Economy of Palau

Mother Earth Travel > Country Index > Palau > Map Economy

Economy - overview: The economy consists primarily of subsistence agriculture and fishing. The government is the major employer of the work force, relying heavily on financial assistance from the United States. The population enjoys a per capita income of twice that of the Philippines and much of Micronesia. Long-run prospects for the tourist sector have been greatly bolstered by the expansion of air travel in the Pacific and the rising prosperity of leading East Asian countries.

GDP: purchasing power parity - $129 million (1998 est.)
note: GDP numbers reflect US spending
GDP - real growth rate: -1.4% (1998 est.)
GDP - per capita: purchasing power parity - $7,100 (1998 est.)
Labor force: 8,300 (1999)
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
Electricity - production: 200 million kWh (1996)
Electricity - production by source:
fossil fuel: 85%
hydro: 15%
nuclear: 0%
other: 0% (1996)
Electricity - consumption: 200 million kWh (1996)
Agriculture - products: coconuts, copra, cassava (tapioca), sweet potatoes
Exports: $14.3 million (f.o.b., 1996)
Exports - commodities: trochus (type of shellfish), tuna, copra, handicrafts
Exports - partners: United States, Japan
Imports: $126 million (f.o.b., FY99/00)
Imports - commodities: machinery and equipment, fuels, metals; foodstuffs
Imports - partners: United States
Debt - external: $0 (FY99/00)
Economic aid - recipient: $155.8 million (1995); note - the Compact of Free Association with the US, entered into after the end of the UN trusteeship on 1 October 1994, will provide Palau with up to $700 million in US aid over 15 years in return for furnishing military facilities.
Currency: United States dollar (USD)

SOURCE: The World Factbook

Mother Earth Travel > Country Index > Palau > Map Economy