Mother Earth Travel > Country Index > Vanuatu > Map Economy History |
| Economy - overview: The economy is based primarily on
subsistence or small-scale agriculture which provides a living for 65% of
the population. Fishing, offshore financial services, and tourism, with
about 50,000 visitors in 1997, are other mainstays of the economy. Mineral
deposits are negligible; the country has no known petroleum deposits. A
small light industry sector caters to the local market. Tax revenues come
mainly from import duties. Economic development is hindered by dependence
on relatively few commodity exports, vulnerability to natural disasters,
and long distances from main markets and between constituent islands. The
most recent natural disaster, a severe earthquake in November 1999
followed by a tsunami, caused extensive damage to the northern island of
Pentecote and left thousands homeless. GDP growth has risen less than 3%
on average in the 1990s. In response to foreign concerns, the government
is moving to tighten regulation of its offshore financial center. GDP: purchasing power
parity - $245 million (1999 est.) SOURCE: The World Factbook |
Mother Earth Travel > Country Index > Vanuatu > Map Economy History