Economy
Palau
Budget
revenues
$127.757 million (2020 est.)
expenditures
$152.398 million (2020 est.)
Exports
Exports 2020
$52.897 million (2020 est.)
Exports 2021
$10.566 million (2021 est.)
Exports 2022
$24.48 million (2022 est.)
Imports
Imports 2020
$207.224 million (2020 est.)
Imports 2021
$169.938 million (2021 est.)
Imports 2022
$216.681 million (2022 est.)
Industries
tourism, fishing, subsistence farming
Public debt
Public debt 2019
85.2% of GDP (2019 est.)
Remittances
Remittances 2021
0.8% of GDP (2021 est.)
Remittances 2022
0.8% of GDP (2022 est.)
Remittances 2023
0.7% of GDP (2023 est.)
Exchange rates
the US dollar is utilized
Economic overview
a high-income economy in the Pacific islands; ecologically sensitive; reliant on subsistence farming and fishing industries; dependence on US aid; recovering tourism sector post-pandemic and a growing services industry; exceptionally high living standards and low unemployment rates
Exports - partners
India 41%, Turkey 26%, Taiwan 10%, USA 9%, Japan 5% (2023)
Imports - partners
Italy 32%, China 25%, USA 11%, Turkey 10%, Japan 6% (2023)
Real GDP per capita
Real GDP per capita 2021
$15,700 (2021 est.)
Real GDP per capita 2022
$15,500 (2022 est.)
Real GDP per capita 2023
$15,800 (2023 est.)
Real GDP growth rate
Real GDP growth rate 2021
-13.8% (2021 est.)
Real GDP growth rate 2022
-1.3% (2022 est.)
Real GDP growth rate 2023
1.9% (2023 est.)
Agricultural products
coconuts, cassava (manioc, tapioca), sweet potatoes; fish, pigs, chickens, eggs, bananas, papaya, breadfruit, calamansi, soursop, Polynesian chestnuts, Polynesian almonds, mangoes, taro, guava, beans, cucumbers, various squash/pumpkins, eggplant, green onions, kangkong (watercress), various cabbages, radishes, betel nuts, melons, peppers, noni, okra
Exports - commodities
ships, refined petroleum (2023)
Imports - commodities
ships, refined petroleum, additive manufacturing machines, automobiles, plastic products (2023)
Current account balance
Current account balance 2020
-$115.61 million (2020 est.)
Current account balance 2021
-$115.739 million (2021 est.)
Current account balance 2022
-$135.428 million (2022 est.)
Taxes and other revenues
18.1% (of GDP) (2020 est.)
GDP (official exchange rate)
$281.849 million (2023 est.)
GDP - composition, by end use
household consumption
77.8% (2022 est.)
government consumption
36.3% (2022 est.)
investment in inventories
1.8% (2022 est.)
investment in fixed capital
36.6% (2022 est.)
exports of goods and services
13.5% (2022 est.)
imports of goods and services
-74.3% (2022 est.)
Inflation rate (consumer prices)
Inflation rate (consumer prices) 2022
12.4% (2022 est.)
Inflation rate (consumer prices) 2023
12.8% (2023 est.)
Inflation rate (consumer prices) 2024
2.2% (2024 est.)
Industrial production growth rate
-19.5% (2023 est.)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2021
$278.538 million (2021 est.)
Real GDP (purchasing power parity) 2022
$274.866 million (2022 est.)
Real GDP (purchasing power parity) 2023
$280.025 million (2023 est.)
GDP - composition, by sector of origin
industry
9.9% (2023 est.)
services
76.7% (2023 est.)
agriculture
3% (2023 est.)