Tuvalu Economy - 2024

GEOGRAPHICAL NAMES 

Economic overview

upper middle-income Pacific island economy; extremely environmentally fragile; currency pegged to Australian dollar; large international aid recipient; subsistence agrarian sector; Te Kakeega sustainable development; domain name licensing incomes

Real GDP (purchasing power parity)

$55.169 million (2021 est.)
$53.57 million (2020 est.)
$52.77 million (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

2.99% (2021 est.)
1.52% (2020 est.)
13.79% (2019 est.)

Real GDP per capita

$4,900 (2021 est.)
$4,800 (2020 est.)
$4,800 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$40 million (2017 est.)

Inflation rate (consumer prices)

4.1% (2017 est.)
3.5% (2016 est.)

GDP - composition, by sector of origin

agriculture: 24.5% (2012 est.)

industry: 5.6% (2012 est.)

services: 70% (2012 est.)

GDP - composition, by end use

government consumption: 87% (2016 est.)

investment in fixed capital: 24.3% (2016 est.)

exports of goods and services: 43.7% (2016 est.)

imports of goods and services: -66.1% (2016 est.)

Agricultural products

coconuts, vegetables, tropical fruit, bananas, roots/tubers, pork, poultry, eggs, pig fat, pig offals

Industries

fishing

Industrial production growth rate

-26.1% (2012 est.)

Labor force

3,615 (2004 est.)

Unemployment rate

N/A

Youth unemployment rate (ages 15-24)

total: 20.6% (2016)

male: 9.8%

female: 45.9%

Population below poverty line

26.3% (2010 est.)

Gini Index coefficient - distribution of family income

39.1 (2010 est.)

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Remittances

0% of GDP (2020 est.)
1.66% of GDP (2019 est.)
2% of GDP (2018 est.)

Budget

revenues: $87 million (2019 est.)

expenditures: $88 million (2019 est.)

note: revenue data include Official Development Assistance from Australia

Budget surplus (+) or deficit (-)

25.6% (of GDP) (2013 est.)

Public debt

37% of GDP (2017 est.)
47.2% of GDP (2016 est.)

Taxes and other revenues

106.7% (of GDP) (2013 est.)

note: revenue data include Official Development Assistance from Australia

Fiscal year

calendar year

Current account balance

$20.82 million (2021 est.)
$9.015 million (2020 est.)
-$6.051 million (2019 est.)

Exports

$2.699 million (2021 est.) note: data are in current year dollars
$3.087 million (2020 est.) note: data are in current year dollars
$10.266 million (2019 est.)

Exports - partners

Thailand 91%, Nigeria 5%, Philippines 3%, South Korea 1% (2021)

Exports - commodities

tugboats, tuna, nitrile compounds, integrated circuits, electrical power accessories (2021)

Imports

$51.187 million (2021 est.) note: data are in current year dollars
$50.792 million (2020 est.) note: data are in current year dollars
$65.24 million (2019 est.)

Imports - partners

China 36%, Japan 33%, Fiji 13%, South Korea 9%, New Zealand 4% (2021)

Imports - commodities

cargo ships, fishing ships, refined petroleum, tankers, tugboats, construction vehicles (2021)

Debt - external

N/A

Exchange rates

Tuvaluan dollars or Australian dollars (AUD) per US dollar -

Exchange rates:
1.311 (2017 est.)
1.3442 (2016 est.)

NOTE: The information regarding Tuvalu on this page is re-published from the 2024 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Tuvalu 2024 information contained here. All suggestions for corrections of any errors about Tuvalu 2024 should be addressed to the CIA or the source cited on each page.