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This page is an overview of the economy of
Wallis and Futuna Wallis and Futuna, officially the Territory of the Wallis and Futuna Islands (; french: Wallis-et-Futuna or ', Fakauvea and Futunan language, Fakafutuna: ') is a France, French island Territorial collectivity, collectivity in the Oceania, South ...
.


Finance

The GDP of Wallis and Futuna in 2005 was 188 million US dollars at market exchange rates. The GDP per capita was 12,640 US dollars in 2005 (at market exchange rates, not at PPP), which is lower than in New Caledonia,
French Polynesia )Territorial motto: ( en, "Great Tahiti of the Golden Haze") , anthem = "La Marseillaise" , song_type = Territorial anthem , song = "Ia Ora 'O Tahiti Nui" , image_map = French Polynesia on the globe (French Polynesia centered).svg , map_alt ...
, and all the other French overseas departments and territories (except
Mayotte Mayotte (french: Mayotte, ; Shimaore: ''Maore'', ; mg, Maiôty) is an overseas department/region and single territorial collectivity of France France (), officially the French Republic (french: link=no, République française), is a c ...
), but higher than in all the small insular independent states of Oceania. Along with the French territories of New Caledonia and French Polynesia, the territory uses the
CFP Franc The CFP franc (called the ''franc'' in everyday use) is the currency A currency, "in circulation", from la, currens, -entis, literally meaning "running" or "traversing" in the most specific sense is money Image:National-Debt-Gillray.jpeg ...
, which is fixed vs. the euro, at the rate of 1,000 XPF = 8.38 euro. In 1991, BNP Nouvelle-Calédonie, a subsidiary of
BNP Paribas BNP Paribas S.A. is a French international banking group. It is the world's 8th largest bank by total assets, and currently operates with a presence in 72 countries. It was formed through the merger of Banque Nationale de Paris (BNP) and Paribas ...
, established a subsidiary, Banque de Wallis et Futuna, which currently is the only bank in the territory. Two years earlier Banque Indosuez had closed the branch at Mata-Utu that it had opened in 1977, leaving the territory without any bank.


Agriculture and industry

The territory's economy is limited to traditional subsistence agriculture, with about 80% of the labor force earning its livelihood from agriculture (
coconut The coconut tree (''Cocos nucifera'') is a member of the palm tree family In human society, family (from la, familia) is a group of people related either by consanguinity (by recognized birth) or affinity (by marriage or other rela ...

coconut
s and vegetables), livestock (mostly pigs), and fishing. Agricultural products include
breadfruit Breadfruit (''Artocarpus altilis'') is a species of Flowering plant, flowering tree in the morus (plant), mulberry and jackfruit (''Artocarpus heterophyllus'') family (Moraceae) believed to be a domesticated plant, domesticated descendant of ''Art ...

breadfruit
, yams,
taro ''Colocasia esculenta'' is a tropical plant grown primarily for its edible corms, a root vegetable most commonly known as taro (), kalo, dasheen or godere (see ''§Names and etymology'' for an extensive list). It is the most widely cultivated ...
, bananas, pigs, and goats. Industries include copra, handicrafts, fishing, and lumber. In 2007, US$63 million worth of commodities (foodstuffs, manufactured goods, transportation equipment, fuel, clothing) were imported, primarily from France, Singapore, Australia, and New Zealand, and there were no exports (the previous year, in 2006, exports amounted to US$122,000 and consisted entirely of 19 tons of
trochus ''Trochus'' is a genus Genus (plural genera) is a taxonomic rank Taxonomy (general) is the practice and science of classification of things or concepts, including the principles that underlie such classification. The term may also refer to a ...
shells). About 4% of the population is employed in government. 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, French Polynesia and France.


References


See also

* Economy of France in:
French Guiana French Guiana ( or ; french: Guyane ) is an overseas department/region and single territorial collectivity of France France (), officially the French Republic (french: link=no, République française), is a country primarily located i ...
,
French Polynesia )Territorial motto: ( en, "Great Tahiti of the Golden Haze") , anthem = "La Marseillaise" , song_type = Territorial anthem , song = "Ia Ora 'O Tahiti Nui" , image_map = French Polynesia on the globe (French Polynesia centered).svg , map_alt ...
, Economy of Guadeloupe, Guadeloupe, Economy of Martinique, Martinique, Economy of Mayotte, Mayotte, Economy of New Caledonia, New Caledonia, Economy of Réunion, Réunion, Economy of Saint Barthélemy, Saint Barthélemy, Economy of Saint Martin (France), Saint Martin, Economy of Saint Pierre and Miquelon, Saint Pierre and Miquelon, Wallis and Futuna * Taxation in France * Economic history of France * Poverty in France {{DEFAULTSORT:Economy Of Wallis and Futuna Economy of Wallis and Futuna, Economy of France by region, *Wallis and Futuna Economies by country, Wallis and Futuna