Economy - overview:
This South Pacific island economy is based primarily on small-scale agriculture, which provides a living for about two-thirds of the population. Fishing, offshore financial services, and tourism, with nearly 197,000 visitors in 2008, 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. In response to foreign concerns, the government has promised to tighten regulation of its offshore financial center. In mid-2002, the government stepped up efforts to boost tourism through improved air connections, resort development, and cruise ship facilities. Agriculture, especially livestock farming, is a second target for growth. Australia and New Zealand are the main suppliers of tourists and foreign aid.

GDP (purchasing power parity):
$675.9 million (2015 est.) $689.7 million (2014 est.) $674 million (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 209
[see also: GDP country ranks ]

GDP (official exchange rate):
$771 million (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
-2% (2015 est.) 2.3% (2014 est.) 2% (2013 est.)
country comparison to the world: 207
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$2,600 (2015 est.) $2,600 (2014 est.) $2,600 (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 195
[see also: GDP - per capita country ranks ]

GDP - composition, by end use:
household consumption: 69.8%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 18.8%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 25.2%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.1%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 45.8%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -59.7% (2015 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 30.2%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 8.7%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 61.1% (2015 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
copra, coconuts, cocoa, coffee, taro, yams, fruits, vegetables; beef; fish

Industries:
food and fish freezing, wood processing, meat canning

Industrial production growth rate:
-5% (2015 est.)
country comparison to the world: 189
[see also: Industrial production growth rate country ranks ]

Labor force:
115,900 (2007 est.)
country comparison to the world: 181
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 65%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 5%
[see also: Labor force - by occupation - industry country ranks ]
services: 30% (2000 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
1.7% (1999 est.)
country comparison to the world: 8
[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: $141 million
[see also: Budget revenues country ranks ]
expenditures: $182.7 million (2015 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
18.3% of GDP (2015 est.)
country comparison to the world: 171
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-5.4% of GDP (2015 est.)
country comparison to the world: 176
[see also: Budget surplus (+) or deficit (-) country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
3% (2015 est.) 0.8% (2014 est.)
country comparison to the world: 136
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
20% (31 December 2010) 6% (31 December 2009)
country comparison to the world: 5
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
4.6% (31 December 2015 est.) 4.8% (31 December 2014 est.)
country comparison to the world: 152
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$267.5 million (31 December 2015 est.) $270.3 million (31 December 2014 est.)
country comparison to the world: 178
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$544.9 million (31 December 2014 est.) $552.6 million (31 December 2013 est.)
country comparison to the world: 180
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$483.2 million (31 December 2015 est.) $501.4 million (31 December 2014 est.)
country comparison to the world: 169
[see also: Stock of domestic credit country ranks ]

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

Current account balance:
-$104 million (2015 est.) $4 million (2014 est.)
country comparison to the world: 68
[see also: Current account balance country ranks ]

Exports:
$38.3 million (2015 est.) $49.1 million (2014 est.)
country comparison to the world: 205
[see also: Exports country ranks ]

Exports - commodities:
copra, beef, cocoa, timber, kava, coffee

Exports - partners:
Thailand 36.8%, Japan 25.2%, South Korea 11.1% (2014)

Imports:
$314.1 million (2015 est.) $275.5 million (2014 est.)
country comparison to the world: 197
[see also: Imports country ranks ]

Imports - commodities:
machinery and equipment, foodstuffs, fuels

Imports - partners:
China 32%, Singapore 16.5%, Australia 12%, Fiji 6.8%, Japan 6.8%, NZ 5.1% (2014)

Reserves of foreign exchange and gold:
$213.4 million (31 December 2015 est.) $184 million (31 December 2014 est.)
country comparison to the world: 160
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$369.2 million (31 December 2012 est.) $307.7 million (31 December 2011 est.)
country comparison to the world: 184
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$749.1 million (31 December 2015 est.) $694.1 million (31 December 2014 est.)
country comparison to the world: 113
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$26.3 million (31 December 2015 est.) $26.3 million (31 December 2014 est.)
country comparison to the world: 101
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
vatu (VUV) per US dollar - 107.8 (2015 est.) 97.07 (2014 est.) 97.07 (2013 est.) 92.64 (2012 est.) 89.47 (2011 est.)