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 2022 $295.759 million (2022 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 $415.063 million (2021 est.)
Expenditures $325.587 million (2021 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 21.2% (2018 est.)
Industry 10% (2018 est.)
Services 59.8% (2018 est.)
GDP - composition, by end use
Household consumption 55.5% (2019 est.)
Government consumption 20.6% (2019 est.)
Investment in fixed capital 55.5% (2022 est.)
Investment in inventories 0.6% (2022 est.)
Exports of goods and services 15.3% (2022 est.)
Imports of goods and services -55.5% (2022 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.

Vanuatu is found in Melanesia