Economy - overview:
Tuvalu consists of a densely populated, scattered group of nine coral atolls with poor soil. The country has no known mineral resources and few exports and is almost entirely dependent upon imported food and fuel. Subsistence farming and fishing are the primary economic activities. Fewer than 1,000 tourists, on average, visit Tuvalu annually. Job opportunities are scarce and public sector workers make up most of those employed. About 15% of the adult male population work as seamen on merchant ships abroad, and remittances are a vital source of income contributing around $2 million in 2007. Substantial income is received annually from the Tuvalu Trust Fund (TTF) an international trust fund established in 1987 by Australia, NZ, and the UK and supported also by Japan and South Korea. Thanks to wise investments and conservative withdrawals, this fund grew from an initial $17 million to an estimated value of $77 million in 2006. The TTF contributed nearly $9 million towards the government budget in 2006 and is an important cushion for meeting shortfalls in the government's budget. The US Government is also a major revenue source for Tuvalu because of payments from a 1988 treaty on fisheries. In an effort to ensure financial stability and sustainability, the government is pursuing public sector reforms, including privatization of some government functions and personnel cuts. Tuvalu also derives royalties from the lease of its ".tv" Internet domain name with revenue of more than $2 million in 2006. A minor source of government revenue comes from the sale of stamps and coins. With merchandise exports only a fraction of merchandise imports, continued reliance must be placed on fishing and telecommunications license fees, remittances from overseas workers, official transfers, and income from overseas investments. Growing income disparities and the vulnerability of the country to climatic change are among leading concerns for the nation.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): GDP - composition by sector: Labor force: Labor force - by occupation: Unemployment rate: Population below poverty line: Household income or consumption by percentage share: Budget: Taxes and other revenues: Budget surplus (+) or deficit (-): Inflation rate (consumer prices): Agriculture - products: Industries: Industrial production growth rate: Current account balance: Exports: Exports - commodities: Imports: Imports - commodities: Debt - external: Exchange rates:
NOTE: 1) The information regarding Tuvalu on this page is re-published from the 2012 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Tuvalu Economy 2012 information contained here. All suggestions for corrections of any errors about Tuvalu Economy 2012 should be addressed to the CIA.
$36 million (2010 est.)
country comparison to the world: 222
[see also: GDP country ranks ]
$32 million (2010 est.)
[see also: GDP (official exchange rate) country ranks ]
1% (2011 est.)
country comparison to the world: 186
[see also: GDP - real growth rate country ranks ]
$3,400 (2010 est.)
country comparison to the world: 162
[see also: GDP - per capita country ranks ]
agriculture: 16.6%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 27.2%
[see also: GDP - composition by sector - industry country ranks ]
services: 56.2% (2002)
[see also: GDP - composition by sector - services country ranks ]
3,615 (2004 est.)
country comparison to the world: 220
[see also: Labor force country ranks ]
note: people make a living mainly through exploitation of the sea, reefs, and atolls and from wages sent home by those abroad (mostly workers in the phosphate industry and sailors)
NA%
[see also: Unemployment rate country ranks ]
NA%
[see also: Population below poverty line country ranks ]
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 ]
revenues: $21.54 million
[see also: Budget revenues country ranks ]
expenditures: $23.05 million (2006)
[see also: Budget expenditures country ranks ]
67.3% of GDP (2006)
country comparison to the world: 7
[see also: Taxes and other revenues country ranks ]
-4.7% of GDP (2006)
country comparison to the world: 141
[see also: Budget surplus (+) or deficit (-) country ranks ]
3.8% (2006 est.)
country comparison to the world: 86
[see also: Inflation rate (consumer prices) country ranks ]
coconuts; fish
fishing, tourism, copra
NA%
[see also: Industrial production growth rate country ranks ]
-$11.68 million (2003)
country comparison to the world: 61
[see also: Current account balance country ranks ]
$1 million (2004 est.)
country comparison to the world: 218
[see also: Exports country ranks ]
copra, fish
$12.91 million (2005)
country comparison to the world: 220
[see also: Imports country ranks ]
food, animals, mineral fuels, machinery, manufactured goods
$NA
[see also: Debt - external country ranks ]
Tuvaluan dollars or Australian dollars (AUD) per US dollar -
2) The rank that you see is the CIA reported rank, which may habe the following issues:
a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order
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This page was last modified 07-Mar-12