Economy - overview:
The economy consists of tourism and other services such as trade, subsistence agriculture, and fishing. Government is a major employer of the work force relying on financial assistance from the US under the Compact of Free Association (Compact) with the US. The Compact took effect, after the end of the UN trusteeship on 1 October 1994. The US provided Palau with roughly $700 million in aid for the first 15 years following commencement of the Compact in 1994 in return for unrestricted access to its land and waterways for strategic purposes. Business and leisure tourist arrivals numbered over 109,000 in 2011, for a 27% increase over 2010. The population enjoys a per capita income roughly double that of the Philippines and much of Micronesia. Long-run prospects for tourism have been bolstered by the expansion of air travel in the Pacific, the rising prosperity of industrial East Asia, and the willingness of foreigners to finance infrastructure development. Proximity to Guam, the region's major destination for tourists from East Asia, and a regionally competitive tourist infrastructure enhance Palau's advantage as a destination.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): GDP - composition, by sector of origin:
Agriculture - products: Industries: Industrial production growth rate: Labor force: Labor force - by occupation:
Unemployment rate: Population below poverty line: Household income or consumption by percentage share:
Budget:
Taxes and other revenues: Budget surplus (+) or deficit (-): Fiscal year: Inflation rate (consumer prices): Market value of publicly traded shares: Current account balance: Exports: Exports - commodities: Imports: Imports - commodities: Debt - external: Exchange rates:
$245.5 million (2013 est.)
country comparison to the world: 218
$237.2 million (2012 est.)
$223.2 million (2011 est.)
note:
GDP estimate includes US subsidy
[see also: GDP country ranks ]
$221 million (2011 est.)
[see also: GDP (official exchange rate) country ranks ]
3.5% (2013 est.)
country comparison to the world: 99
6.3% (2012 est.)
[see also: GDP - real growth rate country ranks ]
$10,500 (2011 est.)
country comparison to the world: 117
$7,600 (2005 est.)
[see also: GDP - per capita country ranks ]
agriculture:
3.2%
industry:
20%
services:
76.8% (2012 est.)
coconuts, copra, cassava (manioc, tapioca), sweet potatoes; fish
tourism, craft items (from shell, wood, pearls), construction, garment making
NA%
[see also: Industrial production growth rate country ranks ]
9,777 (2005)
country comparison to the world: 217
[see also: Labor force country ranks ]
agriculture:
20%
industry:
NA%
services:
NA% (1990)
4.2% (2005 est.)
country comparison to the world: 37
[see also: Unemployment rate country ranks ]
NA%
[see also: Population below poverty line country ranks ]
lowest 10%:
NA%
highest 10%:
NA%
revenues:
$89 million
expenditures:
$94.3 million (2010 est.)
40.3% of GDP (2010 est.)
country comparison to the world: 39
[see also: Taxes and other revenues country ranks ]
-2.4% of GDP (2010 est.)
country comparison to the world: 99
[see also: Budget surplus (+) or deficit (-) country ranks ]
1 October - 30 September
2.7% (2011 est.)
country comparison to the world: 101
1.6% (2010 est.)
[see also: Inflation rate (consumer prices) country ranks ]
$NA
[see also: Market value of publicly traded shares country ranks ]
-$20.8 million (2010 est.)
country comparison to the world: 63
$15.09 million (FY03/04)
[see also: Current account balance country ranks ]
$12.3 million (2010 est.)
country comparison to the world: 210
$5.882 million (2004 est.)
[see also: Exports country ranks ]
shellfish, tuna, copra, garments
$113.4 million (2010 est.)
country comparison to the world: 211
$107.3 million (2004 est.)
[see also: Imports country ranks ]
machinery and equipment, fuels, metals; foodstuffs
$0 (FY99/00)
country comparison to the world: 203
[see also: Debt - external country ranks ]
the US dollar is used