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.

purchasing power parity - $245 million (1999 est.)

NA%

purchasing power parity - $1,300 (1999 est.)

agriculture: 24%
industry: 13%
services: 63% (1997 est.)

NA%

lowest 10%: NA%
highest 10%: NA%

3.9% (1998 est.)

NA

agriculture 65%, services 32%, industry
3% (1995 est.)

NA%

revenues: $94.4 million
expenditures: $99.8 million, including capital expenditures of $30.4
million (1996 est.)

food and fish freezing, wood processing, meat canning

1% (1997 est.)

32 million kWh (1998)

fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1998)

30 million kWh (1998)

0 kWh (1998)

0 kWh (1998)

copra, coconuts, cocoa, coffee, taro, yams,
coconuts, fruits, vegetables; fish, beef

$33.8 million (f.o.b., 1998)

copra, beef, cocoa, timber, coffee

Japan 32%, Germany 14%, Spain 8%, New Caledonia
7%, Australia 2% (1997 est.)

$76.2 million (f.o.b., 1998)

machinery and equipment, foodstuffs, fuels

Japan 52%, Australia 20%, New Caledonia,
Singapore, New Zealand, France, Fiji (1997 est.)

$48 million (1997 est.)

$45.8 million (1995)

1 vatu (VT) = 100 centimes

vatu (VT) per US$1 - 129.76 (December 1999), 129.08
(1999), 127.52 (1998), 115.87 (1997), 111.72 (1996), 112.11 (1995)

calendar year