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Tuvalu Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











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


Page last updated on February 28, 2018

Economy - overview:
Tuvalu consists of a densely populated, scattered group of nine coral atolls with poor soil. Only eight of the atolls are inhabited. It is one of the smallest countries in the world, with its highest point at 4.6 meters above sea level. The country is isolated, almost entirely dependent on imports, particularly of food and fuel, and vulnerable to climate change and rising sea levels, which pose significant challenges to development.The public sector dominates economic activity. Tuvalu has few natural resources, except for its fisheries. Earnings from fish exports and fishing licenses for Tuvalu’s territorial waters are a significant source of government revenue. In 2013, revenue from fishing licenses doubled and totaled more than 45% of GDP.Official aid from foreign development partners has also increased. Tuvalu has substantial assets abroad. The Tuvalu Trust Fund, an international trust fund established in 1987 by development partners, has grown to $104 million (A$141 million) in 2014 and is an important cushion for meeting shortfalls in the government's budget. While remittances are another substantial source of income, the value of remittances has declined since the 2008-09 global financial crisis, but has stabilized at nearly $4 million per year. The financial impact of climate change and the cost of climate related adaptation projects is one of many concerns for the nation.

GDP (purchasing power parity):
$42 million (2017 est.) $40.68 million (2016 est.) $39.48 million (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 227

GDP (official exchange rate):
$40 million (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3.2% (2017 est.) 3% (2016 est.) 9.1% (2015 est.)
country comparison to the world: 105
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$3,800 (2017 est.) $3,700 (2016 est.) $3,600 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 182

GDP - composition, by sector of origin:
agriculture: 24.5%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 5.6%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 70% (2012 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
coconuts; fish

Industries:
fishing

Industrial production growth rate:
-26.1% (2012 est.)
country comparison to the world: 202
[see also: Industrial production growth rate country ranks ]

Labor force:
3,615 (2004 est.)
country comparison to the world: 224
[see also: Labor force country ranks ]

Labor force - by occupation:
note: people make a living mainly through exploitation of the sea, reefs, and atolls and through overseas remittances (mostly from workers in the phosphate industry and sailors)

Unemployment rate:
NA%
[see also: Unemployment rate country ranks ]

Population below poverty line:
26.3% (2010 est.)
[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: $42.68 million
[see also: Budget - revenues country ranks ]
expenditures: $32.46 million (2013 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
106.7% of GDP (2013 est.)
country comparison to the world: 1
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
25.6% of GDP (2013 est.)
country comparison to the world: 1
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
53.7% of GDP (2016 est.) 58.2% of GDP (2015 est.)
country comparison to the world: 88
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
2.9% (2017 est.) 3.5% (2016 est.)
country comparison to the world: 126
[see also: Inflation rate (consumer prices) country ranks ]

Commercial bank prime lending rate:
10.6% (31 December 2013 est.) 10.6% (31 December 2012 est.)
country comparison to the world: 75
[see also: Commercial bank prime lending rate country ranks ]

Market value of publicly traded shares:
$0 (2014)
country comparison to the world: 123
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$15 million (2017 est.) -$12 million (2016 est.)
country comparison to the world: 65
[see also: Current account balance country ranks ]

Exports:
$600,000 (2010 est.) $1 million (2004 est.)
country comparison to the world: 220
[see also: Exports country ranks ]

Exports - commodities:
copra, fish

Exports - partners:
Bosnia and Herzegovina 24.8%, Singapore 18.8%, Nigeria 17.3%, Fiji 14.5%, US 6% (2016)

Imports:
$136.5 million (2013 est.) $238.6 million (2012 est.)
country comparison to the world: 208
[see also: Imports country ranks ]

Imports - commodities:
food, animals, mineral fuels, machinery, manufactured goods

Imports - partners:
Singapore 51.3%, NZ 9.4%, Australia 8.6%, US 6.8%, Japan 6.1%, Fiji 5.9% (2016)

Debt - external:
$NA
[see also: Debt - external country ranks ]

Exchange rates:
Tuvaluan dollars or Australian dollars (AUD) per US dollar - 1.67 (2014 est.) 1.352 (2013 est.)


NOTE: 1) The information regarding Tuvalu 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 Tuvalu Economy 2018 information contained here. All suggestions for corrections of any errors about Tuvalu 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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