STATISTICS RELEASE: GROSS DOMESTIC PRODUCT 2021
Release date: 27 October 2023
The Gross Domestic Product (GDP) estimation for 2021 has been undertaken by the Vanuatu Bureau of Statistics (VBoS) and the results warrant this preliminary release. The compilation of national accounts statistics is a dynamic process, and therefore needs to adapt to reflect a variety of measures and indicators consistent with the development and structural changes in the economy over a period of time. It is therefore expected that revisions and updates are made to previous period as new sources of data are brought into the model and validated. This release however concentrates on GDP by production as the official estimates but continues to compute and monitor GDP from expenditure side to which it provides systematic checks in consolidating the two approaches.
This preliminary release comprises GDP derived from production and expenditure estimates in both current and constant (or real 2006 prices). Vanuatu Bureau of Statistics acknowledges the invaluable contribution from the data providers who have allocated time and resources to provide statistical information and VBoS staff for their dedication despite the challenges faced during this undertaking. Nonetheless, it is to be noted that the timeliness of the GDP estimates has always been hampered by factors associated with the inflow of information from varies data sources.
|The preliminary estimates for 2021 GDP recorded a decline of -1.6 per cent. The domestic economic activity slightly improved in 2021 amid a downturn in tourism and travel industry. Beside a moderate increase in output and productivity in agriculture, the positive impact of remittance inflow, government spending related to economic stimulus package were the main drivers. The increase in commodities prices and the new market opportunities for export provide a boot for these primary products such as copra, kava, root crops, beef and cocoa1. The economy went down by 1.6 per cent in 2021 reflecting a weak performance in services though it improved over the previous year. When compared to 2020, value added increased by 3.4 percentage point. Chart 1 shows year-on-year growth rates measured by percentage change in constant 2006 prices.