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Palau Economy 2016
https://allcountries.org/world_fact_book_2016/palau/palau_economy.html
SOURCE: 2016 CIA WORLD FACTBOOK AND OTHER SOURCES











Palau Economy 2016
SOURCE: 2016 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 11, 2016

Economy - overview:
The economy consists of tourism and other services such as trade, subsistence agriculture, and fishing. Government is a major employer of the work force relying on financial assistance from the US under the Compact of Free Association (Compact) with the US. The Compact took effect, after the end of the UN trusteeship on 1 October 1994. The US provided Palau with roughly $700 million in aid for the first 15 years following commencement of the Compact in 1994 in return for unrestricted access to its land and waterways for strategic purposes. Business and leisure tourist arrivals numbered over 125,000 in fiscal year 2014, a 13.4% increase over the previous year. The population enjoys a per capita income roughly double that of the Philippines and much of Micronesia. Long-run prospects for tourism have been bolstered by the expansion of air travel in the Pacific, the rising prosperity of industrial East Asia, and the willingness of foreigners to finance infrastructure development. Proximity to Guam, the region's major destination for tourists from East Asia, and a regionally competitive tourist infrastructure enhance Palau's advantage as a destination.

GDP (purchasing power parity):
$262.6 million (2015 est.) $252.5 million (2014 est.) $240.7 million (2013 est.)
note: GDP estimate includes US subsidy
country comparison to the world: 217
[see also: GDP country ranks ]

GDP (official exchange rate):
$261 million (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
4% (2015 est.) 4.9% (2014 est.) -1.8% (2013 est.)
country comparison to the world: 66
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$14,800 (2015 est.) $14,300 (2014 est.) $13,600 (2013 est.)
country comparison to the world: 110
[see also: GDP - per capita country ranks ]

GDP - composition, by sector of origin:
agriculture: 3.2%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 20%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 76.8% (2012 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
coconuts, copra, cassava (manioc, tapioca), sweet potatoes; fish

Industries:
tourism, craft items (from shell, wood, pearls), construction, garment making

Industrial production growth rate:
NA%
[see also: Industrial production growth rate country ranks ]

Labor force:
10,470 (2014)
country comparison to the world: 218
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 20%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: NA%
[see also: Labor force - by occupation - industry country ranks ]
services: NA% (1990)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
4.2% (2005 est.)
country comparison to the world: 42
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Budget:
revenues: $123.6 million
[see also: Budget revenues country ranks ]
expenditures: $97.53 million (2012 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
47.4% of GDP (2012 est.)
country comparison to the world: 20
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
10% of GDP (2012 est.)
country comparison to the world: 4
[see also: Budget surplus (+) or deficit (-) country ranks ]

Fiscal year:
1 October - 30 September

Inflation rate (consumer prices):
1.8% (2015 est.) 4% (2014 est.)
country comparison to the world: 101
[see also: Inflation rate (consumer prices) country ranks ]

Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$21 million (2015 est.) -$32 million (2014 est.)
country comparison to the world: 56
[see also: Current account balance country ranks ]

Exports:
$19.1 million (2014 est.) $14.4 million (2013 est.)
country comparison to the world: 210
[see also: Exports country ranks ]

Exports - commodities:
shellfish, tuna, copra, garments

Imports:
$177.7 million (2014 est.) $146.5 million (2013 est.)
country comparison to the world: 208
[see also: Imports country ranks ]

Imports - commodities:
machinery and equipment, fuels, metals; foodstuffs

Debt - external:
$18.38 billion (31 December 2014 est.) $16.47 billion (31 December 2013 est.)
country comparison to the world: 88
[see also: Debt - external country ranks ]

Exchange rates:
the US dollar is used


NOTE: The information regarding Palau on this page is re-published from the 2016 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Palau Economy 2016 information contained here. All suggestions for corrections of any errors about Palau Economy 2016 should be addressed to the CIA.




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