Countries
Palau
Key Economic Indicators
$23.12 billion
$4,371
-26.56%
53.67%
24.42%
$281.849 million (2023 est.)
<b>note:</b> central government debt as a % of GDP
$-2,899,047,119
Economic Overview
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
All Economic Data
Agricultural products
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
Budget
Expenditures:
$152.398 million (2020 est.)
Note:
<b>note:</b> central government revenues and expenses (excluding grants/extrabudgetary units/social security funds) converted to US dollars at average official exchange rate for year indicated
Revenues:
$127.757 million (2020 est.)
Currency
code:
USD
name:
United States dollar (USD) [$]
Current account balance
$-2,899,047,119
Current account balance 2020:
-$115.61 million (2020 est.)
Current account balance 2021:
-$115.739 million (2021 est.)
Current account balance 2022:
-$135.428 million (2022 est.)
Note:
<b>note:</b> balance of payments - net trade and primary/secondary income in current dollars
Exchange rates
<p>the US dollar is used</p>
Exports
$2.88 billion
Exports 2020:
$52.897 million (2020 est.)
Exports 2021:
$10.566 million (2021 est.)
Exports 2022:
$24.48 million (2022 est.)
Note:
<b>note:</b> balance of payments - exports of goods and services in current dollars
Exports - commodities
ships, refined petroleum (2023)
note:
<strong>note:</strong> top export commodities based on value in dollars over $500,000
Exports - partners
India 41%, Turkey 26%, Taiwan 10%, USA 9%, Japan 5% (2023)
note:
<b>note:</b> top five export partners based on percentage share of exports
Foreign direct investment
net inflows:
$162.18 million
GDP - composition, by end use
Exports of goods and services:
13.5% (2022 est.)
Government consumption:
36.3% (2022 est.)
Household consumption:
77.8% (2022 est.)
Imports of goods and services:
-74.3% (2022 est.)
Investment in fixed capital:
36.6% (2022 est.)
Investment in inventories:
1.8% (2022 est.)
Note:
<b>note:</b> figures may not total 100% due to rounding or gaps in data collection
GDP - composition, by sector of origin
Agriculture:
3% (2023 est.)
Industry:
9.9% (2023 est.)
Note:
<b>note:</b> figures may not total 100% due to non-allocated consumption not captured in sector-reported data
Services:
76.7% (2023 est.)
GDP (official exchange rate)
$281.849 million (2023 est.)
note:
<b>note:</b> data in current dollars at official exchange rate
GDP per capita (nominal)
$2,592
Gini Index coefficient - distribution of family income
33.7 (2016)
GNI (gross national income)
$14.62 billion
GNI per capita
$2,710
Gross domestic investment
23 % of GDP
Imports
$8.26 billion
Imports 2020:
$207.224 million (2020 est.)
Imports 2021:
$169.938 million (2021 est.)
Imports 2022:
$216.681 million (2022 est.)
Note:
<b>note:</b> balance of payments - imports of goods and services in current dollars
Imports - commodities
ships, refined petroleum, additive manufacturing machines, cars, plastic products (2023)
note:
<b>note:</b> top five import commodities based on value in dollars
Imports - partners
Italy 32%, China 25%, USA 11%, Turkey 10%, Japan 6% (2023)
note:
<b>note:</b> top five import partners based on percentage share of imports
Industrial production growth rate
-19.5% (2023 est.)
note:
<strong>note:</strong> annual % change in industrial value added based on constant local currency
Industries
tourism, fishing, subsistence agriculture
Inflation rate (consumer prices)
53.67%
Inflation rate (consumer prices) 2022:
12.4% (2022 est.)
Inflation rate (consumer prices) 2023:
12.8% (2023 est.)
Inflation rate (consumer prices) 2024:
2.2% (2024 est.)
Note:
<b>note:</b> annual % change based on consumer prices
Labor force
total:
1.39 million persons
Labor force - by occupation
agriculture:
6.34%
industry:
29.88%
services:
63.78%
Public debt
Note:
<b>note:</b> central government debt as a % of GDP
Public debt 2019:
85.2% of GDP (2019 est.)
Real GDP (purchasing power parity)
$23.12 billion
Note:
<b>note:</b> data in 2021 dollars
Real GDP (purchasing power parity) 2021:
$278.538 million (2021 est.)
Real GDP (purchasing power parity) 2022:
$274.866 million (2022 est.)
Real GDP (purchasing power parity) 2023:
$280.025 million (2023 est.)
Real GDP growth rate
-26.56%
Note:
<b>note:</b> annual GDP % growth based on constant local currency
Real GDP growth rate 2021:
-13.8% (2021 est.)
Real GDP growth rate 2022:
-1.3% (2022 est.)
Real GDP growth rate 2023:
1.9% (2023 est.)
Real GDP per capita
$4,371
Note:
<b>note:</b> data in 2021 dollars
Real GDP per capita 2021:
$15,700 (2021 est.)
Real GDP per capita 2022:
$15,500 (2022 est.)
Real GDP per capita 2023:
$15,800 (2023 est.)
Remittances
$735.61 million
Note:
<b>note:</b> personal transfers and compensation between resident and non-resident individuals/households/entities
Remittances 2021:
0.8% of GDP (2021 est.)
Remittances 2022:
0.8% of GDP (2022 est.)
Remittances 2023:
0.7% of GDP (2023 est.)
Reserves of foreign exchange and gold
$1.33 billion
Taxes and other revenues
18.1% (of GDP) (2020 est.)
note:
<b>note:</b> central government tax revenue as a % of GDP
Unemployment rate
24.42%
Youth unemployment rate (ages 15-24)
female:
56.62%
male:
31.64%
total:
36.09%
Economic Rankings
Unemployment Rate
#5
Inflation Rate
#10
GDP per Capita
#107
Gini Index
#123
Imports
#131
Reserves
#136
GDP (PPP)
#150
Exports
#152
GDP Growth Rate
#174
GDP (Nominal)
#192
Quick Facts
Industries
tourism, fishing, subsistence agriculture
Agricultural products
coconuts, cassava (manioc, tapioca), sweet potatoes; fish, pigs, chickens, eggs, bananas, papaya, breadfruit, calamansi, soursop, Polynesian chestnuts, Polynesian almonds, mangoes, taro, guava, beans,
Labor force
1.39 million persons
Exports - partners
India 41%, Turkey 26%, Taiwan 10%, USA 9%, Japan 5% (2023)
Imports - partners
Italy 32%, China 25%, USA 11%, Turkey 10%, Japan 6% (2023)
Exchange rates
<p>the US dollar is used</p>
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