculture - products coconuts; fish

Exports
total value: $165,000 (f.o.b., 1989)
commodities: copra
partners: Fiji, Australia, NZ

Imports
total value: $4.4 million (c.i.f., 1989)
commodities : food, animals, mineral fuels, machinery, manufactured goods
partners: Fiji, Australia, NZ

Debt - external $NA

Economic aid
recipient: ODA, $1.725 million from Australia (FY96/97 est.); $1.7 million fromNZ (FY95/96)

Currency 1 Tuvaluan dollar ($T) or 1 Australian dollar ($A) = 100 cents

Exchange rates Tuvaluan dollars ($T) or Australian dollars ($A) per US$1 - 1.2835 (January1997), 1.2773 (1996), 1.3486 (1995), 1.3667 (1994), 1.4704 (1993), 1.3600(1992)

Fiscal year calendar year

NOTE: The information regarding Tuvalu on this page is re-published from the 1997 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Tuvalu Economy 1997 information contained here. All suggestions for corrections of any errors about Tuvalu Economy 1997 should be addressed to the CIA.