Economy

Economy—overview: Since 1962 when France stationed military personnel in the region French Polynesia has changed from a subsistence economy to one in which a high proportion of the work force is either employed by the military or supports the tourist industry. Tourism accounts for about 20% of GDP and is a primary source of hard currency earnings. The small manufacturing sector primarily processes agricultural products. The territory will continue to benefit from a five-year (1994-98) development agreement with France aimed principally at creating new jobs.

GDP: purchasing power parity—$1.76 billion (1995 est.)

GDP—real growth rate: NA%

GDP—per capita: purchasing power parity—$8 000 (1995 est.)

GDP—composition by sector:

agriculture: 4%

industry: 18%

services: 78% (1992 est.)

Inflation rate—consumer price index: 1.5% (1994)

Labor force:

total: 118 744 (of which 70 044 are employed) (1988)

by occupation: agriculture 13% industry 19% services 68% (1992 est.)

Unemployment rate: 15% (1992 est.)

Budget:

revenues: $636 million

expenditures: $643 million including capital expenditures of $NA (1994)

Industries: tourism pearls agricultural processing handicrafts

Industrial production growth rate: NA%

Electricity—capacity: 79 000 kW (1995)

Electricity—production: 330 million kWh (1995)

Electricity—consumption per capita: 1 500 kWh (1995)

Agriculture—products: coconuts vanilla vegetables fruits; poultry beef dairy products

Exports:

total value: $245 million (f.o.b. 1994)

commodities: cultured pearls 53.8% coconut products mother-of-pearl vanilla shark meat (1992)

partners: France 33% US 8.5% (1994)

Imports:

total value: $967 million (c.i.f. 1994)

commodities: fuels foodstuffs equipment

partners: France 44.7% US 13.9% (1994)

Debt—external: $NA

Economic aid:

recipient: ODA $NA

Currency: 1 CFP franc (CFPF) = 100 centimes

Exchange rates: Comptoirs Francais du Pacifique francs (CFPF) per US$1—110.60 (January 1998) 106.11 (1997) 93.00 (1996) 90.75 (1995) 100.94 (1994) 102.96 (1993); note—linked at the rate of 18.18 to the French franc

Fiscal year: calendar year