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Economy of Wallis and Futuna

Wallis and Futuna 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, Wallis and Futuna 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, Wallis and Futuna exports around $0 billion and imports roughly $0.06 billion. 8.8% of population in the country are unemployed. The total number of unemployed people in Wallis and Futuna is 1,028. The Gini Index of the country is 45.93. Wallis and Futuna is experiencing poor equality. The gap between the richest and poorest citizens in this country is quite noticeable.

Currency

The currency of Wallis and Futuna is cfp franc. The plural form of the word cfp franc is CFP francs. The symbol used for this currency is Fr, and it is abbreviated as XPF. The cfp franc is divided into Cent; there are 100 in one cfp franc.

Credit rating

Credit rating is the extent to which international investors trust a country in paying debts and upholding the country's obligations in terms of crediting. There is no information on the credit rating of Wallis and Futuna.

Central bank

In Wallis and Futuna, the institution that manages the state's currency, money supply, and interest rates is called Overseas Issuing Institute. Locally, the central bank of Wallis and Futuna is called Institut d'émission d'Outre-Mer.

Public debt

Wallis and Futuna has a government debt of 5.6% of the country's Gross Domestic Product (GDP), as assessed in 2004.

Tax information

The corporate tax in Wallis and Futuna is set at 0%. Personal income tax ranges from 0% to 0%, depending on your specific situation and income level. VAT in Wallis and Futuna is 6%.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Wallis and Futuna is $0.06 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Wallis and Futuna was last recorded at $0 million. PPP in Wallis and Futuna 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 Wallis and Futuna is 0 billion. Based on this statistic, Wallis and Futuna 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 Wallis and Futuna was last recorded at $0 million. The average citizen in Wallis and Futuna 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. To read more about financial information click on finances of Wallis and Futuna.

Industry

Major industries in the country are copra, handicrafts, fishing, lumber. The total labor force of Wallis and Futuna is 3,104 people, wherein 8.8% of population in the country are unemployed. The total number of unemployed people in Wallis and Futuna is 1,028. To read more about industrial information within Wallis and Futuna click on industry of Wallis and Futuna.

Agriculture

There are 20 km2 of arable land in Wallis and Futuna, and it comprises 14% of the country's total territory. There are 118 km2 of cultivated land in Wallis and Futuna. The country's major agricultural crops and products are coconuts, breadfruit, yams, taro, bananas, pigs, goats, fish.To read more about agriculture click on agriculture of Wallis and Futuna.