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 Fakafutuna: '), is a French island collectivity in the South Pacific, situated between Tuvalu to the northwest, Fiji ...

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 = , song_type = Regional anthem , song = "Ia Ora 'O Tahiti Nui" , image_map = French Polynesia on the globe (French Polynesia centered).svg , map_alt = Location of French ...

, and all the other French overseas departments and territories (except

Mayotte Mayotte (; french: Mayotte, ; Shimaore: ''Maore'', ; Kibushi: ''Maori'', ), officially the Department of Mayotte (french: Département de Mayotte), is an overseas department and region and single territorial collectivity of France. It is loca ...

), 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 (French: , called the ''franc'' in everyday use) is the currency used in the French overseas collectivities (, or COM) of French Polynesia, New Caledonia, and Wallis and Futuna. The initials ''CFP'' originally stood for ('Frenc ...

, 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 is a French international banking group, founded in 2000 from the merger between Banque Nationale de Paris (BNP, "National Bank of Paris") and Paribas, formerly known as the Banque de Paris et des Pays-Bas. The full name of the grou ...

, established a subsidiary, Banque de Wallis et Futuna, which currently is the only bank in the territory. Two years earlier

Banque Indosuez Banque Indosuez was a French bank, the product of the 1975 merger of Banque de l'Indochine and Banque de Suez et de l'Union des mines. It was purchased by Crédit Agricole in 1996, and formed the core of what is now Crédit Agricole Corporate an ...

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 Subsistence agriculture occurs when farmers grow food crops to meet the needs of themselves and their families on smallholdings. Subsistence agriculturalists target farm output for survival and for mostly local requirements, with little or no ...

, 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 (Arecaceae) and the only living species of the genus ''Cocos''. The term "coconut" (or the archaic "cocoanut") can refer to the whole coconut palm, the seed, or the f ...

s and vegetables), livestock (mostly pigs), and fishing. Agricultural products include

breadfruit Breadfruit (''Artocarpus altilis'') is a species of flowering tree in the mulberry and jackfruit family ( Moraceae) believed to be a domesticated descendant of '' Artocarpus camansi'' originating in New Guinea, the Maluku Islands, and the Phil ...

, yams,

taro Taro () (''Colocasia esculenta)'' is a root vegetable. It is the most widely cultivated species of several plants in the family Araceae that are used as vegetables for their corms, leaves, and petioles. Taro corms are a food staple in Afri ...

, bananas, pigs, and goats. Industries include

copra Copra (from ) is the dried, white flesh of the coconut from which coconut oil is extracted. Traditionally, the coconuts are sun-dried, especially for export, before the oil, also known as copra oil, is pressed out. The oil extracted from co ...

, 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

ton Ton is the name of any one of several units of measure. It has a long history and has acquired several meanings and uses. Mainly it describes units of weight. Confusion can arise because ''ton'' can mean * the long ton, which is 2,240 pounds ...

s of trochus 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.

Finance

Agriculture and industry

References

See also