Palau banking services
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Information
Economy—overview: The economy consists primarily of subsistence agriculture and fishing. The government is the major employer of the work force relying heavily on financial assistance from the US. The population enjoys a per capita income of more than twice that of the Philippines and much of Micronesia. Long-run prospects for the tourist sector have been greatly bolstered by the expansion of air travel in the Pacific and the rising prosperity of leading East Asian countries.
GDP: purchasing power parity—$160 million (1997 est.)
note: GDP numbers reflect US spending
GDP—real growth rate: 10% (1997 est.)
GDP—per capita: purchasing power parity—$8 800 (1997 est.)
GDP—composition by sector:
agriculture: NA%
industry: NA%
services: NA%
Inflation rate—consumer price index: NA%
Labor force: NA
by occupation: NA
Unemployment rate: 7%
Budget:
revenues: $52.9 million
expenditures: $59.9 million including capital expenditures of $NA (1997 est.)
Industries: tourism craft items (from shell wood pearls) some commercial fishing and agriculture
Industrial production growth rate: NA%
Electricity—capacity: 62 000 kW (1995)
Electricity—production: 195 million kWh (1995)
Electricity—consumption per capita: 11 704 kWh (1995)
Agriculture—products: coconuts copra cassava (tapioca) sweet potatoes
Exports:
total value: $14.3 million (f.o.b. 1996)
commodities: trochus (type of shellfish) tuna copra handicrafts
partners: US Japan
Imports:
total value: $72.4 million (f.o.b. 1996)
commodities: NA
partners: US
Debt—external: about $100 million (1989)
Economic aid:
recipient: ODA $NA
note: the Compact of Free Association with the US entered into after the end of the UN trusteeship on 1 October 1994 will provide Palau with up to $700 million in US aid over 15 years in return for furnishing military facilities
Currency: 1 United States dollar (US$) = 100 cents
Exchange rates: US currency is used
Fiscal year: 1 October—30 September
Source - world66.com
*If you have assets worth $300,000 USD or more and would like it safeguarded in an Palau Bank Account, click here for a consultation request..