French Polynesia Economy 2008

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 (official exchange rate):
$3.8 billion (2002)

GDP - real growth rate:
5.1% (2002)

GDP - per capita (PPP):
$17,500 (2003 est.)

GDP - composition by sector:
agriculture: 3.1%
industry: 19%
services: 76.9% (2005)

Labor force:
65,930 (December 2005)

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

Unemployment rate:
11.7% (2005)

Population below poverty line:
NA%

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

Inflation rate (consumer prices):
1.1% (2006 est.)

Budget:
revenues: $865 million
expenditures: $644.1 million (1999)

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

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

Industrial production growth rate:
NA%

Electricity - production:
462 million kWh (2005)

Electricity - consumption:
429.7 million kWh (2005)

Electricity - exports:
0 kWh (2005)

Electricity - imports:
0 kWh (2005)

Oil - production:
0 bbl/day (2005 est.)

Oil - consumption:
5,800 bbl/day (2005 est.)

Oil - exports:
0 bbl/day (2004)

Oil - imports:
5,678 bbl/day (2004)

Oil - proved reserves:
0 bbl (1 January 2006 est.)

natural gas - production:
0 cu m (2005 est.)

natural gas - consumption:
0 cu m (2005 est.)

natural gas - exports:
0 cu m (2005 est.)

natural gas - imports:
0 cu m (2005)

natural gas - proved reserves:
0 cu m (1 January 2006 est.)

Exports:
$211 million f.o.b. (2005 est.)

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

Exports - partners:
France 46.3%, Japan 20.8%, Niger 12.8%, US 12.5% (2006)

Imports:
$1.706 billion f.o.b. (2005 est.)

Imports - partners:
France 52.7%, Singapore 14.9%, NZ 6.8%, US 6.6% (2006)

Economic aid - recipient:
$579.8 million (2004)

Debt - external:
$NA

Market value of publicly traded shares:
$NA

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

Exchange rates:
Comptoirs Francais du Pacifique francs (XPF) per US dollar - NA (2007), 95.03 (2006), 95.89 (2005), 96.04 (2004), 105.66 (2003)
note: pegged at the rate of 119.25 XPF to the euro