Country Report Vanuatu
The Economist Intelligence Unit, May 2013, Pages: 16
The outlook for Vanuatu's domestic economy has weakened, with government forecasts now expecting real economic activity to increase by 3.6% in 2013, down from the previous expectation of 4.3%.
The fundamentals of the Vanuatan economy remain strong. The country appears to be becoming increasingly popular as a tourist destination: according to the Vanuatu National Statistics Office (VNSO), in 2012 total visitor arrivals rose by 59%. Although the increase was largely driven by a near-doubling of cruise-ship arrivals (who as daytime visitors tend to have a relatively minor impact on the economy), the more lucrative air-arrivals category of visitors also grew by 14%. The health of Vanuatu's tourism sector depends in large part on the performance of the economies of Australia and New Zealand.
Outcomes in other sectors of Vanuatu's economy have been less positive. Growth rates recorded by the VNSO in 2010 and 2011 were lower than expected, at 1.6% and 1.4% in the two years respectively. Construction activity in particular fell sharply in 2011, declining by 38%, following a much smaller fall in 2010 (although the drop in that year followed substantial growth in the preceding years).
Country Report Vanuatu
Economic prospects weaken
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