Palau Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

high-income Pacific island economy; major subsistence agriculture and fishing industries; reliant on US aid; strong tourism has prompted sustainability oversight mechanism; severely disrupted by COVID-19

Real GDP (purchasing power parity)

$248.468 million (2021 est.)

$286.694 million (2020 est.)

$315.42 million (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

-13.33% (2021 est.)

-9.11% (2020 est.)

0.4% (2019 est.)

Real GDP per capita

$13,800 (2021 est.) note: data are in 2017 dollars

$16,000 (2020 est.) note: data are in 2017 dollars

$17,600 (2019 est.)

GDP (official exchange rate)

$292 million (2017 est.)

Inflation rate (consumer prices)

2.61% (2021 est.)

0.22% (2020 est.)

0.27% (2019 est.)

GDP - composition, by sector of origin

agriculture: 3% (2016 est.)

industry: 19% (2016 est.)

services: 78% (2016 est.)

GDP - composition, by end use

household consumption: 60.5% (2016 est.)

government consumption: 27.2% (2016 est.)

investment in fixed capital: 22.7% (2016 est.)

investment in inventories: 1.9% (2016 est.)

exports of goods and services: 55.2% (2016 est.)

imports of goods and services: -67.6% (2016 est.)

Agricultural products

coconuts, cassava (manioc, tapioca), sweet potatoes; fish, pigs, chickens, eggs, bananas, papaya, breadfruit, calamansi, soursop, Polynesian chestnuts, Polynesian almonds, mangoes, taro, guava, beans, cucumbers, squash/pumpkins (various), eggplant, green onions, kangkong (watercress), cabbages (various), radishes, betel nuts, melons, peppers, noni, okra

Industries

tourism, fishing, subsistence agriculture

Industrial production growth rate

-3.42% (2021 est.) NA

Labor force

11,610 (2016)

Labor force - by occupation

agriculture: 1.2%

industry: 12.4%

services: 86.4% (2016)

Unemployment rate

1.7% (2015 est.)

4.1% (2012)

Youth unemployment rate (ages 15-24)

total: 5.6%

male: NA

female: (2014) NA

Population below poverty line

24.9% (2006) NA

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Budget

revenues: $122 million (2019 est.)

expenditures: $121 million (2019 est.)

Budget surplus (+) or deficit (-)

8.8% (of GDP) (2016 est.)

Public debt

86.13% of GDP (2019 est.)

84.75% of GDP (2018 est.)

79.83% of GDP (2017 est.)

Taxes and other revenues

18.59% (of GDP) (2020 est.)

Fiscal year

1 October - 30 September

Current account balance

-$63.534 million (2021 est.)

-$106.379 million (2020 est.)

-$97.48 million (2019 est.)

Exports

$12.07 million (2021 est.)

$58.349 million (2020 est.)

$107.823 million (2019 est.)

Exports - partners

Japan 70%, South Korea 15%, United States 7% (2019)

Exports - commodities

fish, computers, broadcasting equipment, office machinery/parts, scrap vessels (2019)

Imports

$180.38 million (2021 est.)

$215.97 million (2020 est.)

$226.594 million (2019 est.)

Imports - partners

South Korea 19%, China 18%, Taiwan 17%, United States 17%, Japan 16% (2019)

Imports - commodities

refined petroleum, fish, cars, broadcasting equipment, modeling instruments (2019)

Reserves of foreign exchange and gold

$0 (31 December 2017 est.)

$580.9 million (31 December 2015 est.)

Debt - external

$18.38 billion (31 December 2014 est.)

$16.47 billion (31 December 2013 est.)

Exchange rates

1 (2021 est.)

1 (2020 est.)

1 (2019 est.)

1 (2018 est.)

1 (2017 est.)

the US dollar is used

NOTE: The information regarding Palau 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 Palau 2023 information contained here. All suggestions for corrections of any errors about Palau 2023 should be addressed to the CIA or the source cited on each page.