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Palau:
Economy

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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


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