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EconomyEconomy - 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) World Ranking: 199
$1.219 billion (2011 est.)
$1.18 billion (2010 est.) $1.154 billion (2009 est.) Note Data are in 2011 US dollars Gdp (official exchange rate)
$743 million (2011 est.)
Gdp - real growth rate World Ranking: 114
3.3% (2011 est.)
2.2% (2010 est.) 3.5% (2009 est.) Gdp - per capita (ppp) World Ranking: 152
$5,000 (2011 est.)
$4,900 (2010 est.) $4,900 (2009 est.) Note Data are in 2011 US dollars Gdp - composition by sector
Agriculture 21.2%
Industry 10.4% Services 68.4% (2011 est.) Labor force World Ranking: 181
115,900 (2007)
Labor force - by occupation
Agriculture 65%
Industry 5% Services 30% (2000 est.) Unemployment rate World Ranking: 9
1.7% (1999)
Population below poverty line
NA%
Household income or consumption by percentage share
Lowest 10% NA%
Highest 10% NA% Budget
Revenues $202.6 million
Expenditures $192.4 million (2011 est.) Taxes and other revenues World Ranking: 110
27.3% of GDP (2011 est.)
Budget surplus (+) or deficit (-) World Ranking: 31
1.4% of GDP (2011 est.)
Inflation rate (consumer prices) World Ranking: 9
0.9% (2011 est.)
2.8% (2010 est.) Central bank discount rate World Ranking: 60
20% (31 December 2010 est.)
6% (31 December 2009 est.) Commercial bank prime lending rate World Ranking: 148
5.8% (31 December 2011 est.)
5.5% (31 December 2010 est.) Stock of narrow money World Ranking: 177
$239.6 million (31 December 2011 est.) $126.8 million (31 December 2010 est.) Stock of broad money World Ranking: 173
$612.3 million (31 December 2011 est.) $600.4 million (31 December 2010 est.) Stock of domestic credit World Ranking: 169
$499.8 million (31 December 2011 est.) $445.5 million (31 December 2010 est.) Market value of publicly traded shares
$NA
Agriculture - products
Copra, coconuts, cocoa, coffee, taro, yams, fruits, vegetables; beef; fish Industries
Food and fish freezing, wood processing, meat canning Electricity - production World Ranking: 202
43 million kWh (2008 est.)
Electricity - consumption World Ranking: 204
39.99 million kWh (2008 est.)
Electricity - exports
0 kWh (2009 est.)
Electricity - imports
0 kWh (2009 est.)
Oil - production World Ranking: 143
0 bbl/day (2010 est.)
Oil - consumption World Ranking: 201
1,000 bbl/day (2010 est.)
Oil - exports World Ranking: 206
0 bbl/day (2009 est.)
Oil - imports World Ranking: 194
761.1 bbl/day (2009 est.)
Oil - proved reserves World Ranking: 204
0 bbl (1 January 2011 est.)
Natural gas - production World Ranking: 140
0 cu m (2009 est.)
Natural gas - consumption World Ranking: 141
0 cu m (2009 est.)
Natural gas - exports World Ranking: 201
0 cu m (2009 est.)
Natural gas - imports World Ranking: 141
0 cu m (2009 est.)
Natural gas - proved reserves World Ranking: 139
0 cu m (1 January 2011 est.)
Current account balance World Ranking: 68
-$60 million (2007 est.)
Exports World Ranking: 200
$40 million (2006)
Exports - commodities
Copra, beef, cocoa, timber, kava, coffee Exports - partners
Thailand 56.7%, Japan 21.4% (2011) Imports World Ranking: 205
$156 million (2006)
Imports - commodities
Machinery and equipment, foodstuffs, fuels Imports - partners
China 26.7%, Singapore 21.2%, Australia 13.5%, NZ 7.2%, Fiji 6.6%, Japan 5.4% (2011) Reserves of foreign exchange and gold World Ranking: 158
$161.4 million (31 December 2010 est.) $161.4 million (31 December 2010 est.) Debt - external World Ranking: 189
$81.2 million (2004)
Stock of direct foreign investment - at home World Ranking: 95
$367.2 million
$333.1 million Stock of direct foreign investment - abroad World Ranking: 87
$15.41 million
$15.41 million Exchange rates
Vatu (VUV) per US dollar -
89.47 (2011 est,) 96.91 (2010 est.) Fiscal year
Calendar year
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Vanuatu (Port Vila):
 
GPS points from Vanuatu (Port Vila)
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Multiple waves of colonizers, each speaking a distinct language, migrated to the New Hebrides in the millennia preceding European exploration in the 18th century. This settlement pattern accounts for the complex linguistic diversity found on the archipelago to this day. The British and French, who settled the New Hebrides in the 19th century, agreed in 1906 to an Anglo-French Condominium, which administered the islands until independence in 1980, when the new name of Vanuatu was adopted.