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Wallis and Futuna Economy 1996

Overview:

The economy is limited to traditional subsistence agriculture, with about 80% of the labor force earning its livelihood from agriculture (coconuts and vegetables), livestock (mostly pigs), and fishing. About 4% of the population is employed in government. Revenues come from French Government subsidies, licensing of fishing rights to Japan and South Korea, import taxes, and remittances from expatriate workers in New Caledonia. Wallis and Futuna imports food - particularly sugar and beef - fuel, clothing, machinery, and transport equipment, but its exports are negligible, consisting of copra and handicrafts.

National product:

GDP - purchasing power parity - $28.7 million (1994 est.)

National product real growth rate:

NA%

National product per capita:

$2,000 (1994 est.)

Inflation rate (consumer prices):

NA%

Unemployment rate:

NA%

Budget:

revenues:

$2.7 million

expenditures:

$2.7 million, including capital expenditures of $NA (1983 est.)

Exports:

$6.6 million (f.o.b., 1986)

commodities:

copra, handicrafts

partners:

Imports:

$13.3 million (c.i.f., 1984)

commodities:

foodstuffs, manufactured goods, transportation equipment, fuel, clothing

partners:

France, Australia, New Zealand

External debt:

$NA

Industrial production:

growth rate NA%

Electricity:

capacity:

1,200 kW

production:

1 million kWh

consumption per capita:

70 kWh (1990)

Industries:

copra, handicrafts, fishing, lumber

Agriculture:

dominated by coconut production, with subsistence crops of yams, taro, bananas, and herds of pigs and goats

Economic aid:

recipient:

Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $118 million

Currency:

1 CFP franc (CFPF) = 100 centimes

Exchange rates:

Comptoirs Francais du Pacifique francs (CFPF) per US$1 - 96.25 (January 1995), 100.94 (1994), 102.96 (1993), 96.24 (1992), 102.57 (1991), 99.0 (1990); note - linked at the rate of 18.18 to the French franc

Fiscal year:

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