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PALAU
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

Last updated May 2024
Copyright: Team The World of Info