Economy
Vanuatu
Budget
revenues
$386.577 million (2023 est.)
expenditures
$378.659 million (2023 est.)
Exports
Exports 2020
$132.943 million (2020 est.)
Exports 2021
$82.08 million (2021 est.)
Exports 2022
$152.087 million (2022 est.)
Imports
Imports 2020
$438.373 million (2020 est.)
Imports 2021
$520.391 million (2021 est.)
Imports 2022
$579.347 million (2022 est.)
Industries
processing of food and fish, wood manufacturing, canning of meat
Labor force
118,100 (2024 est.)
Public debt
Public debt 2023
71.7% of GDP (2023 est.)
Remittances
Remittances 2021
20.3% of GDP (2021 est.)
Remittances 2022
19.2% of GDP (2022 est.)
Remittances 2023
12.9% of GDP (2023 est.)
Exchange rates
Currency
vatu (VUV) per US dollar -
Exchange rates 2020
115.38 (2020 est.)
Exchange rates 2021
109.452 (2021 est.)
Exchange rates 2022
115.354 (2022 est.)
Exchange rates 2023
119.112 (2023 est.)
Exchange rates 2024
119.167 (2024 est.)
Debt - external
Debt - external 2023
$299.746 million (2023 est.)
Economic overview
Pacific island economy classified as lower-middle income; heavily dependent on subsistence farming and tourism; ecologically vulnerable; facing challenges in recovery post-pandemic and after Tropical Cyclone Harold; significant inflation; assistance with road infrastructure from Australia
Unemployment rate
Unemployment rate 2022
5.2% (2022 est.)
Unemployment rate 2023
5.1% (2023 est.)
Unemployment rate 2024
5.1% (2024 est.)
Exports - partners
Thailand 49%, Japan 19%, Cote d'Ivoire 10%, China 7%, USA 3% (2023)
Imports - partners
China 26%, Australia 15%, Angola 11%, Fiji 9%, NZ 8% (2023)
Real GDP per capita
Real GDP per capita 2022
$3,200 (2022 est.)
Real GDP per capita 2023
$3,100 (2023 est.)
Real GDP per capita 2024
$3,200 (2024 est.)
Real GDP growth rate
Real GDP growth rate 2022
5.2% (2022 est.)
Real GDP growth rate 2023
-1% (2023 est.)
Real GDP growth rate 2024
4% (2024 est.)
Agricultural products
coconuts, oranges, yams, cabbages, taro, bananas, chillies/peppers, chestnuts, sweet potatoes, cassava (2023)
Exports - commodities
fish, ships, perfume plants, wood, copra (2023)
Imports - commodities
refined petroleum, ships, plastic items, poultry, trucks (2023)
Current account balance
Current account balance 2020
-$57.858 million (2020 est.)
Current account balance 2021
-$75.451 million (2021 est.)
Current account balance 2022
-$127.432 million (2022 est.)
Taxes and other revenues
17.4% (of GDP) (2023 est.)
GDP (official exchange rate)
$1.161 billion (2024 est.)
GDP - composition, by end use
household consumption
77.2% (2022 est.)
government consumption
23.9% (2022 est.)
investment in inventories
0.4% (2022 est.)
investment in fixed capital
38.8% (2022 est.)
exports of goods and services
9.6% (2022 est.)
imports of goods and services
-55.5% (2022 est.)
Population below poverty line
15.9% (2019 est.)
Inflation rate (consumer prices)
Inflation rate (consumer prices) 2021
2.3% (2021 est.)
Inflation rate (consumer prices) 2022
6.7% (2022 est.)
Inflation rate (consumer prices) 2023
11.2% (2023 est.)
Industrial production growth rate
-19.7% (2022 est.)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2022
$1.009 billion (2022 est.)
Real GDP (purchasing power parity) 2023
$999.162 million (2023 est.)
Real GDP (purchasing power parity) 2024
$1.039 billion (2024 est.)
Youth unemployment rate (ages 15-24)
male
9.6% (2024 est.)
total
11.6% (2024 est.)
female
14% (2024 est.)
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 2022
$638.537 million (2022 est.)
Reserves of foreign exchange and gold 2023
$643.768 million (2023 est.)
Reserves of foreign exchange and gold 2024
$614.65 million (2024 est.)
GDP - composition, by sector of origin
industry
7.5% (2022 est.)
services
60.4% (2022 est.)
agriculture
24.9% (2022 est.)
Household income or consumption by percentage share
lowest 10%
3% (2019 est.)
highest 10%
24.7% (2019 est.)
Gini Index coefficient - distribution of family income
Gini Index coefficient - distribution of family income 2019
32.3 (2019 est.)