This page is an overview of theeconomy ofWallis and Futuna.
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 atPPP), which is lower than in New Caledonia,French Polynesia, and all the other French overseas departments and territories (exceptMayotte), 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 theCFP Franc, which is fixed vs. the euro, at the rate of 1,000 XPF = 8.38 euro. In 1991, BNP Nouvelle-Calédonie, a subsidiary ofBNP Paribas, established a subsidiary, Banque de Wallis et Futuna, which currently is the only bank in the territory. Two years earlierBanque Indosuez had closed the branch at Mata-Utu that it had opened in 1977, leaving the territory without any bank.
The territory's economy is limited to traditionalsubsistence agriculture, with about 80% of the labor force earning its livelihood from agriculture (coconuts and vegetables), livestock (mostly pigs), and fishing. Agricultural products includebreadfruit,yams,taro, bananas, pigs, and goats.
Industries includecopra, 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 19tons oftrochus 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.
Media related toEconomy of Wallis and Futuna at Wikimedia Commons
