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Region:
Oceania-Melanesia
Capital:
Port-Villa
Population:
202,609 (July
2004 est.)
Surface
area:
12,189 sq km
Currency:
vatu
GDP
per capita:
purchasing power
parity - $2,900
(2002 est.)
Background:
The British and
French, who settled
the New Hebrides
in the 19th century,
agreed in 1906
to an Anglo-French
Condominium,
which administered
the islands until
independence
in 1980.
Economy
– Overview
This South Pacific
island economy
is based primarily
on small-scale
agriculture,
which provides
a living for
65% of the population.
Fishing, offshore
financial services,
and tourism,
with about 50,000
visitors in 1997,
are other mainstays
of the economy.
Mineral deposits
are negligible;
the country has
no known petroleum
deposits. A small
light industry
sector caters
to the local
market. Tax revenues
come mainly from
import duties.
Economic development
is hindered by
dependence on
relatively few
commodity exports,
vulnerability
to natural disasters,
and long distances
from main markets
and between constituent
islands. A severe
earthquake in
November 1999
followed by a
tsunami, caused
extensive damage
to the northern
island of Pentecote
and left thousands
homeless. Another
powerful earthquake
in January 2002
caused extensive
damage in the
capital, Port-Vila,
and surrounding
areas, and also
was followed
by a tsunami.
GDP growth rose
less than 3%
on average in
the 1990s. In
response to foreign
concerns, the
government has
promised to tighten
regulation of
its offshore
financial center.
In mid-2002 the
government stepped
up efforts to
boost tourism.
Agriculture,
especially livestock
farming, is a
second target
for growth. Australia
and New Zealand
are the main
suppliers of
tourists and
foreign aid.
Growth expanded
moderately in
2003.
United
Nations membership
date:
15 September
1981
New
York Mission:
Permanent Mission
of the Republic
of Vanuatu to
the United Nations
42 Broadway,
12th Floor, Suite
1200-18
New York, NY
10017 USA
Telephone: 212-425-9600
Fax: 212-422-3427
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