Vanuatu Economy - 2024

Economic overview

lower-middle income Pacific island economy; extremely reliant on subsistence agriculture and tourism; environmentally fragile; struggling post-pandemic and Tropical Cyclone Harold rebound; sizeable inflation; road infrastructure aid from Australia

Real GDP (purchasing power parity)

$888.165 million (2021 est.)
$884.192 million (2020 est.)
$934.627 million (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

0.45% (2021 est.)
-5.4% (2020 est.)
3.24% (2019 est.)

Real GDP per capita

$2,800 (2021 est.)
$2,800 (2020 est.)
$3,100 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$870 million (2017 est.)

Inflation rate (consumer prices)

2.34% (2021 est.)
5.33% (2020 est.)
2.76% (2019 est.)

GDP - composition, by sector of origin

agriculture: 27.3% (2017 est.)

industry: 11.8% (2017 est.)

services: 60.8% (2017 est.)

GDP - composition, by end use

household consumption: 59.9% (2017 est.)

government consumption: 17.4% (2017 est.)

investment in fixed capital: 28.7% (2017 est.)

investment in inventories: 0% (2017 est.)

exports of goods and services: 42.5% (2017 est.)

imports of goods and services: -48.5% (2017 est.)

Agricultural products

coconuts, roots/tubers, bananas, vegetables, pork, fruit, milk, beef, groundnuts, cocoa

Industries

food and fish freezing, wood processing, meat canning

Industrial production growth rate

4.92% (2018 est.)

Labor force

132,700 (2021 est.)

Unemployment rate

2.18% (2021 est.)
2.12% (2020 est.)
1.8% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 5.4% (2021 est.)

male: 5.2%

female: 5.6%

Population below poverty line

N/A

Gini Index coefficient - distribution of family income

32.3 (2019 est.)

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Remittances

10.92% of GDP (2020 est.)
8.01% of GDP (2019 est.)
3.85% of GDP (2018 est.)

Budget

revenues: $398 million (2019 est.)

expenditures: $355 million (2019 est.)

Budget surplus (+) or deficit (-)

-0.9% (of GDP) (2017 est.)

Public debt

48.4% of GDP (2017 est.)
46.1% of GDP (2016 est.)

Taxes and other revenues

14.24% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

$1.893 million (2021 est.)
$60.619 million (2020 est.)
$215.521 million (2019 est.)

Exports

$88.805 million (2021 est.) note: data are in current year dollars
$141.534 million (2020 est.) note: data are in current year dollars
$372.711 million (2019 est.)

Exports - partners

Thailand 54%, Japan 18%, South Korea 6%, Cyprus 5%, China 4% (2021)

Exports - commodities

tuna, floating platforms, cargo ships, perfume plants, mollusks, copra (2021)

Imports

$495.858 million (2021 est.) note: data are in current year dollars
$429.601 million (2020 est.) note: data are in current year dollars
$488.795 million (2019 est.)

Imports - partners

China 26%, Australia 16%, New Zealand 15%, Fiji 8%, Singapore 7% (2021)

Imports - commodities

refined petroleum, fishing ships, poultry meats, delivery trucks, lumber, rice, broadcasting equipment (2021)

Reserves of foreign exchange and gold

$664.751 million (31 December 2021 est.)
$613.637 million (31 December 2020 est.)
$511.546 million (31 December 2019 est.)

Debt - external

$200.5 million (31 December 2017 est.)
$182.5 million (31 December 2016 est.)

Exchange rates

vatu (VUV) per US dollar -

Exchange rates:
109.453 (2021 est.)
115.38 (2020 est.)
114.733 (2019 est.)
110.165 (2018 est.)
107.821 (2017 est.)