Vanuatu: Vanuatu Economy Profile 2012
2012/04/06
Vanuatu Economy Profile 2012
This South Pacific island economy is based primarily on small-scale agriculture, which provides a living for over 70% of the population. Fishing, offshore financial services, and tourism, with more than 167,000 visitors in 2007 are other mainstays of the economy. Mineral deposits are negligible; the country has no known petroleum deposits. A small light industry sector caters to the local market. Tax revenues come mainly from import duties. Economic development is hindered by dependence on relatively few commodity exports, vulnerability to natural disasters, and long distances from main markets and between constituent islands. In response to foreign concerns, the government has promised to tighten regulation of its offshore financial center. In mid-2002, the government stepped up efforts to boost tourism through improved air connections, resort development, and cruise ship facilities. Agriculture, especially livestock farming, is a second target for growth. Australia and New Zealand are the main suppliers of tourists and foreign aid.
- Vanuatu News
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- VANUATU: Vanuatu’s latest hospital theatre opens in north Pentecost
- AUSTRALIA: Virgin coconut oil production gets a boost on Ambrym
- VANUATU: Vanuatu Revenue Review report cites Vt 5 billion Govt revenue shortfall
- VANUATU: Vanuatu and New Caledonia meet to discuss development relationship
- VANUATU: Vanuatu to select president next month
- CHINA: Xi congratulates new president of Vanuatu
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