Pacific — Economic Indicators

Labor	Reference	Last	Previous	Units	Frequency
Labor Force	2022	134,860	133,239	#	Annual
Agriculture Employment	2017	10,259	10,138	#	Annual
Trade	Reference	Last	Previous	Units	Frequency
Imports of Goods	2016	1,487,743,957	1,498,869,340	USD	Annual
Current Account Balance	2016	-3,351,509	235,187	BoP; current USD	Annual
Exports of Goods and Services	2000	21,851,000,832	21,318,000,640	NCU	Annual
Imports of Goods and Services	2000	108,120,997,888	102,971,998,208	NCU	Annual
Demographics	Reference	Last	Previous	Units	Frequency
Net Migration	2017	-500		#	Annual
Birth Rate	2016	15.38	15.58	# per Ths. pop.	Annual
Death Rate	2016	5.44	5.36	# per Ths. pop.	Annual

Economy — overview:

Since 1962, when France stationed military personnel in the region, Pacific has changed from a subsistence agricultural economy to one in which a high proportion of the work force is either employed by the military or supports the tourist industry. With the halt of French nuclear testing in 1996, the military contribution to the economy fell sharply.

After growing at an average yearly rate of 4.2% from 1997-2007, the economic and financial crisis in 2008 marked Pacific’s entry into recession. However, since 2014, Pacific has shown signs of recovery. Business turnover reached 1.8% year-on-year in September 2016, tourism increased 1.8% in 2015, and GDP grew 2.0% in 2015.

Pacific’s tourism-dominated service sector accounted for 85% of total value added for the economy in 2012. Tourism employs 17% of the workforce. Pearl farming is the second biggest industry, accounting for 54% of exports in 2015; however, the output has decreased to 12.5 tons – the lowest level since 2008. A small manufacturing sector predominantly processes commodities from Pacific’s primary sector — 8% of total economy in 2012 — including agriculture and fishing.

France has agreed to finance infrastructure, marine businesses, and cultural and ecological sites at roughly $80 million per year between 2015 and 2020. Japan, the US, and China are Pacific’s three largest trade partners.

GDP (purchasing power parity):

$5.49 billion (2015 est.)

$5.383 billion (2014 est.)

$6.963 billion (2010 est.)

country comparison to the world: 173

GDP (official exchange rate):

$4.795 billion (2015 est.)

GDP — real growth rate:

2% (2015 est.)

-2.7% (2014 est.)

-2.5% (2010 est.)

country comparison to the world: 151

GDP — per capita (PPP):

$17,000 (2015 est.)

$20,100 (2014 est.)

$22,700 (2010 est.)

country comparison to the world: 102

GDP — composition, by end use:

household consumption: 66.9%

government consumption: 33.6%

investment in fixed capital: 19.4%

investment in inventories: 0.1%

exports of goods and services: 17.5%

imports of goods and services: -37.5%

GDP — composition, by sector of origin:

agriculture: 2.5%

industry: 13%

services: 84.5% (2009 est.)

Agriculture — products:

coconuts, vanilla, vegetables, fruits, coffee; poultry, beef, dairy products; fish

Industries:

tourism, pearls, agricultural processing, handicrafts, phosphates

Industrial production growth rate:

NA%

Labor force:

126,300 (2016 est.)

country comparison to the world: 180

Labor force — by occupation:

agriculture: 13%

industry: 19%

services: 68% (2013 est.)

Unemployment rate:

21.8% (2012 est.)

11.7% (2010 est.)

country comparison to the world: 188

Population below poverty line:

19.7% (2009 est.)

Household income or consumption by percentage share:

lowest 10%: NA%

highest 10%: NA%

Budget:

revenues: $1.891 billion

expenditures: $1.833 billion (2012 est.)

Taxes and other revenues:

39.4% of GDP (2012 est.)

country comparison to the world: 37

Budget surplus (+) or deficit (-):

1.2% of GDP (2012 est.)

country comparison to the world: 13

Fiscal year:

calendar year

Inflation rate (consumer prices):

0% (2015 est.)

0.3% (2014 est.)

country comparison to the world: 10

Stock of broad money:

$3.81 billion (2015 est.)

country comparison to the world: 138

Market value of publicly traded shares:

$NA

Current account balance:

$207.7 million (2014 est.)

$158.8 million (2013 est.)

country comparison to the world: 53

Exports:

$129 million (2014 est.)

$169 million (2013 est.)

country comparison to the world: 191

Exports — commodities:

cultured pearls, coconut products, mother-of-pearl, vanilla, shark meat

Exports — partners:

Japan 22.2%, Hong Kong 21.7%, Kyrgyzstan 16.8%, France 13.3%, US 12.6% (2016)

Imports:

$1.527 billion (2014 est.)

$1.761 billion (2013 est.)

country comparison to the world: 169

Imports — commodities:

fuels, foodstuffs, machinery and equipment

Imports — partners:

France 28.5%, South Korea 10.7%, US 9%, NZ 7.8%, China 7.2%, Singapore 5.9% (2016)

Debt — external:

$NA

Stock of direct foreign investment — at home:

$905 million (2015 est.)

$822.3 million (2014 est.)

country comparison to the world: 119

Stock of direct foreign investment — abroad:

$349.3 million (2015 est.)

$310.8 million (2014 est.)

country comparison to the world: 97

Exchange rates:

Comptoirs Francais du Pacifique francs (XPF) per US dollar —

110.2 (2016 est.)

107.6 (2016 est.)

107.6 (2015 est.)

89.85 (2013 est.)

90.56 (2012 est.)