ECONOMY
Economy
- overview:
Since 1962, when France stationed military personnel in the region,
French Polynesia 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. Tourism accounts for about one-fourth
of GDP and is a primary source of hard currency earnings. Other
sources of income are pearl farming and deep-sea commercial fishing.
The small manufacturing sector primarily processes agricultural
products. The territory benefits substantially from development
agreements with France aimed principally at creating new businesses
and strengthening social services.
GDP:
purchasing power parity - $4.58 billion (2003 est.)
GDP - real growth rate:
4% (2001 est.)
GDP - per capita:
purchasing power parity - $17,500 (2001 est.)
GDP - composition by sector:
agriculture: 6%
industry: 18%
services: 76% (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% (2002 est.)
Labor force:
70,000 (1996)
Labor force - by occupation:
agriculture 13%, industry 19%, services 68% (1997)
Unemployment rate:
11.8% (1994)
Budget:
revenues: $1 billion
expenditures: $900 million, including capital expenditures of
$185 million (1996)
Agriculture - products:
coconuts, vanilla, vegetables, fruits; poultry, beef, dairy products,
coffee
Industries:
tourism, pearls, agricultural processing, handicrafts, phosphates
Industrial production growth rate:
NA
Electricity - production:
428.3 million kWh (2001)
Electricity - consumption:
398.3 million kWh (2001)
Electricity - exports:
0 kWh (2001)
Electricity - imports:
0 kWh (2001)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
4,750 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Exports:
$244 million f.o.b. (2002)
Exports - commodities:
cultured pearls, coconut products, mother-of-pearl, vanilla, shark
meat
Exports - partners:
France 66.3%, Japan 16.1%, US 9.1% (2003)
Imports:
$1.341 billion f.o.b. (2002)
Imports - commodities:
fuels, foodstuffs, machinery and equipment
Imports - partners:
France 59.9%, Australia 11.9%, New Zealand 6%, US 6% (2003)
Debt - external:
NA (2000 est.)
Economic aid - recipient:
$367 million (1997)
Currency:
Comptoirs Francais du Pacifique franc (XPF)
Currency code:
XPF
Exchange rates:
Comptoirs Francais du Pacifique francs (XPF) per US dollar - 105.73
(2003), 126.72 (2002), 133.26 (2001), 129.43 (2000), 111.93 (1999)
note: pegged at the rate of 119.25 XPF to the euro
Fiscal year:
calendar year
