Economy - overview:
This South Pacific island economy is based primarily on small-scale agriculture, which provides a living for about two-thirds of the population. Fishing, offshore financial services, and tourism, with nearly 197,000 visitors in 2008, 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. 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.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): GDP - composition, by end use:
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): Central bank discount rate: Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Current account balance: Exports: Exports - commodities: Exports - partners: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Stock of direct foreign investment - at home: Stock of direct foreign investment - abroad: Exchange rates:
$1.27 billion (2013 est.)
country comparison to the world: 202
$1.23 billion (2012 est.)
$1.203 billion (2011 est.)
note:
data are in 2013 US dollars
[see also: GDP country ranks ]
$828 million (2013 est.)
[see also: GDP (official exchange rate) country ranks ]
3.3% (2013 est.)
country comparison to the world: 103
2.3% (2012 est.)
1.4% (2011 est.)
[see also: GDP - real growth rate country ranks ]
$4,800 (2013 est.)
country comparison to the world: 162
$4,900 (2012 est.)
$4,900 (2011 est.)
note:
data are in 2013 US dollars
[see also: GDP - per capita country ranks ]
household consumption:
60.8%
government consumption:
17.8%
investment in fixed capital:
27.3%
investment in inventories:
0%
exports of goods and services:
41.5%
imports of goods and services:
-47.3%
(2013 est.)
agriculture:
22.4%
industry:
9.7%
services:
67.9% (2013 est.)
copra, coconuts, cocoa, coffee, taro, yams, fruits, vegetables; beef; fish
food and fish freezing, wood processing, meat canning
4.8% (2013 est.)
country comparison to the world: 59
[see also: Industrial production growth rate country ranks ]
115,900 (2007)
country comparison to the world: 182
[see also: Labor force country ranks ]
agriculture:
65%
industry:
5%
services:
30% (2000 est.)
1.7% (1999)
country comparison to the world: 7
[see also: Unemployment rate country ranks ]
NA%
[see also: Population below poverty line country ranks ]
lowest 10%:
NA%
highest 10%:
NA%
revenues:
$203.5 million
expenditures:
$201.3 million (2013 est.)
24.6% of GDP (2013 est.)
country comparison to the world: 134
[see also: Taxes and other revenues country ranks ]
0.3% of GDP (2013 est.)
country comparison to the world: 38
[see also: Budget surplus (+) or deficit (-) country ranks ]
calendar year
1.9% (2013 est.)
country comparison to the world: 64
1.4% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]
20% (31 December 2010 est.)
country comparison to the world: 58
6% (31 December 2009 est.)
[see also: Central bank discount rate country ranks ]
6.7% (31 December 2013 est.)
country comparison to the world: 133
6% (31 December 2012 est.)
[see also: Commercial bank prime lending rate country ranks ]
$270.7 million (31 December 2013 est.)
country comparison to the world: 170
$264.1 million (31 December 2012 est.)
[see also: Stock of narrow money country ranks ]
$644 million (31 December 2013 est.)
country comparison to the world: 175
$643.3 million (31 December 2012 est.)
[see also: Stock of broad money country ranks ]
$560.8 million (31 December 2013 est.)
country comparison to the world: 165
$549.4 million (31 December 2012 est.)
[see also: Stock of domestic credit country ranks ]
$NA
[see also: Market value of publicly traded shares country ranks ]
-$118 million (2013 est.)
country comparison to the world: 77
-$128.6 million (2012 est.)
[see also: Current account balance country ranks ]
$43.1 million (2013 est.)
country comparison to the world: 199
$57.5 million (2012 est.)
[see also: Exports country ranks ]
copra, beef, cocoa, timber, kava, coffee
Thailand 41.9%, Cote dIvoire 30.5%, Japan 14.7% (2012)
$319.4 million (2013 est.)
country comparison to the world: 196
$322.6 million (2012 est.)
[see also: Imports country ranks ]
machinery and equipment, foodstuffs, fuels
China 20.2%, Singapore 18.8%, US 15%, Japan 11.6%, Australia 10.4%, Fiji 5.2%, NZ 4.8% (2012)
$174.2 million (31 December 2013 est.)
country comparison to the world: 162
$187.3 million (31 December 2012 est.)
[see also: Reserves of foreign exchange and gold country ranks ]
$307.7 million (31 December 2011 est.)
country comparison to the world: 182
$258.9 million (31 December 2010 est.)
[see also: Debt - external country ranks ]
$620.1 million (31 December 2013 est.)
country comparison to the world: 106
$565.1 million (31 December 2012 est.)
[see also: Stock of direct foreign investment - at home country ranks ]
$21.3 million (31 December 2013 est.)
country comparison to the world: 90
$22.3 million (31 December 2012 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]
vatu (VUV) per US dollar -
92.38 (2013 est.)
92.64 (2012 est.)
96.91 (2010 est.)