According to cheeroutdoor, Tuvalu has a small and open economy that is heavily reliant on foreign aid and remittances. The country is also a major producer of fish, coconuts, and taro. Over the past decade, Tuvalu has experienced slow economic growth driven by increased investments in infrastructure and access to foreign markets. Despite this progress, the country still faces significant challenges in terms of income inequality and poverty reduction. To address these issues, the government is focusing on developing small businesses and creating jobs for young people. Additionally, Tuvalu has implemented several reforms to attract foreign investment and create a more favorable business environment.
Business
According to COUNTRYAAH, Tuvalu is one of the least developed countries in the world. Commercial agriculture is a little developed, but many are self-sustaining. The soil is lean, and the only forage product is copra from coconut trees. For your own consumption, taro, papaya, bananas and pandanus nuts are grown (Pandanus is a related screw palm). Fishing (mainly of tuna) is conducted on a small scale.
Economy
| Inflation rate | 4.10% |
| Unemployment rate | |
| Gross domestic product (GDP) | $ 42,000,000 |
| GDP growth rate | 3.20% |
| GDP per capita | $ 3,800 |
| GDP by sector | |
| Agriculture | 24.50% |
| Industry | 5.60% |
| Service | 70.00% |
| State budget | |
| Revenue | 22.78 million |
| Expenditure | 14.23 million |
| Proportion of the population below the national poverty line | – |
| Distribution of household income | |
| Top 10% | k. A. |
| Lower 10% | k. A. |
| Industrial production growth rate | -26.10% |
| Investment volume | |
| National debt | 37.00% of GDP |
| Foreign exchange reserves | |
| Tourism | 2014 |
| Number of visitors | 1,000 |
| Revenue | $ 2,400,000 |
Note: the capital city of Tuvalu is Funafuti with a population of 6 320 (2017).
Abbreviated as TUV by abbreviationfinder.org, the country of Tuvalu has a large trade deficit. In the first place, food was imported, but also industrial goods, transport and fossil fuels, mainly from Fiji, Japan and Australia. The very limited supply opportunities in Tuvalu mean that more and more people are applying abroad as guest workers, and their money sent home is of great importance to the country’s economy. Furthermore, the country earns revenue from selling rights to the domain name.tv on the internet.
TUVALU
The population of this tiny state of Micronesia was – at the 1991 census – 10,090 residents, of which 1097 were temporarily abroad for work reasons (mainly employed in Nauru, in the phosphate industries). The economy is based on agriculture: among the products the fruit and vegetables are of greater importance, destined for internal consumption, and the coconut palm, from which copra, the only item of exports, is obtained. Fishing is also active (1460 t in 1990), which, thanks to the expansion of the protected area (200 nautical miles from the coast), has further development prospects. A significant contribution to the country’s economy comes from the issue of postage stamps; however, it should be noted that this activity experienced a particular expansion in the first half of the 1980s, to then mark the passage. Other important sources of income are represented by emigrant remittances and tourism.
