Economy - overview:
The economy is limited to traditional subsistence agriculture, with about 80% of labor force earnings coming from agriculture (coconuts and vegetables), livestock (mostly pigs), and fishing. However, roughly 70% of the labor force is employed in the public sector, although only about a third of the population is in salaried employment.
Revenues come from French Government subsidies, licensing of fishing rights to Japan and South Korea, import taxes, and remittances from expatriate workers in New Caledonia. France directly finances the public sector and health-care and education services. It also provides funding for key development projects in a range of areas, including infrastructure, economic development, environmental management, and health-care facilities.
A key concern for Wallis and Futuna is an aging population with consequent economic development issues. Very few people aged 18-30 live on the islands due to the limited formal employment opportunities. Improving job creation is a current priority for the territorial government.
Definition: This entry briefly describes five economic components for a given country:
* National Economy, including a brief economic history;
* Domestic Markets, including labor and wage markets as well as brief commentary on economic sector portfolios;
* Financial Power and Public Finance, including brief discussions of financial market strengths and security, lending/exchange rates (especially if abnormalities exist), and foreign direct investments;
* Trade Power and Influence, including brief commentary on chief imports and exports; and
* Regional Strategy and Efforts, including key partners, regional economic development efforts, and any underlying economic data integrity concerns.
Source: CIA World Factbook - This page was last updated on Saturday, September 18, 2021
