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 | |
|---|---|
| Industrial production growth rate | -19.5% (2023 est.) |
| Industries | tourism, fishing, subsistence agriculture |
| Population below poverty line | |
| Taxes and other revenues | 18.1% (of GDP) (2020 est.) |
| Fiscal year | |
| Exchange rates | |
| 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 | 85.2% of GDP (2019 est.) |
| Budget | |
| Revenues | $127.757 million (2020 est.) |
| Expenditures | $152.398 million (2020 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 0.7% of GDP (2023 est.) |
| Remittances 2022 | 0.8% of GDP (2022 est.) |
| Remittances 2021 | 0.8% 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) | Italy 32%, China 25%, USA 11%, Turkey 10%, Japan 6% (2023) |
| Comodities Imports force | ships, refined petroleum, additive manufacturing machines, cars, plastic products (2023) |
| Exports | |
| Imports 2022 | $216.681 million (2022 est.) |
| Imports 2021 | $169.938 million (2021 est.) |
| Imports 2020 | $207.224 million (2020 est.) |
| Exports (partners) | India 41%, Turkey 26%, Taiwan 10%, USA 9%, Japan 5% (2023) |
| Comodities Exports force | ships, refined petroleum (2023) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $280.025 million (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $274.866 million (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $278.538 million (2021 est.) |
| GDP (official exchange rate) | $281.849 million (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $15,800 (2023 est.) |
| Real GDP per capita 2022 | $15,500 (2022 est.) |
| Real GDP per capita 2021 | $15,700 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 3% (2023 est.) |
| Industry | 9.9% (2023 est.) |
| Services | 76.7% (2023 est.) |
| GDP - composition, by end use | |
| Household consumption | 77.8% (2022 est.) |
| Government consumption | 36.3% (2022 est.) |
| Investment in fixed capital | 36.6% (2022 est.) |
| Investment in inventories | 1.8% (2022 est.) |
| Exports of goods and services | 13.5% (2022 est.) |
| Imports of goods and services | -74.3% (2022 est.) |
All Important Facts about Palau
Want to know more about Palau? Check all different factbooks for Palau below.
