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Economy of French Polynesia

From Academic Kids

Economy - overview: Since 1962, when France stationed military personnel in the region, French Polynesia has changed from a subsistence economy to one in which a high proportion of the work force is either employed by the military or supports the tourist industry. Tourism accounts for about one-fourth of GDP and is a primary source of hard currency earnings. The small manufacturing sector primarily processes agricultural products. The territory benefited from a five-year (1994-98) development agreement with France aimed principally at creating new jobs.

GDP: purchasing power parity - $2.6 billion (1997 est.)

GDP - real growth rate: NA%

GDP - per capita: purchasing power parity - $10,800 (1997 est.)

GDP - composition by sector:
agriculture: 4%
industry: 18%
services: 78% (1997)

Population below poverty line: NA%

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices): 1.5% (1994)

Labor force: 118,744 (of which 70,044 are employed) (1988)

Labor force - by occupation: agriculture 13%, industry 19%, services 68% (1997)

Unemployment rate: 15% (1992 est.)

Budget:
revenues: $1 billion
expenditures: $900 million, including capital expenditures of $185 million (1996)

Industries: tourism, pearls, agricultural processing, handicrafts

Industrial production growth rate: NA%

Electricity - production: 360 GWh (1998)

Electricity - production by source:
fossil fuel: 59.72%
hydropower: 40.28%
nuclear power: 0%
other: 0% (1998)

Electricity - consumption: 335 GWh (1998)

Electricity - exports: 0 kWh (1998)

Electricity - imports: 0 kWh (1998)

Agriculture - products: coconuts, vanilla, vegetables, fruits, poultry, beef, dairy products

Exports: $212 million (f.o.b., 1996)

Exports - commodities: cultured pearls 50%, coconut products, mother-of-pearl, vanilla, shark meat (1997)

Exports - partners: United States 11%, France 6% (1997)

Imports: $860 million (c.i.f., 1996)

Imports - commodities: fuels, foodstuffs, equipment

Imports - partners: France 44.7%, US 13.9% (1994)

Debt - external: $NA

Economic aid - recipient: $450.4 million (1995)

Currency: 1 Comptoirs Francais du Pacifique franc (CFPF) = 100 centimes

Exchange rates: Comptoirs Francais du Pacifique francs (CFPF) per US$1 - 117.67 (January 2000), 111.93 (1999), 107.25 (1998), 106.11 (1997), 93.00 (1996), 90.75 (1995); note - linked at the exact official rate of 0.055 French francs to one Pacifique franc. Now that France has switched its currency to the Euro, this static link remains true, at the rate of about 119.26 Pacifique franc to one Euro (1 Euro being exactly 6.55957 French francs).

Fiscal year: calendar year

See also : French Polynesia
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