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Palau Economy
Palau Economy: A summary of information about Palau Economy, from government research data as well as independent research and other sources.
Palau: 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 US. The population enjoys a per capita income of more than 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 - $160 million (1997 est.) note: GDP numbers reflect US spending
GDP - real growth rate
10% (1997 est.)
GDP - per capita
purchasing power parity - $8,800 (1997 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%
Inflation rate (consumer prices)
NA%
Labor force
NA
Labor force - by occupation
agriculture NA%, industry NA%, services NA%
Unemployment rate
7%
Budget
revenues: $52.9 million expenditures: $59.9 million, including capital expenditures of $NA (1997 est.)
Industries
tourism, craft items (from shell, wood, pearls), construction, garment making
Industrial production growth rate
NA%
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)
Electricity - exports
0 kWh (1996)
Electricity - imports
0 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
US, Japan
Imports
$72.4 million (f.o.b., 1996)
Imports - commodities
machinery and equipment, fuels
Imports - partners
US
Debt - external
about $100 million (1989)
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 $700 million in US aid over 15 years in return for furnishing military facilities
Currency
1 United States dollar (US$) = 100 cents
Exchange rates
US currency is used
Fiscal year
1 October - 30 September
