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Palau Economy

    Economy—overview: The economy consists primarily of subsistence agriculture and fishing. The government is the major employer of the work force, relying heavily on financial assistance from the US. The population enjoys a per capita income of more than twice that of the Philippines and much of Micronesia. Long-run prospects for the tourist sector have been greatly bolstered by the expansion of air travel in the Pacific and the rising prosperity of leading East Asian countries.

    GDP: purchasing power parity—$160 million (1997 est.)
    note: GDP numbers reflect US spending

    GDP—real growth rate: 10% (1997 est.)

    GDP—per capita: purchasing power parity—$8,800 (1997 est.)

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

    Population below poverty line: NA%

    Household income or consumption by percentage share:
    lowest 10%: NA%
    highest 10%: NA%

    Inflation rate (consumer prices): NA%

    Labor force: NA

    Labor force—by occupation: NA

    Unemployment rate: 7%

    Budget:
    revenues: $52.9 million
    expenditures: $59.9 million, including capital expenditures of $NA (1997 est.)

    Industries: tourism, craft items (from shell, wood, pearls), some commercial fishing and agriculture

    Industrial production growth rate: NA%

    Electricity—production: 200 million kWh (1996)

    Electricity—production by source:
    fossil fuel: 85%
    hydro: 15%
    nuclear: 0%
    other: 0% (1996)

    Electricity—consumption: 200 million kWh (1996)

    Electricity—exports: 0 kWh (1996)

    Electricity—imports: 0 kWh (1996)

    Agriculture—products: coconuts, copra, cassava (tapioca), sweet potatoes

    Exports: $14.3 million (f.o.b., 1996)

    Exports—commodities: trochus (type of shellfish), tuna, copra, handicrafts

    Exports—partners: US, Japan

    Imports: $72.4 million (f.o.b., 1996)

    Imports—commodities: NA

    Imports—partners: US

    Debt—external: about $100 million (1989)

    Economic aid—recipient: $155.8 million (1995); note—the Compact of Free Association with the US, entered into after the end of the UN trusteeship on 1 October 1994, will provide Palau with up to $700 million in US aid over 15 years in return for furnishing military facilities

    Currency: 1 United States dollar (US$) = 100 cents

    Exchange rates: US currency is used

    Fiscal year: 1 October—30 September

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Revised 1-Mar-99
Copyright © 1999 Photius Coutsoukis (all rights reserved)