| |  | | | Palau | Economy of Palau | | | | | | | | Travel in Palau A total of 2 members have visited 3 locations in Palau. Together they have written 0 travel stories and uploaded 57 pictures from Palau. Last visit in Palau was made 2006-05-17 by jpj who was in Koror. Have you been to Palau? Click here to join and share your pictures and stories. |
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Short facts about the economy in Palau
| 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 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.) |
| 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: |
8,300
(1999) |
| Labor force
- by occupation: |
agriculture NA%, industry NA%, services
NA% |
| 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 |
| Industrial
production growth rate: |
NA% |
| 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: |
$126 million (f.o.b.,
FY99/00) |
| Imports -
commodities: |
machinery and equipment, fuels, metals;
foodstuffs |
| 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: |
US dollar
(USD) |
| Exchange
rates: |
the US dollar is
used |
| Fiscal
year: |
1 October - 30 September | Source: World Factbook |
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