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EconomyEconomy - overview
The economy consists primarily of tourism, subsistence agriculture, and fishing. The government is the major employer of the work force relying heavily on financial assistance from the US. The Compact of Free Association with the US, entered into after the end of the UN trusteeship on 1 October 1994, provided Palau with up to $700 million in US aid for the following 15 years in return for furnishing military facilities. Business and tourist arrivals numbered 85,000 in 2007. The population enjoys a per capita income roughly 50% higher than that of the Philippines and much of Micronesia. Long-run prospects for the key tourist sector have been greatly bolstered by the expansion of air travel in the Pacific, the rising prosperity of leading East Asian countries, and the willingness of foreigners to finance infrastructure development. Gdp (purchasing power parity) World Ranking: 218
$164 million (2008 est.)
$124.5 million (2004 est.) Note Data are in 2011 US dollars GDP estimate includes US subsidy Gdp (official exchange rate)
$164 million (2008)
Gdp - real growth rate
5.5% (2005 est.) Gdp - per capita (ppp) World Ranking: 125
$8,100 (2008 est.)
$7,600 (2005 est.) Gdp - composition by sector
Agriculture 6.2%
Industry 12% Services 81.8% (2003) Labor force World Ranking: 215
9,777 (2005)
Labor force - by occupation
Agriculture 20%
Industry NA% Services NA% (1990) Unemployment rate World Ranking: 41
4.2% (2005 est.)
Population below poverty line
NA%
Household income or consumption by percentage share
Lowest 10% NA%
Highest 10% NA% Budget
Revenues $114.8 million
Expenditures $99.5 million (2008 est.) Taxes and other revenues World Ranking: 4
70% of GDP (2008 est.)
Budget surplus (+) or deficit (-) World Ranking: 10
9.3% of GDP (2008 est.)
Inflation rate (consumer prices) World Ranking: 44
2.7% (2005 est.)
Market value of publicly traded shares
$NA
Agriculture - products
Coconuts, copra, cassava (tapioca), sweet potatoes; fish Industries
Tourism, craft items (from shell, wood, pearls), construction, garment making Industrial production growth rate
NA%
Current account balance World Ranking: 60
$15.09 million (FY03/04)
Exports World Ranking: 214
$5.882 million (2004 est.)
Exports - commodities
Shellfish, tuna, copra, garments Imports World Ranking: 210
$107.3 million (2004 est.)
Imports - commodities
Machinery and equipment, fuels, metals; foodstuffs Debt - external World Ranking: 202
$0 (FY99/00)
Exchange rates
The US dollar is used
Fiscal year
1 October - 30 September
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Palau (Koror):
 
GPS points from Palau (Koror)
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After three decades as part of the UN Trust Territory of the Pacific under US administration, this westernmost cluster of the Caroline Islands opted for independence in 1978 rather than join the Federated States of Micronesia. A Compact of Free Association with the US was approved in 1986 but not ratified until 1993. It entered into force the following year when the islands gained independence.