French Polynesia Economy - 2021

GEOGRAPHICAL NAMES 

Economic overview

Since 1962, when France stationed military personnel in the region, French Polynesia has changed from a subsistence agricultural economy to one in which a high proportion of the work force is either employed by the military or supports the tourist industry. With the halt of French nuclear testing in 1996, the military contribution to the economy fell sharply.

After growing at an average yearly rate of 4.2% from 1997-2007, the economic and financial crisis in 2008 marked French Polynesia’s entry into recession. However, since 2014, French Polynesia has shown signs of recovery. Business turnover reached 1.8% year-on-year in September 2016, tourism increased 1.8% in 2015, and GDP grew 2.0% in 2015.

French Polynesia’s tourism-dominated service sector accounted for 85% of total value added for the economy in 2012. Tourism employs 17% of the workforce. Pearl farming is the second biggest industry, accounting for 54% of exports in 2015; however, the output has decreased to 12.5 tons – the lowest level since 2008. A small manufacturing sector predominantly processes commodities from French Polynesia’s primary sector - 8% of total economy in 2012 - including agriculture and fishing.

France has agreed to finance infrastructure, marine businesses, and cultural and ecological sites at roughly $80 million per year between 2015 and 2020. Japan, the US, and China are French Polynesia’s three largest trade partners.

Real GDP growth rate

2% (2015 est.)

-2.7% (2014 est.)

-2.5% (2010 est.)

Inflation rate (consumer prices)

0% (2015 est.)

0.3% (2014 est.)

Real GDP (purchasing power parity)

$5.49 billion (2017 est.)

$5.383 billion (2016 est.)

$6.963 billion (2015 est.)

GDP (official exchange rate)

$4.795 billion (2015 est.)

Real GDP per capita

$17,000 (2015 est.)

$20,100 (2014 est.)

$22,700 (2010)

GDP - composition, by sector of origin

agriculture: 2.5% (2009)

industry: 13% (2009)

services: 84.5% (2009)

GDP - composition, by end use

household consumption: 66.9% (2014 est.)

government consumption: 33.6% (2014 est.)

investment in fixed capital: 19.4% (2014 est.)

investment in inventories: 0.1% (2014 est.)

exports of goods and services: 17.5% (2014 est.)

imports of goods and services: -37.5% (2014 est.)

Agricultural products

coconuts, fruit, roots/tubers nes, pineapples, cassava, sugar cane, eggs, tropical fruit, tomatoes

Industries

tourism, pearls, agricultural processing, handicrafts, phosphates

Industrial production growth rate

N/A

Labor force

126,300 (2016 est.)

Labor force - by occupation

agriculture: 13%

industry: 19%

services: 68% (2013 est.)

Unemployment rate

21.8% (2012)

11.7% (2010)

Population below poverty line

19.7% (2009 est.)

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Budget

revenues: 1.891 billion (2012)

expenditures: 1.833 billion (2011)

Taxes and other revenues

39.4% (of GDP) (2012)

Budget surplus (+) or deficit (-)

1.2% (of GDP) (2012)

Fiscal year

calendar year

Current account balance

$207.7 million (2014 est.)

$158.8 million (2013 est.)

Exports

$1.245 billion (2014 est.)

$1.168 billion (2013 est.)

Exports - partners

Japan 23.1%, Hong Kong 21.5%, Kyrgyzstan 15.9%, US 15.9%, France 12.4% (2017)

Exports - commodities

cultured pearls, coconut products, mother-of-pearl, vanilla, shark meat

Imports

$2.235 billion (2014 est.)

$2.271 billion (2013 est.)

Imports - partners

France 27.9%, South Korea 12.1%, US 10.1%, China 7.3%, NZ 6.7%, Singapore 4.2% (2017)

Imports - commodities

fuels, foodstuffs, machinery and equipment

Debt - external

N/A

Exchange rates

Comptoirs Francais du Pacifique francs (XPF) per US dollar -

110.2 (2017 est.)

107.84 (2016 est.)

107.84 (2015 est.)

89.85 (2014 est.)

90.56 (2013 est.)

NOTE: The information regarding French Polynesia on this page is re-published from the 2021 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of French Polynesia 2021 information contained here. All suggestions for corrections of any errors about French Polynesia 2021 should be addressed to the CIA or the source cited on each page.