Vanuatu - Economy
How is the economy of Vanuatu? Based on the information we have, Vanuatu has a 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. Key agricultural products in this country include: coconuts, root vegetables, bananas, vegetables, fruits, pork, groundnuts, milk, beef, tropical fruits (2022).
More about the economy of Vanuatu
| Labor force | 142,000 (2023 est.) |
|---|---|
| Industrial production growth rate | 4.92% (2018 est.) |
| Industries | food and fish freezing, wood processing, meat canning |
| Population below poverty line | 15.9% (2020 est.) |
| Taxes and other revenues | 15.88% (of GDP) (2021 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | vatu (VUV) per US dollar - |
| Exchange rates 2023 | 119.113 (2023 est.) |
| Exchange rates 2022 | 115.354 (2022 est.) |
| Exchange rates 2021 | 109.453 (2021 est.) |
| Exchange rates 2020 | 115.38 (2020 est.) |
| Exchange rates 2019 | 114.733 (2019 est.) |
| Debt - external | |
| Debt - external 31 December 2017 | $200.5 million (31 December 2017 est.) |
| Debt - external 31 December 2016 | $182.5 million (31 December 2016 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2023 | $643.768 million (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $638.537 million (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $664.751 million (2021 est.) |
| Current account balance | |
| Current account balance 2022 | -$127.432 million (2022 est.) |
| Current account balance 2021 | -$75.451 million (2021 est.) |
| Current account balance 2020 | -$57.858 million (2020 est.) |
| Public debt | |
| Public debt 2021 | 87.07% of GDP (2021 est.) |
| Budget | |
| Revenues | $398 million (2019 est.) |
| Expenditures | $355 million (2019 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 15.68% of GDP (2023 est.) |
| Remittances 2022 | 19.35% of GDP (2022 est.) |
| Remittances 2021 | 21.03% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 3% (2019 est.) |
| Highest 10% | 24.7% (2019 est.) |
| Imports | |
| Imports 2022 | $579.347 million (2022 est.) |
| Imports 2021 | $520.391 million (2021 est.) |
| Imports 2020 | $438.373 million (2020 est.) |
| Imports (partners) | China 24%, Australia 15%, Malaysia 12%, NZ 9%, Fiji 8% (2022) |
| Comodities Imports force | refined petroleum, ships, plastic products, poultry, broadcasting equipment (2022) |
| Exports | |
| Imports 2022 | $579.347 million (2022 est.) |
| Imports 2021 | $520.391 million (2021 est.) |
| Imports 2020 | $438.373 million (2020 est.) |
| Exports (partners) | Thailand 42%, Japan 27%, South Korea 7%, Philippines 6%, China 5% (2022) |
| Comodities Exports force | fish, perfume plants, copra, shellfish, cocoa beans (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $999.536 million (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $977.896 million (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $959.511 million (2021 est.) |
| GDP (official exchange rate) | $1.126 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $3,000 (2023 est.) |
| Real GDP per capita 2022 | $3,000 (2022 est.) |
| Real GDP per capita 2021 | $3,000 (2021 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.) |
| Unemployment rate | |
| Unemployment rate 2023 | 5.1% (2023 est.) |
| Unemployment rate 2022 | 5.17% (2022 est.) |
| Unemployment rate 2021 | 4.73% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 10.7% (2023 est.) |
| Male | 8.9% (2023 est.) |
| Female | 13% (2023 est.) |
All Important Facts about Vanuatu
Want to know more about Vanuatu? Check all different factbooks for Vanuatu below.
