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International Monetary Fund

lived on less than one U.S. dollar per day, with three–quarters of these in rural areas. 1 Figure I.1. Vanuatu: Real GDP, 1992–2001 (Annual percentage change) Sources: Vanuatu authorities and staff estimates. Table I.1. Vanuatu: Real GDP, 1992–2001 1992–1996 1997–2001 1992–2001 2000 2001 (Annual percentage change) Agriculture 2.6 2.1 2.3 7.4 0.6 Of which : Copra 6.9 -3.6 1.6 6.1 -6.7 Industry 1.2 1.3 1.2 2.6 -1

International Monetary Fund

.4 In months of imports 7/ 7.4 7.6 6.7 5.9 3.5 External debt (percent of GDP; end-period) 8/ 16.5 18.4 17.1 18.7 … Debt-service ratio (percent of current receipts) 0.8 0.9 0.7 0.6 … Nominal effective exchange rate (percent change) 9/ -0.7 -0.5 -0.1 2.0 0.8 Real effective exchange rate (percent change) 9/ -0.2 -1.5 -1.4 3.6 5.0 Sources: The World Bank, The World Development Indicators 1997; data provided by the Vanuatu authorities; and staff estimates. 1/ Figures for

International Monetary Fund. Asia and Pacific Dept

rates 2/ Vatu per U.S. dollar (period average) 94.5 97.1 107.0 109.3 107.8 … Vatu per U.S. dollar (end of period) 97.3 102.7 109.6 113.1 106.5 … Real effective exchange rate (average) 98.9 98.1 100.3 102.3 102.2 … Memorandum items : Nominal GDP (in billions of vatu) 75.8 79.1 82.8 87.3 93.7 101.9 Nominal GDP (in millions of U.S. dollars) 802 815 774 798 870 957 Sources: Vanuatu authorities; and IMF staff estimates and

International Monetary Fund. Asia and Pacific Dept

has remained relatively robust. Standard performing loans make up the bulk of total loans, although some small business loans are edging toward becoming non-performing. The non-performing loans situation will become clearer after the loan moratorium period ends in September 2021. Fiscal Policy The economic support package amounted to almost US$30 million (around 3 per cent of GDP). The focus of the Vanuatu authorities was on a guarantee of bank loans, wage subsidies, small business grants, and additional funding for the Vanuatu Agricultural Development Bank

International Monetary Fund. Asia and Pacific Dept
Border closures and other pandemic containment measures have kept Vanuatu free from COVID-19. However, they have dealt a heavy blow to economic activity as tourism has come to a virtual halt. On top of the pandemic, Tropical Cyclone Harold and a volcanic eruption in Tanna Island caused extensive economic damage in 2020. In the context of a continued loss of correspondent banking relationships (CBRs) in the Pacific, Vanuatu also lost a key CBR at end-June 2021. Air Vanuatu, one of the state-owned enterprises (SOEs), is in the process of being restructured.
International Monetary Fund

) 1,141 1,355 1,557 1,692 … … Population growth (annual percentage change) 2.6 2.6 2.6 2.6 … … Sources: Vanuatu authorities; and Fund staff estimates and projections. 1/ Includes Millennium Challenge Account (MCA) project grant which was launched in 2006. 2/ Assumes 20-25 percent civil service wage increase beginning July 2006. 3/ Weighted average rate of interest for total bank deposits and loans. 2006 data are as of September. 4/ Imports values are on c.i.f. basis. 5/ Medium- and long

International Monetary Fund

… … Source: Data provided by the Vanuatu authorities. Table 7. Vanuatu: Imports of Petroleum Products, 1993-1997 (In thousands of barrels of oil equivalent) 1/ 1993 1994 1995 1996 1997 Regular gasoline (petrol) 34.6 30.9 33.2 32.8 32.6 Distillate/diesel 122.1 140.0 144.3 143.5 145.0 Kerosene 5.4 4.9 6.1 6.5 6.4 Aviation fuel 2/ 16.2 -- 1.4 1.4 1.1 Liquid petroleum gas (LPG) 10.7 10.6 10.8 11.7 12.8 Total 189.1 186.4 195.7 195.9 197

International Monetary Fund

result, the outlook for the faster economic growth needed to lift living standards is not bright without a deepening of reform. Human development indicators are among the lowest of the Pacific island countries. About 40 percent of the population lives below the poverty line and 80 percent of the labor force is employed in subsistence activities in rural areas. Figure 1. Vanuatu: Regional Comparators (Averages, 2000–2004) Sources: Vanuatu authorities; and Fund staff estimates. Real GDP, 1995–2004 (1995=100) Sources: Authorities; and staff

International Monetary Fund

). Contribution to GDP Growth (In percent) Source: Vanuatu authorities. A booming tourist sector helped to keep economic activity buoyant . Growth remained strong in 2008 at 6½ percent, driven primarily by the service sector (which accounts for about two-thirds of GDP) and aid inflows, including increased disbursements from the Millennium Challenge Account (MCA). The agricultural sector also pitched in last year on the back of higher commodity prices. Box 1. Vanuatu’s Recent Success After several years of low growth, economic growth in Vanuatu has picked

International Monetary Fund
This 2006 Article IV Consultation highlights that following two years of contraction, output growth in Vanuatu recovered beginning in 2003, spurred by stronger performance in construction and a pickup in tourist arrivals. Growth reached 7 percent in 2005 and an estimated 5½ percent in 2006, well above the average for Pacific island countries. The overall external balance has benefited from rising foreign direct investment, aid, and private capital inflows, with reserves increasing to more than 7 months of imports. If good macroeconomic policies continue and political stability is maintained, near-term prospects are positive.