Palau - Economy
How is the economy of Palau? Based on the information we have, Palau has a 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. Key agricultural products in this country include: 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.
More about the economy of Palau
Labor force 11,610 (2016)
Industrial production growth rate -19.56% (2022 est.)
Industries tourism, fishing, subsistence agriculture
Population below poverty line
Taxes and other revenues 17.93% (of GDP) (2020 est.)
Fiscal year
Exchange rates
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 31 December 2015 $580.9 million (31 December 2015 est.)
Current account balance
Current account balance 2022 -$135.428 million (2022 est.)
Current account balance 2021 -$115.739 million (2021 est.)
Current account balance 2020 -$115.61 million (2020 est.)
Public debt
Public debt 2019 85.24% of GDP (2019 est.)
Budget
Revenues $173.256 million (2019 est.)
Expenditures $175.508 million (2019 est.)
Budget surplus (+) or deficit (-)
Remittances
Remittances 2023 0.38% of GDP (2023 est.)
Remittances 2022 0.81% of GDP (2022 est.)
Remittances 2021 0.82% of GDP (2021 est.)
Imports
Imports 2022 $216.681 million (2022 est.)
Imports 2021 $169.938 million (2021 est.)
Imports 2020 $207.224 million (2020 est.)
Imports (partners) China 35%, US 14%, South Korea 13%, Japan 8%, Italy 6% (2022)
Comodities Imports force ships, refined petroleum, iron structures, plastic products, electric batteries (2022)
Exports
Imports 2022 $216.681 million (2022 est.)
Imports 2021 $169.938 million (2021 est.)
Imports 2020 $207.224 million (2020 est.)
Exports (partners) Greece 27%, Japan 26%, France 18%, Taiwan 8%, US 7% (2022)
Comodities Exports force ships, computers, machine parts, scrap iron, fish (2022)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2023 $284.695 million (2023 est.)
Real GDP (purchasing power parity) 2022 $283.424 million (2022 est.)
Real GDP (purchasing power parity) 2021 $284.454 million (2021 est.)
GDP (official exchange rate) $263.021 million (2023 est.)
Real GDP Per capita
Real GDP per capita 2023 $15,800 (2023 est.)
Real GDP per capita 2022 $15,700 (2022 est.)
Real GDP per capita 2021 $15,800 (2021 est.)
GDP - composition, by sector of origin
Agriculture 3.4% (2022 est.)
Industry 12.3% (2022 est.)
Services 80.1% (2022 est.)
GDP - composition, by end use
Household consumption 82% (2022 est.)
Government consumption 38.3% (2022 est.)
Investment in fixed capital 38.7% (2022 est.)
Investment in inventories 1.2% (2022 est.)
Exports of goods and services 14.2% (2022 est.)
Imports of goods and services -78.3% (2022 est.)
Unemployment rate
Unemployment rate 2015 1.7% (2015 est.)
Youth unemployment rate (ages 15-24)
Total 5.6% (2014)
All Important Facts about Palau

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Palau is found in Micronesia