French Polynesia Economy - 2005

Economy - overview:
Since 1962, when France stationed military personnel in the region, French Polynesia has changed from a subsistence agricultural economy to one in which a high proportion of the work force is either employed by the military or supports the tourist industry. With the halt of French nuclear testing in 1996, the military contribution to the economy fell sharply. Tourism accounts for about one-fourth of GDP and is a primary source of hard currency earnings. Other sources of income are pearl farming and deep-sea commercial fishing. The small manufacturing sector primarily processes agricultural products. The territory benefits substantially from development agreements with France aimed principally at creating new businesses and strengthening social services.

GDP:
purchasing power parity - $4.58 billion (2003 est.)

GDP - real growth rate:
NA% (2001 est.)

GDP - per capita:
purchasing power parity - $17,500 (2003 est.)

GDP - composition by sector:
agriculture: 4%
industry: 18%
services: 78% (2002)

Labor force:
70,000 (1996)

Labor force - by occupation:
agriculture 13%, industry 19%, services 68% (2002)

Unemployment rate:
11.8% (1994)

Population below poverty line:
NA%

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices):
1.5% (2002 est.)

Budget:
revenues: $1 billion
expenditures: $900 million, including capital expenditures of $185 million (1996)

Agriculture - products:
coconuts, vanilla, vegetables, fruits; poultry, beef, dairy products, coffee

Industries:
tourism, pearls, agricultural processing, handicrafts, phosphates

Industrial production growth rate:
NA%

Electricity - production:
380 million kWh (2002)

Electricity - consumption:
353.4 million kWh (2002)

Electricity - exports:
0 kWh (2002)

Electricity - imports:
0 kWh (2002)

Oil - production:
0 bbl/day (2001 est.)

Oil - consumption:
4,750 bbl/day (2001 est.)

Oil - exports:
NA

Oil - imports:
NA

Exports:
$244 million f.o.b. (2002)

Exports - commodities:
cultured pearls, coconut products, mother-of-pearl, vanilla, shark meat

Exports - partners:
France 41.2%, Japan 25.5%, US 18.3%, Thailand 4.6% (2004)

Imports:
$1.341 billion f.o.b. (2002)

Imports - commodities:
fuels, foodstuffs, machinery and equipment

Imports - partners:
France 47.6%, New Zealand 8.6%, Singapore 8.4%, Australia 8.4%, US 7% (2004)

Debt - external:
NA

Economic aid - recipient:
$367 million (1997)

Currency (code):
Comptoirs Francais du Pacifique franc (XPF)

Exchange rates:
Comptoirs Francais du Pacifique francs (XPF) per US dollar - 96.04 (2004), 105.66 (2003), 126.71 (2002), 133.26 (2001), 129.43 (2000)
note: pegged at the rate of 119.25 XPF to the euro