PALAU
Economy
Economy
Economy
Palau's economy was heavily dependent on US financial aid and currently on tourism. Until 2008, Palau received $450 million as agreed in the "Compact" agreement. Palau depended on it for 90% of its budget. The money was used, among other things, to develop infrastructure and subsidise entrepreneurs on the island.
The gross national product per capita is about $14,700 (2017), which is one of the highest in Micronesia. The government is the island's main employer. Palau is planning to build a textile factory.
In 2017, $23.2 million was exported to the United States, Japan and India. In the same year, $4.7 billion was imported mainly from the United States. The main agricultural products are bananas, coconuts, copra, cassava and sweet potatoes.
Sources
Galbraith, K. / Micronesia
Lonely Planet
Levy, N.M. / Micronesia handbook Moon
CIA - World Factbook
BBC - Country Profiles
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