10 Surprising Facts About The GDP of GDP of Tuvalu That You Need To Know

GDP of Tuvalu

10 Surprising Facts About The GDP of Tuvalu That You Need To Know

Tuvalu is a tiny Pacific nation that many people may not have heard of before. Despite its small size and relatively low profile, Tuvalu has an interesting and unique economy that is worth exploring.

we will be taking a closer look at the GDP of Tuvalu and uncovering 10 surprising facts that you need to know.

 What is the GDP of Tuvalu?

The GDP of Tuvalu is the total value of goods and services produced within the country’s borders over a specified period of time, typically a year. According to the World Bank, Tuvalu’s GDP was approximately $47 million in 2019.

 Fact #1:

GDP of Tuvalu has one of the smallest GDPs in the world

Despite being home to a relatively large population for its size, Tuvalu has one of the smallest GDPs in the world. In fact, according to the International Monetary Fund, Tuvalu’s GDP ranks 218th out of 223 countries and territories, making it one of the poorest nations in the world.

 Fact #2: The majority of Tuvalu’s GDP comes from foreign aid

Foreign aid plays a significant role in Tuvalu’s economy, with the country receiving substantial financial support from foreign governments and international organizations.

According to the World Bank, foreign aid accounted for approximately 63% of Tuvalu’s GDP in 2019.

Fact #3: Fishing is the biggest contributor to Tuvalu’s economy

While foreign aid is a major contributor to Tuvalu’s GDP, fishing is the country’s largest industry. Tuvalu’s exclusive economic zone (EEZ) covers an area of approximately 750,000 square kilometers, making it a prime location for fishing.

According to the Tuvalu Fisheries Department, the fishing industry accounts for approximately 26% of the country’s GDP.

Fact #4: Tuvalu is a tax haven for foreign companies

In recent years, GDP of Tuvalu has emerged as a popular destination for foreign companies looking to take advantage of the country’s favorable tax laws. Tuvalu does not have a corporate income tax or a value-added

tax (VAT), making it an attractive location for companies looking to reduce their tax burden.

However, this has led to concerns about the country’s ability to regulate these companies and ensure they are not engaging in unethical or illegal practices.

Fact #5: Tuvalu is highly dependent on imports

Due to its small size and limited resources, Tuvalu is heavily reliant on imports to meet its basic needs.

The country imports almost all of its food, fuel, and other essential goods, making it vulnerable to fluctuations in international commodity prices.

This also makes Tuvalu’s economy highly dependent on its ability to generate foreign exchange through exports and foreign aid.

Fact #6: Tuvalu is at risk of climate change-related economic disruptions

As a low-lying island nation, Tuvalu is particularly vulnerable to the impacts of climate change. Rising sea levels, increased storm surges, and more frequent and severe weather events all pose a threat to the country’s infrastructure, economy, and way of life.

This has led to concerns about the long-term viability of Tuvalu’s economy and the need for adaptation and mitigation measures to be put in place.

Fact #7:

GDP of Tuvalu has a high GDP per capita relative to other small island states

Despite its small GDP, Tuvalu has a relatively high GDP per capita compared to other small island states in the Pacific. In 2019, Tuvalu’s GDP per capita was approximately $4,300, which is higher than neighboring Kiribati and the Marshall Islands.

However, this still places Tuvalu well below the global average and highlights the challenges facing small island states in achieving sustainable economic growth.

Fact #8: Tuvalu’s economy is largely informal

Despite efforts to formalize and modernize its economy, Tuvalu remains largely informal. The majority of economic activity in the country takes place in the informal sector, with many people engaged in subsistence farming, fishing, and other small-scale activities.

This presents challenges for policymakers in terms of regulating and taxing these activities, as well as ensuring that workers in the informal sector have access to basic social protections and benefits.

Fact #9: Tuvalu’s GDP is expected to continue to grow

Despite the challenges facing its economy, Tuvalu’s GDP is expected to continue to grow in the coming years.

The World Bank projects that Tuvalu’s GDP will increase by 2.5% in 2021 and 2.9% in 2022, driven by growth in the fishing and tourism sectors, as well as continued foreign aid.

Fact #10: The COVID-19 pandemic has had a significant impact on Tuvalu’s economy

Like many countries around the world, Tuvalu has been impacted by the COVID-19 pandemic.

Travel restrictions and other measures designed to contain the spread of the virus have had a significant impact on the country’s tourism sector, while disruptions to global supply chains have made it more difficult to import essential goods.

However, Tuvalu has so far been relatively successful in controlling the spread of the virus, with no reported cases as of May 2023

GDP nominal (2017) GDP growth rate (2017)

$39,731,317

3.24%

  • Nominal (current) Gross Domestic Product (GDP) of Tuvalu is $39,731,317 (USD) as of 2017.
  • Real GDP (constant, inflation adjusted) of Tuvalu reached $40,487,384 in 2017.
  • GDP Growth Rate in 2017 was 3.24%, representing a change of 1,271,227 US$ over 2016, when Real GDP was $39,216,157.
  • GDP per Capita in Tuvalu (with a population of 11,370 people) was $3,561 in 2017, an increase of $67 from $3,494 in 2016; this represents a change of 1.9% in GDP per capita.

GDP of Tuvalu

Gross Domestic Product (GDP of Tuvalu

Year GDP Nominal
(Current USD)
GDP Real
(Inflation adj.)
GDP
change
GDP per capita Pop.
change
Population
2017 $39,731,317 $40,487,384 3.24% $3,561 1.29 % 11,370
2016 $36,572,612 $39,216,157 3.03% $3,494 1.14 % 11,225
2015 $35,556,039 $38,061,024 9.14% $3,429 1.16 % 11,099
2014 $37,290,587 $34,872,648 1.35% $3,178 1.06 % 10,972
2013 $37,509,122 $34,408,843 4.58% $3,169 1.10 % 10,857
2012 $37,671,735 $32,902,991 -3.84% $3,064 1.00 % 10,739
2011 $38,711,828 $34,215,329 7.52% $3,218 0.98 % 10,633
2010 $31,823,519 $31,823,519 -2.73% $3,022 1.02 % 10,530
2009 $27,101,076 $32,716,492 -4.43% $3,139 1.07 % 10,424
2008 $30,290,220 $34,234,036 7.98% $3,319 0.91 % 10,314
2007 $27,030,374 $31,703,095 6.35% $3,102 1.00 % 10,221
2006 $22,902,861 $29,809,992 2.14% $2,946 1.20 % 10,120
2005 $21,839,099 $29,185,727 -3.78% $2,919 1.33 % 10,000
2004 $21,534,932 $30,332,203 -1.35% $3,073 1.47 % 9,869
2003 $18,231,079 $30,747,971 -3.33% $3,161 1.35 % 9,726
2002 $15,450,994 $31,808,313 7.89% $3,315 1.18 % 9,596
2001 $13,196,545 $29,483,215 1.63% $3,109 0.96 % 9,484
2000 $13,742,057 $29,009,174 -0.97% $3,088 0.51 % 9,394
1999 $13,687,141 $29,293,496 -1.56% $3,134 0.15 % 9,346
1998 $12,757,633 $29,758,863 15.50% $3,189 0.10 % 9,332
1997 $12,700,905 $25,764,977 10.00% $2,764 0.00 % 9,323
1996 $12,334,846 $23,422,020 -5.96% $2,512 0.27 % 9,323
1995 $11,025,945 $24,906,804 -5.00% $2,679 0.50 % 9,298
1994 $10,886,826 $26,218,914 10.28% $2,834 0.63 % 9,252

See Also:

Sources: GDP of Tuvalu That You Need To Know

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