Wallis and Futuna: Economy#
The economy is limited to traditional subsistence agriculture, with 80% of labor force earnings coming from agriculture (coconuts and vegetables), livestock (mostly pigs), and fishing. However, roughly 70% of the labor force is employed in the public sector, although only about 20% of the population is in salaried employment.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. France directly finances the public sector and healthcare and education services. It also provides funding for key development projects in a range of areas, including infrastructure, economic development, environmental management, and healthcare facilities.
A key concern for Wallis and Futuna is an aging population with consequent economic development issues. Very few people aged 18-30 live on the islands due to the limited formal employment opportunities. Improving job creation is a current priority for the territorial government.
Economic Facts#
| GDP (purchasing power parity) | $60 million (2004 est.) |
|---|---|
| GDP (official exchange rate) | $NA |
| GDP - real growth rate | NA% |
| GDP - per capita (PPP) | $3,800 (2004 est.) |
| GDP - composition, by sector of origin | agriculture: NA% industry: NA% services: NA% |
| Agriculture - products | coconuts, breadfruit, yams, taro, bananas; pigs, goats; fish |
| Industries | copra, handicrafts, fishing, lumber |
| Industrial production growth rate | NA% |
| Labor force | 3,104 (2003) |
| Labor force - by occupation | agriculture: 80% industry: 4% services: 16% (2001 est.) |
| Unemployment rate | 12.2% (2008 est.) |
| Population below poverty line | NA% |
| Household income or consumption by percentage share | lowest 10%: NA% highest 10%: NA% |
| Budget | revenues: $29,730 expenditures: $31,330 (2004) |
| Taxes and other revenues | NA% |
| Budget surplus (+) or deficit (-) | NA% |
| Public debt | 5.6% of GDP (2004 est.) note: offical data; data cover general government debt, and includes debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities |
| Fiscal year | calendar year |
| Inflation rate (consumer prices) | 2.8% (2005) |
| Exports | $47,450 (2004 est.) |
| Exports - commodities | copra, chemicals, construction materials |
| Imports | $61.17 million (2004) |
| Imports - commodities | chemicals, machinery, consumer goods |
| Debt - external | $3.67 million (2004) |
| Exchange rates | Comptoirs Francais du Pacifique francs (XPF) per US dollar - 89.85 (2013 est.) 90.56 (2012 est.) 85.74 (2011 est.) |