Economy of French Polynesia

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 one-fourth of GDP and is a primary source of hard currency earnings. The small manufacturing sector primarily processes agricultural products.

Statistics

GDP: nominal - US$5.65 billion (2006)

GDP - real growth rate: -0.43% (in 2006)

GDP - per capita: nominal - US$21,999 (2006)

GDP - composition by sector:
agriculture: 3.1%
industry: 19%
services: 76.9% (2005)

Population below poverty line: NA%

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices): 1.1% (2006)

Labor force: 65 870 (December 2005)

Labor force - by occupation: agriculture 13%, industry 19%, services 68% (2002)

Unemployment rate: 11.8% (1994 est.)

Budget:
revenues: $865 million
expenditures: $644,1 million, including capital expenditures of $185 million (1999)

Industries: tourism, pearls, agricultural processing, handicrafts, phosphates

Industrial production growth rate: NA%

Electricity - production: 477 GWh (2004)

Electricity - production by source:
fossil fuel: 59.72%
hydropower: 40.28%
nuclear power: 0%
other: 0% (1998)

Electricity - consumption: 443.6 GWh (2004)

Electricity - exports: 0 kWh (2004)

Electricity - imports: 0 kWh (2004)

Agriculture - products: fish, coconuts, vanilla, vegetables, fruits, coffee, poultry, beef, dairy products

Exports: US$0.2 billion (2008)

Exports - commodities: cultured pearls 50%, coconut products, mother-of-pearl, vanilla, shark meat (1997)

Exports - partners: Hong Kong 41%, Metropolitan France 20%, Japan 14%, United States 8% (2008)

Imports: $2.2 billion (2008)

Imports - commodities: fuels, foodstuffs, equipment

Imports - partners: Metropolitan France 30%, Singapore 14%, United States 10%, China 7%, New Zealand 6%, Australia 3% (2008)

Debt - external: $NA

Economic aid - recipient: $580 million (2004)

Currency: 1 Comptoirs Francais du Pacifique franc (CFPF) = 100 centimes

Exchange rates: Comptoirs Francais du Pacifique francs (CFPF) per US$1 – 95.89 (2005), 96.04 (2004), 105.66 (2003), 126.71 (2002), 133.26 (2001), 117.67 (January 2000), 111.93 (1999), 107.25 (1998), 106.11 (1997), 93.00 (1996), 90.75 (1995); note - linked at the exact official rate of 0.055 French francs to one Pacifique franc. Now that France has switched its currency to the euro, this static link remains true, at the rate of about 119.26 Pacifique franc to one euro (1 euro being exactly 6.55957 French francs).

Fiscal year: calendar year