Vanuatu Economy - 2023

Economic overview

Pacific island agriculture- and tourism-based economy; environmentally vulnerable to cyclones; poor property rights administration; corruption-prone; subsidizing loss-prone state enterprises in agriculture, banking, and airports

Real GDP (purchasing power parity)

$888.165 million (2021 est.)

$884.192 million (2020 est.)

$934.627 million (2019 est.)

note: data are in 2017 dollars

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Real GDP growth rate

0.45% (2021 est.)

-5.4% (2020 est.)

3.24% (2019 est.)

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Real GDP per capita

$2,800 (2021 est.)

$2,800 (2020 est.)

$3,100 (2019 est.)

note: data are in 2017 dollars

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GDP (official exchange rate)

$870 million (2017 est.)

Inflation rate (consumer prices)

2.34% (2021 est.)

5.33% (2020 est.)

2.76% (2019 est.)

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GDP - composition, by sector of origin

agriculture: 27.3% (2017 est.)

industry: 11.8% (2017 est.)

services: 60.8% (2017 est.)

GDP - composition, by end use

household consumption: 59.9% (2017 est.)

government consumption: 17.4% (2017 est.)

investment in fixed capital: 28.7% (2017 est.)

investment in inventories: 0% (2017 est.)

exports of goods and services: 42.5% (2017 est.)

imports of goods and services: -48.5% (2017 est.)

Agricultural products

coconuts, roots/tubers nes, bananas, vegetables, pork, fruit, milk, beef, groundnuts, cocoa

Industries

food and fish freezing, wood processing, meat canning

Industrial production growth rate

4.92% (2018 est.)

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Labor force

132,700 (2021 est.)

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Labor force - by occupation

agriculture: 65%

industry: 5%

services: 30% (2000 est.)

Unemployment rate

2.18% (2021 est.)

2.12% (2020 est.)

1.8% (2019 est.)

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Youth unemployment rate (ages 15-24)

total: 5.4%

male: 5.2%

female: 5.6% (2021 est.)

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Population below poverty line

NA

Gini Index coefficient - distribution of family income

32.3 (2019 est.)

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Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Budget

revenues: $398 million (2019 est.)

expenditures: $355 million (2019 est.)

Budget surplus (+) or deficit (-)

-0.9% (of GDP) (2017 est.)

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Public debt

48.4% of GDP (2017 est.)

46.1% of GDP (2016 est.)

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Taxes and other revenues

14.24% (of GDP) (2020 est.)

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Fiscal year

calendar year

Current account balance

$1.893 million (2021 est.)

$60.619 million (2020 est.)

$215.521 million (2019 est.)

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Exports

$88.805 million (2021 est.) note: data are in current year dollars

$141.534 million (2020 est.) note: data are in current year dollars

$372.711 million (2019 est.)

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Exports - partners

Japan 33%, Thailand 13%, Mauritania 13%, South Korea 11%, China 9%, Fiji 7% (2019)

Exports - commodities

fish and fish products, tug boats, perfume plants, mollusks, cocoa beans (2019)

Imports

$495.858 million (2021 est.) note: data are in current year dollars

$429.601 million (2020 est.) note: data are in current year dollars

$488.795 million (2019 est.)

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Imports - partners

China 29%, Australia 18%, New Zealand 11%, Fiji 11%, Taiwan 5%, Thailand 5% (2019)

Imports - commodities

refined petroleum, fishing ships, delivery trucks, poultry meats, broadcasting equipment (2019)

Reserves of foreign exchange and gold

$664.751 million (31 December 2021 est.)

$613.637 million (31 December 2020 est.)

$511.546 million (31 December 2019 est.)

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Debt - external

$200.5 million (31 December 2017 est.)

$182.5 million (31 December 2016 est.)

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Exchange rates

vatu (VUV) per US dollar -

109.453 (2021 est.)

115.38 (2020 est.)

114.733 (2019 est.)

110.165 (2018 est.)

107.821 (2017 est.)

NOTE: The information regarding Vanuatu on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Vanuatu 2023 information contained here. All suggestions for corrections of any errors about Vanuatu 2023 should be addressed to the CIA or the source cited on each page.