Economy overview: Tuvalu is a densely populated, scattered group of 9 coral atolls with poor soil. The country has no explored deposits of mineral resources and exports are negligible. Subsistence farming and fishing are the main economic activities. State revenues are formed mainly from the sale of stamps and coins and workers’ remittances. Approximately 1,000 Tuvaluans work in Nauru in phosphate mining. However, Nauru has begun to repatriate Tuvaluans as phosphate supplies are depleted. The country receives a substantial income annually from an international trust fund founded in 1987 by Australia, New Zealand and Great Britain and also supported by Japan and South Korea. Thanks to successful investments and conservative policies, this fund grew from an initial $17 million to $35 million in 1999. The US government is also a major source of revenue for Tuvalu, with payments in 1999 under the 1988 fishery rights treaty totaling about $9 million and expected to increase annually. To reduce dependence on foreign aid, the government is undertaking public sector reforms, including the privatization of some public services and a 7% cut in staff. In 1998, Tuvalu began to generate income from the use of its area code for “900” lines and from the sale of the Internet domain “.tv”. Thanks to these new technology-generated sources, GDP could triple or more in the next decade. In 1999, when exports amounted to less than 5% of imports, the trade deficit was covered by payments for fishing and telecommunications licenses, remittances from workers abroad. See topb2bwebsites.com to know more about Tuvalu in 2004.
GDP: Purchasing Power Parity $11.6 million (1999 est.)
Real GDP growth rate: 3% (1999 est.).
GDP per capita: at purchasing power parity – $1,100 (1995 est.).
Composition of GDP by sectors of the economy: agriculture: no data; industry: no data; service sector: no data.
Proportion of the population below the poverty line: no data available.
Percentage distribution of household income or consumption: for the poorest 10% of households: n/a; by top 10% of households: no data.
Inflation rate at consumer prices: 7% (1999 est.).
Labor force: no data.
Employment structure: the population lives mainly on the direct exploitation of the sea, reefs and atolls and on remittances from workers abroad (mainly in the phosphate industry and in the civilian fleet).
Unemployment rate: no data.
Budget: revenues: $6.2 million; expenditures: $6.1 million, including capital expenditures – NA (1998 est.).
Spheres of economy: fishing, tourism, harvesting of copra.
Growth in industrial production: no data available.
Electricity generation: 3 million kWh (1995).
Sources of electricity generation: fossil fuels: no data available; hydropower: no data; nuclear fuel: no data; others: no data.
Agricultural products: coconuts; fish.
Export: $165,000 (free on board, 1989)
Export articles: copra.
Export partners: Fiji, Australia, New Zealand.
Import: $4.4 million (S.I.F., 1989).
Imports: foodstuffs, livestock, mineral fuels, machinery, manufactured goods.
Import partners: Fiji, Australia, New Zealand.
External debt: no data. Economic aid recipient: $13 million (1995); note – the main donors are Japan and Australia.
Donor Economic Assistance:
Currency: Australian dollar; note – there is also a Tuvaluan dollar equal to the Australian dollar.
Currency code: AUD.
Exchange rate: AUD / USD – 1.7995 (January 2001), 1.7173 (2000), 1.5497 (1999), 1.5888 (1998), 1.3439 (1997), 1.2773 (1996).
Fiscal year: calendar year.
Telecommunications Telephone lines: 1,000 (1997).
Mobile cell phones: 0 (1994).
Telephone system: internal: radiotelephone communication between the islands; international: no data.
Broadcast stations: AM – 1, FM -0, shortwave -0 (1998).
Radio receivers: 4,000 (1997).
Television broadcast stations: 0 (1997).
TV sets: 800.
Internet country code: tv
Internet service providers: 1 (2000).
Number of users: no data.
Transport Railways: 0 km.
Roads: total: 8 km (1996 est.); coated: no data; uncoated: no data;
Ports and harbours: Nukufetau, Funafuti.
Merchant fleet: total: 9 ships (displacement 1,000 tons or more) with a total displacement of 52,135 gross register tons / 68,300 long tons of gross tonnage; ships of various types: cargo ships – 5, cargo-passenger ships – 1, oil tankers – 1, ferries – 2 (2000 est.).
Airports: 1 (2000 est.).
Airports with paved runways:
Airports with unpaved runways: total: 1; from 1524 to 2437 m: 1 (2000 est.).
Arms of the Armed Forces: no regular armed forces; The police force includes a Marine unit that also performs search operations.
Total military manpower:
Eligible for military service:
Number of persons reaching draft age each year:
Military spending in dollar terms: not available.
Military spending as part of GDP: no data available.