PACIFIC ISLANDS BUSINESS INDICATORS
| Vanuatu | |
| Exchange Rate: 1 $ Local currency = x $US | |
| Currency | Vatu |
| Calendar Year 1996 | 0.009 |
| Calendar Year 1997 (used in tables) | 0.0088 |
| Q1 1998 | 0.0085 |
| % Change 1996 - Q1 1998 | -6% |
GENERAL |
|
Land Area |
12,190 km2 |
EEZ |
680,000 km2 |
GDP |
US$252 million (1996) |
GNP per Capita |
US$1,290 (1996) |
Human Development Index |
0.562 (1993) |
INDICATOR LEVELS (US $ million) |
|
GDP (at current prices) |
252.4 (1996) |
Govt. Revenues |
94.4 (1996) |
Govt. Expenditures |
99.8 (1996) |
Govt. Budget Deficit (-) |
-5.4 (1996) |
Exports (fob) |
30.2 (1996) |
Imports (fob) |
86.4 (1996) |
Current Account Balance (after grants) |
-11.5 (1996) |
Gross Reserves |
51.3 (1996) |
| LABOUR FORCE CONTEXT | |
| Population (1,000s latest census) 1 | 177 |
| Potential Labour Force, age 15-59 | 90 |
| Unpaid/underemployed labour force (%) 2 | |
| male | 79 |
| female | 79 |
| Quality of Local Labour Force3 | |
| Adult literacy rate (%) | 64 |
| Enrolment rate secondary schools (%) | 43 |
| LABOUR FORCE CONDITIONS | |
| Legislated minimum wage | 0.74 |
| Average Wage Rates ($per hour)4 | |
| Managerial | |
| Supervisory | |
| Skilled | |
| Semi Skilled | |
| Unskilled | |
| Normal number of hours work per week | 44 |
| No. paid holidays per year | n/a |
| Employer Contributions (% wage bill) | |
| Workers Superannuation Fund | |
| compulsory? | Yes |
| rate (%) | 3 |
| Western Compensation Fund | |
| compulsory? | No |
| rate (%)5 | |
| Electricity | |
| connection fee | 89 |
| tariff per kilowat hour | 0.25 |
| Water & Sewage | |
| water connection fee ($) | 8 |
| sewage connection fee | - |
| sewage rate | - |
| Telephone | |
| installation fee ($) | 114 |
| line/equipment rental rate ($) per year | 106 |
| rate per local call ($) | 0.15/3 min |
| long distance rates ($) per minute | |
| Japan (Tokyo) | 2.7 |
| USA (Los Angeles) | 3.4 |
| United Kingdom (London) | 2.7 |
| Australia (Sydney) | 1.4 |
| New Zealand (Auckland) | 1.4 |
| Singapore | 2.7 |
| Neighbouring Forum Island countries | |
| Tonga | |
| Samoa | |
| Fiji | 2.10 |
| Papua New Guinea | 2.10 |
| Vanuatu | |
| Marshall Islands | 2.10 |
| Tuvalu | |
| Kiribati | |
| Federated States of Micronesia | |
| Solomon Islands | |
| Cook Islands | |
| Nauru | |
| Palau | |
| Total Cost 1 year of service 1 | 3,154 |
| Internet/E-mail | |
| connection fee | 70 |
| rental rate per year | 211 |
| no. free hours per month included in rental | 0.00 |
| rate per additional hour use | 10.60 |
| Total cost 1 year of service2 | 1,553 |
| Sea Freight (cif) per cubic metre 1 | |
| Japan (Tokyo) | |
| USA (Los Angeles) | 171 |
| United Kingdom (London) | 139 |
| Australia (Sydney) | |
| New Zealand (Auckland) | |
| Singapore | |
| Neighbouring Forum Island Countries | |
| Tonga | |
| Samoa | |
| Fiji | |
| Marshall Islands | |
| Papua New Guinea | |
| Cook Islands | |
| Solomon Islands | |
| Vanuatu | |
| Palau | |
| Kiribati | |
| Federated States of Micronesia | |
| Air Freight (cif) per kilogram | |
| Japan (Tokyo) | 19.00 |
| USA (Los Angeles) | |
| United Kingdom (London) | 20.00 |
| Australia (Sydney) | 3.00 |
| New Zealand (Auckland) | 3.00 |
| Singapore | 9.00 |
| Neighbouring Forum Island Countries | |
| Tonga | |
| Samoa | |
| Fiji | 2.00 |
| Marshall Islands | |
| Kiribati | |
| Federated States of Micronesia | |
| Papua New Guinea | 2.00 |
| Cook Islands | |
| Solomon Islands | 1.00 |
| Vanuatu | |
| Palau | |
| Land | |
| total area (sq kilometers | 12,189 |
| Customary land | |
| Proportion customarily owned (%) | 90 |
| Max period for commercial lease (yrs) | 75 |
| Average lease rate per acre per annum | |
| agricultural land ($) | 40 |
| commercial land ($) | 1,760-2,200 |
| Free hold land | |
| average purchase price per acre | |
| Factory Space | |
| average annual rental price per sq ft | 0.20 |
| Commercial Banking | |
| Commercial Banks, excl Dev Banks (No) | 4 |
| Lending rate range (% per annum) | 12.70-13.10 |
| Average lending rate (% per annum) | 12.90 |
| Personal Tax Rates (Brackets) | |
| No tax | no income |
| rate of 5% | tax |
| rate of 6% | |
| rate of 8% | |
| rate of 10% | |
| rate of 12% | |
| rate of 15% | |
| rate of 20% | |
| rate of 25% | |
| rate of 30% | |
| rate of 35% | |
| rate of 37% | |
| rate of 40% | |
| Company Tax Rate (%) | |
| Resident Company | |
| General | companies |
| Mining | not taxed |
| Petroleum | on profits |
| Non-Resident Company | |
| General | |
| Mining | |
| Petroleum | |
| Other Taxes & Fees | |
| Business Gross Receipt tax (%) | 4 (whol/retail |
| GST/Value added tax (%) | - |
| Sales tax (%) | - |
| Annual business licence fees ($) | n/a |
| Import Duty Rates (% range) | |
| manufacturing inputs | 20-25 |
| general (excluding cigarettes, liquor et) | Oct-90 |