Economy of Tuvalu
Tuvalu is a Polynesian island nation located in the Pacific Ocean, midway between Hawaii and Australia, with a population of 11,192 per the 2017 census. The economy of Tuvalu is constrained by its remoteness and lack of economies of scale. Government revenues largely come from fishing licences (primarily paid under the South Pacific Tuna Treaty); direct grants from international donors (government donors as well as from the Asian Development Bank); and income from the Tuvalu Trust Fund. The lease of its highly fortuitous .tv Top Level Domain (TLD) also contributes revenue. The sale of stamps since the  independence of Tuvalu in 1976 has been an important source of revenue for the country and government. However, such revenue has significantly declined in recent years. Tuvalu has hardly any tourism. It has no tour guides, tour operators or organised activities and no cruise ships visit. The Tuvalu Trust Fund was established in 1987 by the United Kingdom, Australia and New Zealand to help supplement national deficits, underpin economic development, and help the nation achieve greater financial autonomy. The Fund has contributed roughly A$79 million, 15% of the annual government budget each year since 1990. With a capital value  of about 2.5 times GDP, the Trust Fund provides an important cushion for Tuvalu's volatile income sources from fishing and royalties from the sale of the .tv domain. World Bank Statistics outline that in 2010 Tuvalu produced a bottom-tier ranking Gross Domestic Product of $31,350,804 and Gross National Income of $4,760, compared to other Pacific SIDS states such as Kiribati at $2,010 and the Marshall Islands at $3,640. Fishing licensing agreements with Taiwan, Japan, South Korea, New Zealand and the United States generated an income of A$9 million in 2009. In 2013 revenue  from fishing licenses doubled to more than 45% of GDP. A large proportion of national income comes from the employment of 15% of adult male Tuvaluans overseas in the maritime industry. The value of these remittances was valued at A$4 million (est. 2006) and on average accounts for 10% of GDP. A UN Report makes reference to the fact that these revenue streams are vulnerable to macroeconomic change while the national budget remains heavily subsidised through international aid and funding schemes such as the Tuvalu Trust Fund with a strong reliance on the importation of food, which was estimated  at $15.5 million 2007. Tuvalu joined the International Monetary Fund (IMF) on 24 June 2010. On 5 August 2012, the executive board of the International Monetary Fund (IMF) concluded the Article IV consultation with Tuvalu, and assessed the economy of Tuvalu: “A slow recovery is underway in Tuvalu, but there are important risks. GDP grew in 2011 for the first time since the global financial crisis, led by the private retail sector and education spending. We expect growth to rise slowly”. The IMF Article IV consultation with Tuvalu, which was completed in August 2014, concluded that: “Large revenues from  fishing licenses, together with substantial foreign aid, facilitated a sizable budget surplus in the past two years but also an expansionary budget in 2014. The large increase in budget spending is set to cause some inflationary pressure. More importantly, the likely difficulties in unwinding the budget expansion and potential liabilities arising from weaknesses in state-owned banks and public enterprises make fiscal sustainability a major concern over the medium to long run.” In 2018, the IMF Article IV consultation with Tuvalu concluded that growth is projected to accelerate to 4.3% on higher fiscal expenditure and infrastructure projects and the fiscal  balance is projected to weaken in the medium term following a surplus of 6% of GDP in 2018 due to higher fishing revenue. On 4 August 2021, the executive board of the IMF concluded the Article IV consultation with Tuvalu, and assessed the economy of Tuvalu to have grown by 1% in 2020, compared to 13.9% in 2019, with 1.6% inflation. The IMF report concluded that the inflow of COVID-19 related grants and high tuna fish licence fees had allowed the Tuvuluan government to maintain government spending in the 2020-2021 budget. The IMF report projects Tuvalu's GDP as  increasing by 2.5% in 2021 and 3.5% by 2022; inflation is projected to increase to 2.2% by 2021 and to 2.4% by 2022. Geography of Tuvalu. Agriculture in Tuvalu is focused on coconut trees and growing pulaka in large pits of composted soil below the water table. Subsistence farming of coconut palms to produce copra and fishing remain the primary economic activities, particularly off the capital island of Funafuti. There is no apparent large income disparity among the residents, although virtually the only jobs in the islands that pay a steady wage or salary are with the government, which make  up about two-thirds of those in formal employment. About 15% of adult males work as seamen on foreign-flagged merchant ships. Population growth on the outer islands, the limits as to available land and the lack of employment opportunities, results in a flow of people from the outer islands to the capital in Funafuti with further pressure to migrate to Australia or New Zealand. There is high youth unemployment and few new jobs being created. Given the absence of natural resources (apart from tuna in the territorial waters), and the constraints imposed on the Tuvaluan economy by its remoteness  and lack of economies of scale, practical policies are needed for improvements to the livelihoods of the growing numbers of young Tuvaluans who aspire to a more affluent lifestyle than older generations. Tuvalu comprises four reef islands and five true atolls that result in a "contiguous zone:" "exclusive economic zone:" "territorial sea:" Its nearest neighbours are Kiribati, Nauru, Samoa and Fiji. Tuvalu has worked with Secretariat of the Pacific Community (SPC) and the European Union and enacted the Seabed Minerals Act 2014. The SPC-EU Pacific Deep Sea Minerals Project involves cooperation between the Cook Islands, Fiji, Tonga and Tuvalu  with the object of those countries making informed decisions about future deep seabed mineral activities. The population is 10,507 (2017 Census), which makes Tuvalu the third-least populous sovereign state in the world; as compared to its immediate neighbours, it has a larger population than Nauru, but is smaller than Kiribati which has a permanent population of just over 100,000 (2011). In terms of physical land size, at just Tuvalu is the fourth smallest country in the world; as compared to its immediate neighbours, Tuvalu is larger than Nauru, which is , and smaller than Kiribati, which comprises groups of atolls  dispersed over 3.5 million square kilometres, (1,351,000 square miles) of the Pacific Ocean. Tuvalu's Exclusive Economic Zone (EEZ) covers an oceanic area of approximately 900,000 km. Tuvalu is considered a safe country of unspoiled natural beauty and friendly people. However, due to its remoteness, the cost of travelling to the island and limited air traffic to the country, limited numbers of tourists visit each year. The majority of visitors to Tuvalu are government officials, aid workers, NGO officials or consultants. Tuvalu's economy. Fishing resources. Tuvaluans are primarily involved in traditional agriculture and fishing. Job opportunities also exist as  observers on tuna boats where the role is to monitor compliance with the boat's tuna fishing licence. The Tuvaluan economy, therefore, relies heavily on its fishing income, with 42% of the Tuvaluan population involved in fishing activity at various levels. UN Data calculated a gross value of fisheries at US$43,773,582 (2007 est), which accounted for the output of coastal commercial fishing, coastal subsistence fishing, locally based offshore fishing, foreign-based offshore fishing, freshwater fishing and aquaculture. In recent years all of the income has been generated through the listed activities in Tuvalu waters, rather than through exports direct  from Tuvalu. The activities of international fishing vessels, which in 2008 comprised 42 longline fishing vessels, 3 pole/line vessels and 126 purse seiners, far outweigh domestic activity, with a production volume of 35,541 tonnes worth US$40,924,370 (2009 est) or 93.5% of gross value, although Tuvalu retains a sizeable share in income via licensing. The fishing in the Exclusive Economic Zone (EEZ) mainly consists of Skipjack Tuna, Yellowfin Tuna and Bigeye Tuna. On 29 June 2017, the National Fishing Corporation of Tuvalu (NAFICOT), signed a joint venture agreement with the Republic of Korea's SAJO Fishing Industry to operate  the fishing vessel "M.V. Taina" within the Tuvaluan EEZ and other Pacific Island waters. The 2021 Budget of Tuvalu set out a shift in government policy regarding engagement in fishing activities, with a shift from joint venture arrangements (including the sale of "FV Taumoana" for $10.4 million) to just receiving revenue from fishing licenses and receiving management fees for flagged ships. Remittances from Tuvaluan seafarers. Tuvalu men have for some time been employed abroad, working on container ships, primarily on German-owned ships. Remittances from seafarers is a major source of income for their families in Tuvalu. In 2002 , the Asian Development Bank (ADB) approved an assistance package to upgrade the Tuvalu Maritime Training Institute (TMTI) which trains young Tuvaluans so they can work aboard foreign vessels. This project was completed in 2011. The global financial crisis (GFC) that began in 2007 has impacted on global export-import activities and the demand for shipping, which reduced the need for Tuvaluan seafarers. The 1991 census identified 272 seaman working on merchant ships. In 2002 the Tuvaluan Overseas Seaman's Union (TOSU) estimated the number as 417 seaman working on ships. In 2011 the ADB estimated there were 800 TMTI graduates  registered for employment as seafarers. The ADB identified that the number of Tuvaluans employed as seafarers has decreased steadily from about 340 in 2001 to only 205 in 2010; so that of a total pool of 800 qualified seafarers, including those on leave, almost 450 were unemployed. This decline in seafarer employment has reduced remittances from $2.4 million in 2001 to a projected $1.2 million in 2010. The International Labour Organization (ILO) also estimates that in 2010 there were approximately 200 Tuvaluan seafarers on ships. The International Monetary Fund 2014 Country Report described the effect of the GFC  as reducing demand for the services of Tuvaluan seafarers. As of October 2013, there were about 112 Tuvalu seafarers working on cargo ships, compared to 361 in 2006. The consequence is that remittances from seafarers to their families in Tuvalu fell by about 9% of GDP for Tuvalu. In 2012 such remittances were 10% of GDP for Tuvalu. While a budget deficit of A$0.4 million was projected for 2015, the ADB assessed the budget as being A$14.3m in surplus as the result of high tuna fish license fees. The ADB predicted that the 2% growth rate for  2015 would continue into 2016. Economic vulnerability. From 1996 to 2002, Tuvalu was one of the best performing Pacific Island economies and achieved an average real gross domestic product (GDP) growth rate of 5.6% per annum. Since 2002 economic growth has slowed as Tuvalu was exposed to rapid rises in world prices of fuel and food with the level of inflation peaking at 10% in 2008, and falling to 0% in November 2010. However, due to the acute level of geographic, macroeconomic and financial isolation, scale of area, population infrastructure and agriculture, climate change, oil dependency, contracting GDP and economic  dependency many sources in this decade view Tuvalu as an extremely vulnerable economy. The country is also dependent on imported fuel, with gas prices quoted at $12/gal (2009). The high cost of petroleum products has encouraged the development of projects to access renewable energy in Tuvalu. Although listed by the UN as a Lower Middle Income LDC, it scores very high in terms of Economic Vulnerability Index, with a rating of 79.7 out of 100 in 2009, leading the UN to state that Tuvalu is the most "economically vulnerable country in the world". Due to the factors addressed  earlier, Tuvalu yields limited revenue from exports. Public sector enterprises. The public sector enterprises are the National Fishing Corporation of Tuvalu (NAFICOT), National Bank of Tuvalu, Development Bank of Tuvalu, Tuvalu Electricity Corporation, Tuvalu Telecommunications Corporation, Tuvalu Philatelic Bureau, Tuvalu Maritime Training Institute and Vaiaku Lagi Hotel. The government is the primary provider of medical services through Princess Margaret Hospital on Funafuti, which operates medical clinics on the other islands. Banking services are provided by the National Bank of Tuvalu. Effective of 7 October 2016, Tuvalu accepted the Article VIII obligations of the IMF Articles of Agreement, to maintaining an  exchange system free of restrictions on payments for international transactions. The Tuvalu Media Department of the Government of Tuvalu operates one station on the AM frequencies under the title of "Radio Tuvalu". "Fenui – news from Tuvalu" is a free digital publication of the Tuvalu Media Department that is emailed to subscribers and operates a Facebook page, which publishes news about government activities and news about Tuvaluan events, such as a special edition covering the results of the 2015 general election. The Tuvalu National Provident Fund (TNPF) and the Copra Trading Co-operative (CTC) are owned by the members of each  organisation. The TNPF provides its members with loans, for which each member's account is used as collateral. The Tuvalu Cooperative Society is the main wholesaler and retailer in Tuvalu. Private sector enterprises. The Tuvalu National Private Sector Organisation, the Tuvalu National Chamber of Commerce and Tuvalu Business Centre are active in supporting private sector enterprises. In order to set up a business in Tuvalu, an investor needs a start-up capital of AUD$20,000, a Tuvaluan partner and pay a business registration fee of AUD$100. As of 2010 there are only seven foreign-owned businesses operating in Tuvalu, which were  mostly set up by Asian small business operators in the retail and restaurant sector. Mackenzie Trading Limited, established by Mackenzie Kiritome in 2008, operates small retail outlets in the outer islands to sell merchandise in competition with the Co-operative Society (which is a community-owned enterprise). In 2010 Mackenzie Trading Limited employed 40 people. Other supermarkets on Funafuti include the Edwin Food City store, the Messamasui Supermarket, the SULANI Trading store and the JY Ocean Trading stores. Government regulations prohibit trading on Sundays. Development of economic and social policy ("Te Kakeega"/"Te Kete"). "Te Kakeega" is the statement of the  national strategy for the sustainable development of Tuvalu, with economic and social goals intended to be achieved in the period 2005 to 2015. After consultations on each islands the National Summit on Sustainable Development (NSSD), was held at the "Tausoalima Falekaupule" in Funafuti from 28 June to 9 July 2004. The meeting resulted in the "Malefatuga" Declaration, which is the foundation of "Te Kakeega II - National Strategy for Sustainable Development-2005-2015", which “contained all the known aid projects, programmes, development initiatives and ideas adopted by the donors and the two successive Tuvalu governments (2004-2006 and 2006 to present)”. The  Te Kakeega III - National Strategy for Sustainable Development 2016-2020 (TK III) includes new strategic areas, in addition to the eight identified in TK II. The additional strategic areas are climate change; environment; migration and urbanization; and oceans and seas. In the national strategy plan for 2021-2030, the name "Te Kakeega" was replace by "Te Kete" which is the name of a domestic traditional basket woven from green or brown coconut leaves. Symbolically, "Te Kete" has biblical significance for Tuvaluan Christian traditions by referencing the basket or the cradle that saved the life of Moses. The Tuvalu Trust Fund . The Tuvalu Trust Fund (TTF) was established in 1987 by the United Kingdom, Australia, New Zealand with about A$27 million in capital. The TTF, a prudently managed overseas investment fund, has contributed roughly (A$79 million), 15% of the annual government budget each year since 1990. With a capital value of about 3.5 times GDP, the TTF provides an important cushion for Tuvalu's volatile income sources from fishing and royalties from the sale of the dot-TV domain. The ".tv" domain name generates around $2.2 million each year from royalties, which is about ten per cent of  the government's total revenue. The IMF 2014 Country Report noted the market value of the TTF dropped during the global financial crisis, however by 2014 the total value of the fund had recovered to more than $A140 million (3.5 times of GDP). In 2018 the TTF amounted to about A$179 million. In 2021 the TTF amounted to about A$192 million. The capital of the Trust Fund is known as the “A Account”. The "B Account" or “Consolidated Investment Fund” (CIF) is a revolving “buffer account” that receives funds from the returns or “disbursements” of the "A  Account". The operation of the Trust Fund through two accounts assists in stabilising the long-term financial situation of the Government of Tuvalu as well as addressing short-term budget needs. The "B Account", which belongs exclusively to the Government, holds income distributions from the "A Account" until funds are needed to be used for the national budget. It, therefore, serves as a buffer against the volatility of the ‘A Account’ returns, i.e., during years when there are no returns or low returns. Brian Bell, a member of the Tuvalu Trust Fund Advisory Committee from the inception of the Trust  Fund in 1987 to 2002, describes the purpose of the Trust Fund as being: The 20th-anniversary review of the Tuvalu Trust Fund described the performance as being that: Falekaupule Trust Fund. In 1999 the Asian Development Bank (ADB) and the government of Tuvalu set up the Falekaupule Trust Fund, which is intended to improve services on the outer islands. The island councils – composed of traditional leaders – are responsible for managing their own finances from a budget allocated from the Tuvaluan government from the Falekaupule Trust Fund. Under the Falekaupule Act, "Falekaupule" means “traditional assembly in each island...composed in  accordance with the Aganu of each island”. "Aganu" means traditional custom and culture. The initial capital of Falekaupule Trust Fund was A$12 million. The market value of the FTF has increased: The global financial crisis affected the FTF, which is required to maintain its value in real terms before a distribution can be made. As of 30 September 2010, the maintained value was $27.3 million; the result of capital growth and contributions from development partners. This is some $3.5 million higher than the market value of $23.8 million. The gap of 15% between the market value  and the maintained value must be recouped before another distribution can be made. Since the commencement of FTF, there have been four years in which distributions were made. The FTF has distributed $6.4 million with some $5.3 million allocated to island development (the balance of $1.1 million is held in reserve by the communities). This equates to an average of $55,000 spent per island per year. Government revenue. The Tuvalu Trust Fund was established for the intended purpose of helping to supplement national deficits, underpin economic development, and help the nation achieve greater financial autonomy. The  Trust Fund, has contributed roughly (A$79 million) 15% of the annual government budget each year since 1990. With a capital value of about 2.5 times GDP, the Trust Fund provides an important cushion for Tuvalu's volatile income sources from fishing and royalties from the sale of the .tv domain. Meeting the needs of the 2013/14 budget of the Tuvaluan Government will require drawing from funds held in the “Consolidated Investment Fund” (CIF) of the Tuvalu Trust Fund. Government revenues largely come from sales of stamps and coins, fishing licences, income from the Tuvalu Ship Registry, income from the  TTF, and from the lease of its highly fortuitous .tv Internet Top Level Domain (TLD). VeriSign, Inc manages the .tv domain with the agreement running until 2021. Commercial businesses consider "tv" to be the most recognisable letters in the world and significant for representing how consumers will use the Internet in the future. Major League Baseball created MLB.tv to stream games. Other businesses have sought out .tv domain names due to the relative difficulty of creating a brand in the crowded .com space. Verisign pays Tuvalu around US $5 million per year for the right to administer .tv. Tuvalu  earns about 1/12th of its annual gross national income (GNI) the agreement with Verisign. The success of Twitch.tv and other esports and video game platforms means that Tuvalu can expect to derive increased revenue following 2020, when it either renegotiates the agreement with VeriSign or signs an agreement with another company engaged in domain name registration. Fishing licences are an important source of revenue. The fishing in the 900,000 km of water area mainly consists of Skipjack Tuna, Yellowfin Tuna and Bigeye Tuna. Payments from US government made under the South Pacific Tuna Treaty (SPTT) was about $9 million  in 1999. In May 2013 representatives from the United States and the Pacific Islands countries agreed to sign interim arrangement documents to extend the Multilateral Fisheries Treaty (which encompasses the South Pacific Tuna Treaty) to confirm access to the fisheries in the Western and Central Pacific for US tuna boats for 18 months. In 2015 Tuvalu has refused to sell fishing days to certain nations and fleets that have blocked Tuvaluan initiatives to develop and sustain their own fishery. In 2016 Dr Puakena Boreham, the Minister of Natural Resources, drew attention to Article 30 of the WCPF Convention, which describes  the collective obligation of members to consider the disproportionate burden that management measures might place on small-island developing states. The Asian Development Bank described the Global Economic Crisis (GEC) as impacting on Tuvalu through: “(i) lower demand for Tuvalu seafarers and, therefore, falling remittances; (ii) volatile exchange rate movements affecting the value of remittances, revenues from fishing licence fees, and food prices; and (iii) lower market value of the Tuvalu Trust Fund (TTF), which at the end of May 2010 was about 12% below the maintained value. Thus, as a direct result of the GEC, no distribution was made  from the fund to the budget for 2010 and further distributions are unlikely while there is uncertainty in international financial markets.” The IMF 2010 Country Report describes economic activity in Tuvalu as dampened by lower offshore earnings, with “[t]he economy is expected to have almost no growth in 2010, and growth is projected to be zero or even turn negative in 2011, led by lower government spending, and remain low over the medium term.” The IMF 2014 Country Report noted that real GDP growth had been volatile averaging only 1 percent in the past decade. The 2014 Country Report describes  economic growth prospects as generally positive as the result of large revenues from fishing licenses, together with substantial foreign aid, "while, over the medium to long run, growth prospects may be hampered by the dominance of inefficient public enterprise in the economy, uncertainty in the fisheries sector, and weak competitiveness." The IMF 2021 Country Report concluded that swift implementation of COVID-19 containment measures and COVID-related fiscal spending financed by buoyant fishing revenues and donor grants have allowed Tuvalu to avoid a recession in 2020. Least developed country status. The United Nations designates Tuvalu as a least developed country because  of its limited potential for economic development, absence of exploitable resources and its small size and vulnerability to external economic and environmental shocks. Tuvalu participates in the Enhanced Integrated Framework for Trade-Related Technical Assistance to Least Developed Countries, which was established in October 1997 under the auspices of the World Trade Organisation. In 2013 Tuvalu deferred its graduation from least developed country status to a developing country to 2015. Prime Minister Enele Sopoaga said that this deferral was necessary to maintain access by Tuvalu to the funds provided by the United Nations's National Adaptation Programme of Action (NAPA ), as "Once Tuvalu graduates to a developed country, it will not be considered for funding assistance for climate change adaptation programmes like NAPA, which only goes to LDCs". Tuvalu had met targets so that Tuvalu was to graduate from LDC status. Prime minister, Enele Sopoaga wants the United Nations to reconsider its criteria for graduation from LDC status as not enough weight is given to the environmental plight of small island states like Tuvalu in the application of the Environmental Vulnerability Index. International aid. Australia and New Zealand continue to contribute capital to the Tuvalu Trust Fund and provide other  forms of development assistance. Financial support to Tuvalu is also provided by Japan, South Korea and the European Union. Tuvalu joined the Asian Development Bank (ADB) in 1993. To improve aid effectiveness, the government of Tuvalu, ADB, AusAID, and NZAID signed the Development Partners Declaration (DPD) in 2009. The DPD is designed to improve aid effectiveness, both in the implementation of specific projects and in assisting the Tuvaluan government achieve performance benchmark indicators. Tuvalu became a member of the International Monetary Fund (IMF) in July 2010 and also joined the World Bank. In 2013 the World Bank approved US$6.06  million in finance for the existing Tuvalu Aviation Investment Project (TvAIP) for the purpose of improving operational safety and oversight of international air transport and associated infrastructure at Funafuti International Airport. Tuvalu participates in the Enhanced Integrated Framework for Trade-Related Technical Assistance to Least Developed Countries, which was established in October 1997 under the auspices of the World Trade Organisation. In 2013 Tuvalu deferred its graduation from Least Developed Country status to a developing country to 2015. Prime Minister Enele Sopoaga said that this deferral was necessary to maintain access by Tuvalu to the funds provided by the United  Nations's National Adaptation Programme of Action (NAPA), as “Once Tuvalu graduates to a developed country, it will not be considered for funding assistance for climate change adaptation programmes like NAPA, which only goes to LDCs”. Tuvalu had met targets so that Tuvalu was to graduate from LDC status. Prime minister, Enele Sopoaga wants the United Nations to reconsider its criteria for graduation from LDC status as not enough weight is given to the environmental plight of small island states like Tuvalu. Sopoaga said that: On 18 February 2016 Tuvalu signed the Pacific Islands Development Forum Charter and formally joined  the Pacific Islands Development Forum (PIDF). In June 2017, Tuvalu signed the Pacific Agreement on Closer Economic Relations (PACER). Climate change mitigation and cyclone recovery expenses. The South Pacific Applied Geoscience Commission (SOPAC) suggests that, while Tuvalu is vulnerable to climate change, environmental problems such as population growth and poor coastal management also affect sustainable development. SOPAC ranks the country as extremely vulnerable using the Environmental Vulnerability Index. Tuvalu's National Adaptation Programme of Action (NAPA) describes a response to the climate change problem as using the combined efforts of several local bodies on each island that will work with  the local community leaders (the Falekaupule). The main office, named the Department of Environment, is responsible for coordinating the non-governmental organizations, religious bodies, and stakeholders. Each of the named groups are responsible for implementing Tuvalu's NAPA, the main plan to adapt to the adverse effects of human use and climate change. The establishment of the A$5 million Tuvalu Survival Fund (TSF) in the 2016 Tuvaluan budget was intended for climate change mitigation and the recovery expenses that followed the impact of Cyclone Pam, which impacted Tuvalu in 2015. Tuvalu's National Adaptation Programme of Action (NAPA) describes  a response to the climate change problem as using the combined efforts of several local bodies on each island that will work with the local community leaders (the Falekaupule). The main office, named the Department of Environment, is responsible for coordinating the non-governmental organizations, religious bodies, and stakeholders. Each of the named groups are responsible for implementing Tuvalu's NAPA, the main plan to adapt to the adverse effects of human use and climate change. The installed PV capacity in Funafuti in 2020 was 735 kW compared to 1800 kW of diesel (16% penetration). GDP and other economic performance  indicators. Information sourced from: The Tuvaluan dollar and the Australian dollar (A$) are both official currencies of Tuvalu. Currency: 1 Tuvaluan dollar ($T) or 1 Australian dollar (A$) = 100 cents GDP: GDP - nominal: A$47 million (2015 est.); A$49 million (2016 est.); A$59.1 million (2017 est.); A$64.4 million (2018 est.); A$77.9 million (2019 est.); A$79.6 million (2020 est.); A$83.4 million (2021 est.); A$88.7 million (2022 est.); GNI - GNI per capita: $4,760 (2010) GDP - per capita: $2,447 (2009); $3,400 (2015 est.); $3,700 (2016 est.); $3,898 (2017 est .); $3,948 (2018 est.); $4,281 (2019 est.); GDP – composition by sector: Agriculture: 24.5% (2012 est.) Industry: 5.6% (2012 est.) Services: 70% (2012 est.) Growth and inflation: Industrial production growth rate: -26.1% (2012 est.) Total population: 10,507 (2017 Census) Labor force - by occupation: people make a living mainly through exploitation of the sea, reefs, and atolls and from wages sent home by those working abroad in Australia and New Zealand and sailors working on merchant ships. Labour force: 3,615 (2004 est.) Unemployment rate: 16.3% (2004) Population below poverty line: 26.3% (2010 est.) Budget (2010 to 2013): Budget (2014 to 2019 ): Budget (2020 to 2023): Government finance: Note 1: Includes Special Development Fund and infrastructure development. Note 2: Domestic current balance excludes fishing revenue, grants, and capital expenditure. Electricity - installed generating capacity: 5,100 kW (2011) Electricity - from fossil fuels: 96% of total installed capacity (2015 est.) Industries: fishing, tourism, copra Agriculture - products: coconuts; fish Exports: $1 million (f.o.b., 2004); $600,000 (2010 est.) Exports - commodities: copra, fish Exports - partners: US 18.2%, Bosnia and Herzegovina 17%, Fiji 14.8%, Nigeria 14.2%, Germany 8.2%, South Africa 5.9%, Colombia 5.1% (2017) Imports: $12.91 million (c.i.f., 2005); $238.6 million (2012 est.); $136.5  million (2013 est.) Imports - commodities: food, animals, mineral fuels, machinery, manufactured goods Imports - partners: Singapore 33.4%, South Korea 11.5%, Australia 10.8%, NZ 8%, Fiji 7.5%, Chile 6.1%, South Africa 5%, Japan 5% (2017) Economic aid - recipient: $30.4 (2009); $19.7 million (2010 est.) note - major donors are Australia, New Zealand, European Union, Japan, and the US Exchange rates: Tuvaluan dollars or Australian dollars per US dollar - 1.0902 (2010), 1.2822 (2009), 1.2137 (2007), 1.3285 (2006); 0.9695 (2011 est.); 0.97 (2012 est.); 1.1094 (2013 est.); 1.67 (2014 est.); 1.33 (2015 est.) Fiscal year: calendar year