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, oranges, yams, cabbages, taro, bananas, chillies/peppers, chestnuts, sweet potatoes, cassava (2023).
More about the economy of Vanuatu
| Labor force | 118,100 (2024 est.) |
|---|---|
| Industrial production growth rate | -19.7% (2022 est.) |
| Industries | food and fish freezing, wood processing, meat canning |
| Population below poverty line | 15.9% (2019 est.) |
| Taxes and other revenues | 17.4% (of GDP) (2023 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | vatu (VUV) per US dollar - |
| Exchange rates 2024 | 119.167 (2024 est.) |
| Exchange rates 2023 | 119.112 (2023 est.) |
| Exchange rates 2022 | 115.354 (2022 est.) |
| Exchange rates 2021 | 109.452 (2021 est.) |
| Exchange rates 2020 | 115.38 (2020 est.) |
| Debt - external | |
| Debt - external 2023 | $299.746 million (2023 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2024 | $614.65 million (2024 est.) |
| Reserves of foreign exchange and gold 2023 | $643.768 million (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $638.537 million (2022 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 2023 | 71.7% of GDP (2023 est.) |
| Budget | |
| Revenues | $386.577 million (2023 est.) |
| Expenditures | $378.659 million (2023 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 12.9% of GDP (2023 est.) |
| Remittances 2022 | 19.2% of GDP (2022 est.) |
| Remittances 2021 | 20.3% 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 26%, Australia 15%, Angola 11%, Fiji 9%, NZ 8% (2023) |
| Comodities Imports force | refined petroleum, ships, plastic products, poultry, trucks (2023) |
| 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 49%, Japan 19%, Cote d'Ivoire 10%, China 7%, USA 3% (2023) |
| Comodities Exports force | fish, ships, perfume plants, wood, copra (2023) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2024 | $1.039 billion (2024 est.) |
| Real GDP (purchasing power parity) 2023 | $999.162 million (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $1.009 billion (2022 est.) |
| GDP (official exchange rate) | $1.161 billion (2024 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2024 | $3,200 (2024 est.) |
| Real GDP per capita 2023 | $3,100 (2023 est.) |
| Real GDP per capita 2022 | $3,200 (2022 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 24.9% (2022 est.) |
| Industry | 7.5% (2022 est.) |
| Services | 60.4% (2022 est.) |
| GDP - composition, by end use | |
| Household consumption | 77.2% (2022 est.) |
| Government consumption | 23.9% (2022 est.) |
| Investment in fixed capital | 38.8% (2022 est.) |
| Investment in inventories | 0.4% (2022 est.) |
| Exports of goods and services | 9.6% (2022 est.) |
| Imports of goods and services | -55.5% (2022 est.) |
| Unemployment rate | |
| Unemployment rate 2024 | 5.1% (2024 est.) |
| Unemployment rate 2023 | 5.1% (2023 est.) |
| Unemployment rate 2022 | 5.2% (2022 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 11.6% (2024 est.) |
| Male | 9.6% (2024 est.) |
| Female | 14% (2024 est.) |
All Important Facts about Vanuatu
Want to know more about Vanuatu? Check all different factbooks for Vanuatu below.
