Countries
Vanuatu
Key Economic Indicators
$1.18 billion
$3,606
0.94%
11.18%
5.07%
$1.161 billion (2024 est.)
72 % of GDP
$-127,431,932
Economic Overview
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
All Economic Data
Agricultural products
coconuts, oranges, yams, cabbages, taro, bananas, chillies/peppers, chestnuts, sweet potatoes, cassava (2023)
note:
<b>note:</b> top ten agricultural products based on tonnage
Budget
Expenditures:
$378.659 million (2023 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:
$386.577 million (2023 est.)
Currency
code:
VUV
name:
Vanuatu vatu (VUV) [Vt]
Current account balance
$-127,431,932
Current account balance 2020:
-$57.858 million (2020 est.)
Current account balance 2021:
-$75.451 million (2021 est.)
Current account balance 2022:
-$127.432 million (2022 est.)
Note:
<b>note:</b> balance of payments - net trade and primary/secondary income in current dollars
Debt - external
$519.88 million
Debt - external 2023:
$299.746 million (2023 est.)
Note:
<b>note:</b> present value of external debt in current US dollars
Exchange rates
Currency:
vatu (VUV) per US dollar -
Exchange rates 2020:
115.38 (2020 est.)
Exchange rates 2021:
109.452 (2021 est.)
Exchange rates 2022:
115.354 (2022 est.)
Exchange rates 2023:
119.112 (2023 est.)
Exchange rates 2024:
119.167 (2024 est.)
Exports
$99.44 million
Exports 2020:
$132.943 million (2020 est.)
Exports 2021:
$82.08 million (2021 est.)
Exports 2022:
$152.087 million (2022 est.)
Note:
<b>note:</b> balance of payments - exports of goods and services in current dollars
Exports - commodities
fish, ships, perfume plants, wood, copra (2023)
note:
<b>note:</b> top five export commodities based on value in dollars
Exports - partners
Thailand 49%, Japan 19%, Cote d'Ivoire 10%, China 7%, USA 3% (2023)
note:
<b>note:</b> top five export partners based on percentage share of exports
Foreign direct investment
net inflows:
$28.86 million
GDP - composition, by end use
Exports of goods and services:
9.6% (2022 est.)
Government consumption:
23.9% (2022 est.)
Household consumption:
77.2% (2022 est.)
Imports of goods and services:
-55.5% (2022 est.)
Investment in fixed capital:
38.8% (2022 est.)
Investment in inventories:
0.4% (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:
24.9% (2022 est.)
Industry:
7.5% (2022 est.)
Note:
<b>note:</b> figures may not total 100% due to non-allocated consumption not captured in sector-reported data
Services:
60.4% (2022 est.)
GDP (official exchange rate)
$1.161 billion (2024 est.)
note:
<b>note:</b> data in current dollars at official exchange rate
GDP per capita (nominal)
$3,411
Gini Index coefficient - distribution of family income
37.6 (2010)
Gini Index coefficient - distribution of family income 2019:
32.3 (2019 est.)
Note:
<b>note:</b> index (0-100) of income distribution; higher values represent greater inequality
GNI (gross national income)
$1.28 billion
GNI per capita
$3,890
Gross domestic investment
38 % of GDP
Household income or consumption by percentage share
Highest 10%:
24.7% (2019 est.)
Lowest 10%:
3% (2019 est.)
Note:
<b>note:</b> % share of income accruing to lowest and highest 10% of population
Imports
$571.55 million
Imports 2020:
$438.373 million (2020 est.)
Imports 2021:
$520.391 million (2021 est.)
Imports 2022:
$579.347 million (2022 est.)
Note:
<b>note:</b> balance of payments - imports of goods and services in current dollars
Imports - commodities
refined petroleum, ships, plastic products, poultry, trucks (2023)
note:
<b>note:</b> top five import commodities based on value in dollars
Imports - partners
China 26%, Australia 15%, Angola 11%, Fiji 9%, NZ 8% (2023)
note:
<b>note:</b> top five import partners based on percentage share of imports
Industrial production growth rate
-19.7% (2022 est.)
note:
<b>note:</b> annual % change in industrial value added based on constant local currency
Industries
food and fish freezing, wood processing, meat canning
Inflation rate (consumer prices)
11.18%
Inflation rate (consumer prices) 2021:
2.3% (2021 est.)
Inflation rate (consumer prices) 2022:
6.7% (2022 est.)
Inflation rate (consumer prices) 2023:
11.2% (2023 est.)
Note:
<b>note:</b> annual % change based on consumer prices
Labor force
118,100 (2024 est.)
note:
<b>note:</b> number of people ages 15 or older who are employed or seeking work
total:
120,833 persons
Labor force - by occupation
agriculture:
44.53%
industry:
10.05%
services:
45.43%
Population below poverty line
15.9% (2019 est.)
note:
<b>note:</b> % of population with income below national poverty line
Public debt
72 % of GDP
Note:
<strong>note:</strong> central government debt as a % of GDP
Public debt 2023:
71.7% of GDP (2023 est.)
Real GDP (purchasing power parity)
$1.18 billion
Note:
<b>note:</b> data in 2021 dollars
Real GDP (purchasing power parity) 2022:
$1.009 billion (2022 est.)
Real GDP (purchasing power parity) 2023:
$999.162 million (2023 est.)
Real GDP (purchasing power parity) 2024:
$1.039 billion (2024 est.)
Real GDP growth rate
0.94%
Note:
<b>note:</b> annual GDP % growth based on constant local currency
Real GDP growth rate 2022:
5.2% (2022 est.)
Real GDP growth rate 2023:
-1% (2023 est.)
Real GDP growth rate 2024:
4% (2024 est.)
Real GDP per capita
$3,606
Note:
<b>note:</b> data in 2021 dollars
Real GDP per capita 2022:
$3,200 (2022 est.)
Real GDP per capita 2023:
$3,100 (2023 est.)
Real GDP per capita 2024:
$3,200 (2024 est.)
Remittances
$197.83 million
Note:
<b>note:</b> personal transfers and compensation between resident and non-resident individuals/households/entities
Remittances 2021:
20.3% of GDP (2021 est.)
Remittances 2022:
19.2% of GDP (2022 est.)
Remittances 2023:
12.9% of GDP (2023 est.)
Reserves of foreign exchange and gold
$614.65 million
Note:
<b>note:</b> holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars
Reserves of foreign exchange and gold 2022:
$638.537 million (2022 est.)
Reserves of foreign exchange and gold 2023:
$643.768 million (2023 est.)
Reserves of foreign exchange and gold 2024:
$614.65 million (2024 est.)
Revenue (excl grants)
26 % of GDP
Tax revenue
18 % of GDP
Taxes and other revenues
17.4% (of GDP) (2023 est.)
note:
<b>note:</b> central government tax revenue as a % of GDP
Unemployment rate
5.07%
Note:
<b>note:</b> % of labor force seeking employment
Unemployment rate 2022:
5.2% (2022 est.)
Unemployment rate 2023:
5.1% (2023 est.)
Unemployment rate 2024:
5.1% (2024 est.)
Youth unemployment rate (ages 15-24)
Female:
14% (2024 est.)
Male:
9.6% (2024 est.)
Note:
<b>note:</b> % of labor force ages 15-24 seeking employment
Total:
11.6% (2024 est.)
Economic Rankings
Inflation Rate
#61
Gini Index
#82
GDP Growth Rate
#91
Unemployment Rate
#98
External Debt
#117
Reserves
#153
GDP per Capita
#167
Imports
#180
GDP (Nominal)
#182
Exports
#185
GDP (PPP)
#188
Quick Facts
Industries
food and fish freezing, wood processing, meat canning
Agricultural products
coconuts, oranges, yams, cabbages, taro, bananas, chillies/peppers, chestnuts, sweet potatoes, cassava (2023)
Labor force
118,100 (2024 est.)
Exports - partners
Thailand 49%, Japan 19%, Cote d'Ivoire 10%, China 7%, USA 3% (2023)
Imports - partners
China 26%, Australia 15%, Angola 11%, Fiji 9%, NZ 8% (2023)
Exchange rates
vatu (VUV) per US dollar -
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