Palauan Economy, Palau Economy
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Economy - overview: The economy consists primarily of tourism, subsistence agriculture, and fishing. The government is the major employer of the work force, relying heavily on financial assistance from the US. Business and tourist arrivals numbered 63,000 in 2003. The population enjoys a per capita income twice that of the Philippines and much of Micronesia. Long-run prospects for the key tourist sector have been greatly bolstered by the expansion of air travel in the Pacific, the rising prosperity of leading East Asian countries, and the willingness of foreigners to finance infrastructure development.
GDP: NA
GDP - real growth rate: 1% (2001 est.)
GDP - per capita: Purchasing power parity - $9,000 (2001 est.)
GDP - composition by sector: Agriculture: NA industry: NA services: NA
Population below poverty line: NA
Household income or consumption by percentage share: Lowest 10%: NA highest 10%: NA
Distribution of family income - Gini index:
Inflation rate (consumer prices):
Labor force: 9,845 (2000)
Labor force - by occupation: Agriculture 20%, industry NA, services NA (1990)
Unemployment rate: 2.3% (2000 est.)
Budget: Revenues: $57.7 million expenditures: $80.8 million, including capital expenditures of $17.1 million (FY98/99 est.)
Industries: Tourism, craft items (from shell, wood, pearls), construction, garment making
Industrial production growth rate: NA
Electricity - production:
Electricity - production by source:
Electricity - consumption:
Electricity - exports:
Electricity - imports:
Oil - production:
Oil - consumption:
Oil - exports:
Oil - imports:
Oil - proved reserves:
Natural gas - production:
Natural gas - consumption:
Natural gas - exports:
Natural gas - imports:
Natural gas - proved reserves:
Agriculture - products: Coconuts, copra, cassava (tapioca), sweet potatoes
Exports: $18 million f.o.b. (2001 est.)
Exports - commodities: Shellfish, tuna, copra, garments
Exports - partners: US, Japan, Singapore (2000)
Imports: $99 million f.o.b. (2001 est.)
Imports - commodities: Machinery and equipment, fuels, metals; foodstuffs
Imports - partners: US, Guam, Japan, Singapore, South Korea (2000)
Debt - external: $0 (FY99/00)
Economic aid - recipient: $155.8 million ; note - the Compact of Free Association with the US, entered into after the end of the UN trusteeship on 1 October 1994, provides Palau with up to $700 million in US aid over 15 years in return for furnishing military facilities
Currency:
Currency code:
Exchange rates: The US dollar is used
Fiscal year: 1 October - 30 September
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The information here has been derived from Public Domain Sources such as the CIA World Factbook. No liability can be taken for any inaccuracies.
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