Wallis and Futuna Economy - 2021


SOURCE: 2021 CIA WORLD FACTBOOK

GEOGRAPHICAL NAMES  Spanish Simplified Chinese French German Russian Hindi Arabic Portuguese

Economic overview

The economy is limited to traditional subsistence agriculture, with about 80% of labor force earnings coming from agriculture (coconuts and vegetables), livestock (mostly pigs), and fishing. However, roughly 70% of the labor force is employed in the public sector, although only about a third of the population is in salaried employment.

Revenues come from French Government subsidies, licensing of fishing rights to Japan and South Korea, import taxes, and remittances from expatriate workers in New Caledonia. France directly finances the public sector and health-care and education services. It also provides funding for key development projects in a range of areas, including infrastructure, economic development, environmental management, and health-care facilities.

A key concern for Wallis and Futuna is an aging population with consequent economic development issues. Very few people aged 18-30 live on the islands due to the limited formal employment opportunities. Improving job creation is a current priority for the territorial government.

Real GDP growth rate

N/A

Inflation rate (consumer prices)

0.9% (2015)

2.8% (2005)

country comparison to the world: 63

Real GDP (purchasing power parity)

$60 million (2004 est.)

country comparison to the world: 224

GDP (official exchange rate)

$195 million (2005) (2005)

Real GDP per capita

$3,800 (2004 est.)

country comparison to the world: 186

GDP - composition, by sector of origin

agriculture: NA

industry: NA

services: NA

GDP - composition, by end use

household consumption: 26% (2005)

government consumption: 54% (2005)

Agricultural products

coconuts, breadfruit, yams, taro, bananas; pigs, goats; fish

Industries

copra, handicrafts, fishing, lumber

Industrial production growth rate

N/A

Labor force

4,482 (2013)

country comparison to the world: 222

Labor force - by occupation

agriculture: 74%

industry: 3%

services: 23% (2015 est.)

Unemployment rate

8.8% (2013 est.)

12.2% (2008 est.)

country comparison to the world: 134

Population below poverty line

N/A

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Budget

revenues: 32.54 million NA (2015 est.)

expenditures: 34.18 million NA (2015 est.)

Taxes and other revenues

16.7% (of GDP) NA (2015 est.)

country comparison to the world: 175

Budget surplus (+) or deficit (-)

-0.8% (of GDP) NA (2015 est.)

country comparison to the world: 70

Public debt

5.6% of GDP (2004 est.)

note: offical data; data cover general government debt and include debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities, as well as intragovernmental debt; intragovernmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; debt instruments for the social funds are not sold at public auctions

country comparison to the world: 204

Fiscal year

calendar year

Exports

$47,450 (2004 est.)

country comparison to the world: 223

Exports - partners

Singapore 47%, France 32%, Belgium 9% (2019)

Exports - commodities

integrated circuits, jewelry, cars, aircraft parts, polyacetals (2019)

Imports

$61.17 million (2004 est.)

country comparison to the world: 220

Imports - partners

France 43%, Fiji 24%, New Zealand 11%, Australia 6% (2019)

Imports - commodities

refined petroleum, beef products, poultry meats, engine parts, packaged medicines (2019)

Debt - external

$3.67 million (2004)

country comparison to the world: 201

Exchange rates

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

110.2 (2015 est.)

89.8 (2014 est.)

89.85 (2013 est.)

90.56 (2012 est.)

NOTE: The information regarding Wallis and Futuna 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 Wallis and Futuna 2021 information contained here. All suggestions for corrections of any errors about Wallis and Futuna 2021 should be addressed to the CIA or the source cited on each page.

This page was last modified 16 Dec 23, Copyright © 2023 ITA all rights reserved.