Tuvalu Economy - 2024

Economic overview

upper middle-income Pacific island economy; extremely environmentally fragile; currency pegged to Australian dollar; large international aid recipient; subsistence agrarian sector; Te Kakeega sustainable development; domain name licensing incomes

Real GDP (purchasing power parity)

$55.169 million (2021 est.)
$53.57 million (2020 est.)
$52.77 million (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

2.99% (2021 est.)
1.52% (2020 est.)
13.79% (2019 est.)

Real GDP per capita

$4,900 (2021 est.)
$4,800 (2020 est.)
$4,800 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$40 million (2017 est.)

Inflation rate (consumer prices)

4.1% (2017 est.)
3.5% (2016 est.)

GDP - composition, by sector of origin

agriculture: 24.5% (2012 est.)

industry: 5.6% (2012 est.)

services: 70% (2012 est.)

GDP - composition, by end use

government consumption: 87% (2016 est.)

investment in fixed capital: 24.3% (2016 est.)

exports of goods and services: 43.7% (2016 est.)

imports of goods and services: -66.1% (2016 est.)

Agricultural products

coconuts, vegetables, tropical fruit, bananas, roots/tubers, pork, poultry, eggs, pig fat, pig offals

Industries

fishing

Industrial production growth rate

-26.1% (2012 est.)

Labor force

3,615 (2004 est.)

Unemployment rate

N/A

Youth unemployment rate (ages 15-24)

total: 20.6% (2016)

male: 9.8%

female: 45.9%

Population below poverty line

26.3% (2010 est.)

Gini Index coefficient - distribution of family income

39.1 (2010 est.)

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Remittances

0% of GDP (2020 est.)
1.66% of GDP (2019 est.)
2% of GDP (2018 est.)

Budget

revenues: $87 million (2019 est.)

expenditures: $88 million (2019 est.)

note: revenue data include Official Development Assistance from Australia

Budget surplus (+) or deficit (-)

25.6% (of GDP) (2013 est.)

Public debt

37% of GDP (2017 est.)
47.2% of GDP (2016 est.)

Taxes and other revenues

106.7% (of GDP) (2013 est.)

note: revenue data include Official Development Assistance from Australia

Fiscal year

calendar year

Current account balance

$20.82 million (2021 est.)
$9.015 million (2020 est.)
-$6.051 million (2019 est.)

Exports

$2.699 million (2021 est.) note: data are in current year dollars
$3.087 million (2020 est.) note: data are in current year dollars
$10.266 million (2019 est.)

Exports - partners

Thailand 91%, Nigeria 5%, Philippines 3%, South Korea 1% (2021)

Exports - commodities

tugboats, tuna, nitrile compounds, integrated circuits, electrical power accessories (2021)

Imports

$51.187 million (2021 est.) note: data are in current year dollars
$50.792 million (2020 est.) note: data are in current year dollars
$65.24 million (2019 est.)

Imports - partners

China 36%, Japan 33%, Fiji 13%, South Korea 9%, New Zealand 4% (2021)

Imports - commodities

cargo ships, fishing ships, refined petroleum, tankers, tugboats, construction vehicles (2021)

Debt - external

N/A

Exchange rates

Tuvaluan dollars or Australian dollars (AUD) per US dollar -

Exchange rates:
1.311 (2017 est.)
1.3442 (2016 est.)