Economy of Vanuatu
Vanuatu is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Vanuatu may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Vanuatu exports around $0.04 billion and imports roughly $0.32 billion. 4.6% of population in the country are unemployed. The total number of unemployed people in Vanuatu is 12,977. In Vanuatu, 0% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Vanuatu is low, indicating that it has a stable economy. Investors should consider Vanuatu to be a safe location for investments and other financial ventures. Government expenditure on education is 4.8% of GDP. The Gini Index of the country is 37.18. Vanuatu is experiencing good equality. The majority of citizens in Vanuatu fall within a narrow range of income, although some cases may show significant differences. Vanuatu has a Human Development Index (HDI) of 0.616. Vanuatu has an upper medium HDI score. This indicates that the majority of citizens will be able to attain a desirable life, though some citizens will not be able to achieve high living standards. The strength of legal rights index for Vanuatu is 10. Overall, it is considered to be rather strong - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders quite well; credit information is abundant and easily accessible.
Currency
The currency of Vanuatu is Vanuatu vatu. The plural form of the word Vanuatu vatu is vatus. The symbol used for this currency is Vt, and it is abbreviated as VUV.
Credit rating
The depth of credit information index for Vanuatu is 4, which means that information is usually sufficient and quite accessible, although occasionally some necessary details may be lacking.
Central bank
In Vanuatu, the institution that manages the state's currency, money supply, and interest rates is called Reserve Bank of Vanuatu. The average deposit interest rate offered by local banks in Vanuatu is 1.1%.
Public debt
Vanuatu has a government debt of 14.% of the country's Gross Domestic Product (GDP), as assessed in 2013.
Tax information
The corporate tax in Vanuatu is set at 0%. Personal income tax ranges from 0% to 0%, depending on your specific situation and income level. VAT in Vanuatu is 12%.
Finances
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Vanuatu is $683 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Vanuatu was last recorded at $2 million. PPP in Vanuatu is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Vanuatu is 1 billion. Based on this statistic, Vanuatu is considered to have a small economy. Countries with small economies generally support less industries and opportunities for investment. However, worthwhile investment opportunities may be found. The Gross Domestic Product (GDP) per capita in Vanuatu was last recorded at $0 million. The average citizen in Vanuatu has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Vanuatu averaged 3.5% in 2014. According to this percentage, Vanuatu is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly. To read more about financial information click on finances of Vanuatu.
Industry
Major industries in the country are food and fish freezing, wood processing, meat canning. The total labor force of Vanuatu is 124,830 people, wherein 4.6% of population in the country are unemployed. The total number of unemployed people in Vanuatu is 12,977. The Industrial Production growth rate of Vanuatu is 4.8%.To read more about industrial information within Vanuatu click on industry of Vanuatu.
Agriculture
There are 200 km2 of arable land in Vanuatu, and it comprises 2% of the country's total territory. There are 1050 km2 of cultivated land in Vanuatu. The country's major agricultural crops and products are copra, coconuts, cocoa, coffee, taro, yams, fruits, vegetables, beef, fish.To read more about agriculture click on agriculture of Vanuatu.