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Palau Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











Palau Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

Economy - overview:
The economy is dominated by tourism, fishing, and subsistence agriculture. 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 that 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. The population enjoys a per capita income roughly double that of the Philippines and much of Micronesia.Business and leisure tourist arrivals reached a record 167,966 in 2015, a 14.4% increase over the previous year, but fell to 138,408 in 2016. 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):
$301 million (2017 est.) $298 million (2016 est.) $292.4 million (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 217

GDP (official exchange rate):
$321 million (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
1% (2017 est.) 1.9% (2016 est.) 11.4% (2015 est.)
country comparison to the world: 185
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$16,700 (2017 est.) $16,600 (2016 est.) $16,200 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 105

GDP - composition, by end use:
household consumption: 60.6%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 27.2%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 22.6%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 2%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 55.1%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -67.5% (2016)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 3%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 19%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 78% (2016 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
coconuts, cassava (manioc, tapioca), sweet potatoes; fish, pigs, chickens, eggs, bananas, papaya, breadfruit, calamansi, soursop, Polynesian chestnuts, Polynesian almonds, mangoes, taro, guava, beans, cucumbers, squash/pumpkins (various), eggplant, green onions, kangkong (watercress), cabbages (various), radishes, betel nuts, melons, peppers, noni, okra

Industries:
tourism, fishing, subsistence agriculture

Industrial production growth rate:
NA%
[see also: Industrial production growth rate country ranks ]

Labor force:
11,610 (2016)
country comparison to the world: 217
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 1.2%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 12.4%
[see also: Labor force - by occupation - industry country ranks ]
services: 86.4% (2016)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
1.7% (2015 est.) 4.1% (2012)
country comparison to the world: 12
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%

Budget:
revenues: $212.2 million
[see also: Budget - revenues country ranks ]
expenditures: $183.9 million (2012 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
66.1% of GDP (2016 est.)
country comparison to the world: 5
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
8.8% of GDP (2016 est.)
country comparison to the world: 3
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
24.1% of GDP (2016 est.) 21.6% of GDP (2015)
country comparison to the world: 180
[see also: Public debt country ranks ]

Fiscal year:
1 October - 30 September

Inflation rate (consumer prices):
1.5% (2017 est.) -1% (2016 est.)
country comparison to the world: 65
[see also: Inflation rate (consumer prices) country ranks ]

Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$39 million (2017 est.) -$32 million (2016 est.)
country comparison to the world: 69
[see also: Current account balance country ranks ]

Exports:
$117.5 million (2016 est.) $14.8 million (2015 est.)
country comparison to the world: 194
[see also: Exports country ranks ]

Exports - commodities:
shellfish, tuna, other fish (many species)

Exports - partners:
Greece 82.4%, US 6.9% (2016)

Imports:
$179.3 million (2016 est.) $156.8 million (2015 est.)
country comparison to the world: 206
[see also: Imports country ranks ]

Imports - commodities:
machinery and equipment, fuels, metals; foodstuffs

Imports - partners:
US 24.6%, Japan 19.8%, China 14.3%, Guam 14.2%, Philippines 4.4% (2016)

Reserves of foreign exchange and gold:
$580.9 million (31 December 2015 est.)
country comparison to the world: 139
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$18.38 billion (31 December 2014 est.) $16.47 billion (31 December 2013 est.)
country comparison to the world: 94
[see also: Debt - external country ranks ]

Exchange rates:
the US dollar is used


NOTE: 1) The information regarding Palau on this page is re-published from the 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Palau Economy 2018 information contained here. All suggestions for corrections of any errors about Palau Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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