World Library  
Flag as Inappropriate
Email this Article

Economy of Wallis and Futuna

Article Id: WHEBN0000033204
Reproduction Date:

Title: Economy of Wallis and Futuna  
Author: World Heritage Encyclopedia
Language: English
Subject: Economy of the Cayman Islands, Economy of French Polynesia, Economy of New Caledonia, Economy of New Zealand, Economy of Edinburgh
Collection: Economy of Wallis and Futuna
Publisher: World Heritage Encyclopedia
Publication
Date:
 

Economy of Wallis and Futuna

Roasted pigs of Wallis and Futuna

The Economy of Wallis and Futuna:

Finance

The GDP of Wallis and Futuna in 2005 was 188 million US dollars at market exchange rates.[1] The GDP per capita was 12,640 US dollars in 2005 (at market exchange rates, not at PPP), which is lower than in New Caledonia, French Polynesia, and all the other French overseas departments and territories (except Mayotte), but higher than in all the small insular independent states of Oceania.

Along with the French territories of New Caledonia and French Polynesia, the territory uses the CFP Franc, which is fixed vs. the euro, at the rate of 1,000 XPF = 8.38 euro. In 1991, BNP Nouvelle-Calédonie, a subsidiary of BNP Paribas, established a subsidiary, Banque de Wallis et Futuna, which currently is the only bank in the territory. Two years earlier Banque Indosuez had closed the branch at Mata-Utu that it had opened in 1977, leaving the territory without any bank.

Agriculture and industry

The territory's economy is limited to traditional subsistence agriculture, with about 80% of the labor force earning its livelihood from agriculture (coconuts and vegetables), livestock (mostly pigs), and fishing. Agricultural products include breadfruit, yams, taro, bananas, pigs, and goats.

Industries include copra, handicrafts, fishing, and lumber. In 2007, US$63 million worth of commodities (foodstuffs, manufactured goods, transportation equipment, fuel, clothing) were imported, primarily from France, Singapore, Australia, and New Zealand, and there were no exports (the previous year, in 2006, exports amounted to US$122,000 and consisted entirely of 19 tons of trochus shells).[2] About 4% of the population is employed in government. 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, French Polynesia and France.

References

  1. ^ INSEE, CEROM. "L’économie de Wallis-et-Futuna en 2005: Une économie traditionnelle et administrée" (PDF) (in Français). Retrieved 1 July 2008. 
  2. ^  
This article was sourced from Creative Commons Attribution-ShareAlike License; additional terms may apply. World Heritage Encyclopedia content is assembled from numerous content providers, Open Access Publishing, and in compliance with The Fair Access to Science and Technology Research Act (FASTR), Wikimedia Foundation, Inc., Public Library of Science, The Encyclopedia of Life, Open Book Publishers (OBP), PubMed, U.S. National Library of Medicine, National Center for Biotechnology Information, U.S. National Library of Medicine, National Institutes of Health (NIH), U.S. Department of Health & Human Services, and USA.gov, which sources content from all federal, state, local, tribal, and territorial government publication portals (.gov, .mil, .edu). Funding for USA.gov and content contributors is made possible from the U.S. Congress, E-Government Act of 2002.
 
Crowd sourced content that is contributed to World Heritage Encyclopedia is peer reviewed and edited by our editorial staff to ensure quality scholarly research articles.
 
By using this site, you agree to the Terms of Use and Privacy Policy. World Heritage Encyclopedia™ is a registered trademark of the World Public Library Association, a non-profit organization.
 



Copyright © World Library Foundation. All rights reserved. eBooks from World Library are sponsored by the World Library Foundation,
a 501c(4) Member's Support Non-Profit Organization, and is NOT affiliated with any governmental agency or department.