Palau:
Economy

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Other pages in this profile of Palau:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.


Economy - overview	Definition The economy consists primarily of tourism, subsistence agriculture, and fishing. The government is the major employer of the work force relying heavily on financial assistance from the US. The Compact of Free Association with the US, entered into after the end of the UN trusteeship on 1 October 1994, provided Palau with up to $700 million in US aid for the following 15 years in return for furnishing military facilities. Business and tourist arrivals numbered 63,000 in 2003. The population enjoys a per capita income roughly 50% higher than that of the Philippines and much of Micronesia. Long-run prospects for the key tourist sector have been greatly bolstered by the expansion of air travel in the Pacific, the rising prosperity of leading East Asian countries, and the willingness of foreigners to finance infrastructure development.
GDP (purchasing power parity)	Definition - World rank and map $124.5 million note: GDP estimates includes US subsidy (2004 est.)
GDP (official exchange rate)	Definition $145 million (2005)
GDP - real growth rate	Definition - World rank and map 5.5% (2005 est.)
GDP - per capita	Definition - World rank and map $7,600 (2005 est.)
GDP - composition by sector	Definition agriculture: 6.2% industry: 12% services: 81.8% (2003)
Labor force	Definition 9,777 (2005)
Labor force - by occupation	Definition agriculture: 20% industry: NA% services: NA%
Unemployment rate	Definition - World rank and map 4.2% (2005 est.)
Population below poverty line	Definition NA%
Household income or consumption by percentage share	Definition lowest 10%: NA% highest 10%: NA%
Inflation rate (consumer prices)	Definition - World rank and map 2.7% (2005 est.)
Budget	Definition revenues: $72.07 million expenditures: $72.43 million (FY04/05 est.)
Agriculture - products	Definition coconuts, copra, cassava (tapioca), sweet potatoes; fish
Industries	Definition tourism, craft items (from shell, wood, pearls), construction, garment making
Industrial production growth rate	Definition - World rank and map NA%
Current account balance	Definition - World rank and map $15.09 million (FY03/04)
Exports	Definition - World rank and map $5.882 million f.o.b. (2004 est.)
Exports - commodities	Definition shellfish, tuna, copra, garments
Exports - partners	Definition US, Japan, Singapore (2006)
Imports	Definition - World rank and map $107.3 million f.o.b. (2004 est.)
Imports - commodities	Definition machinery and equipment, fuels, metals; foodstuffs
Imports - partners	Definition US, Singapore, Japan, South Korea (2006)
Debt - external	Definition - World rank and map $0 (FY99/00)
Market value of publicly traded shares	Definition $NA
Economic aid - recipient	Definition $23.46 million (2005)
Currency (code)	Definition US dollar (USD)
Exchange rates	Definition the US dollar is used
Fiscal year	Definition 1 October - 30 September