Is Wallis and Futuna a rich country?
The economy is limited to traditional subsistence agriculture, with about 80% of labor force earnings coming from agriculture (coconuts and vegetables), livestock (mostly pigs), and fishing. However, roughly 70% of the labor force is employed in the public sector, although only about a third of the population is in salaried employment.
Revenues come from French Government subsidies, licensing of fishing rights to Japan and South Korea, import taxes, and remittances from expatriate workers in New Caledonia. France directly finances the public sector and health-care and education services. It also provides funding for key development projects in a range of areas, including infrastructure, economic development, environmental management, and health-care facilities.
A key concern for Wallis and Futuna is an aging population with consequent economic development issues. Very few people aged 18-30 live on the islands due to the limited formal employment opportunities. Improving job creation is a current priority for the territorial government.
What is the GDP of Wallis and Futuna?
|Currency Name and Code||CFP Franc (XPF)|
|GDP - Gross Domestic Product (PPP)||$60,000,000 (USD)|
|GDP - official exchange rate||$0 (USD)|
|GDP - official exchange rate note||NA|
|GDP - real growth rate note||NA|
|GDP Per Capita||$3,800.00 (USD)|
|Labor Force By Occupation- agriculture||80%|
|Labor Force By Occupation- industry||4%|
|Labor Force By Occupation- services||16%|
|Fiscal Year||calendar year|
|Annual Budget||$29,730 (USD)|
|Public Debt (% of GDP)||5.6%|
|Major Industries||copra, handicrafts, fishing, lumber|
|Agriculture Products||breadfruit, yams, taro, bananas; pigs, goats|
|Exchange Rate per US Dollar||Comptoirs Francais du Pacifique franc (XPF)|