Palau Economy - 2024

Economic overview

high-income Pacific island economy; environmentally fragile; subsistence agriculture and fishing industries; US aid reliance; rebounding post-pandemic tourism industry and services sector; very high living standard and low unemployment

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)

Unemployment rate

1.7% (2015 est.)
4.1% (2012)

Youth unemployment rate (ages 15-24)

total: 5.6% (2014)

male: NA

female: NA

Population below poverty line

24.9% (2006) NA

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Remittances

0.86% of GDP (2020 est.)
0.78% of GDP (2019 est.)
0.76% of GDP (2018 est.)

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 34%, Taiwan 16%, Turkey 16%, Italy 12%, United States 9% (2021)

Exports - commodities

computers, scrap vessels, recreational boats, scrap iron, fish, scrap copper, scrap aluminum (2021)

Imports

$180.38 million (2021 est.)
$215.97 million (2020 est.)
$226.594 million (2019 est.)

Imports - partners

China 34%, United States 21%, South Korea 12%, Japan 8%, Taiwan 6% (2021)

Imports - commodities

refined petroleum, boat propellers, iron structures, cars, floating docks, broadcasting equipment, prefabricated buildings (2021)

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