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Palau: Economy#

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 109,000 in 2011, for a 27% increase over 2010. 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.

Economic Facts#

GDP (purchasing power parity)$245.5 million (2013 est.)
$237.2 million (2012 est.)
$223.2 million (2011 est.)
note: GDP estimate includes US subsidy
GDP - real growth rate3.5% (2013 est.)
6.3% (2012 est.)
GDP - per capita (PPP)$10,500 (2011 est.)
$7,600 (2005 est.)
GDP - composition, by sector of originagriculture: 3.2%
industry: 20%
services: 76.8% (2012 est.)
Population below poverty lineNA%
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Labor force - by occupationagriculture: 20%
industry: NA%
services: NA% (1990)
Exports - commoditiesshellfish, tuna, copra, garments
Agriculture - productscoconuts, copra, cassava (manioc, tapioca), sweet potatoes; fish
Budgetrevenues: $89 million
expenditures: $94.3 million (2010 est.)
Imports - commoditiesmachinery and equipment, fuels, metals; foodstuffs
Exchange ratesthe US dollar is used
Exports$12.3 million (2010 est.)
$5.882 million (2004 est.)
Debt - external$0 (FY99/00)
Fiscal year1 October - 30 September
Imports$113.4 million (2010 est.)
$107.3 million (2004 est.)
Industrial production growth rateNA%
Industriestourism, craft items (from shell, wood, pearls), construction, garment making
Inflation rate (consumer prices)2.7% (2011 est.)
1.6% (2010 est.)
Labor force9,777 (2005)
Unemployment rate4.2% (2005 est.)
Current account balance-$20.8 million (2010 est.)
$15.09 million (FY03/04)
GDP (official exchange rate)$221 million (2011 est.)
Market value of publicly traded shares$NA
Taxes and other revenues40.3% of GDP (2010 est.)
Budget surplus (+) or deficit (-)-2.4% of GDP (2010 est.)