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GROSS DOMESTIC PRODUCT 2017

The Gross Domestic Product (GDP) estimation for 2017 has been undertaken by the Vanuatu Statistics Office (VSO) 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 source data are brought into the model and validated. This release however concentrates on GDP by production as the official estimates and continues to compute and monitor GDP from expenditure as a potential methodology for the estimation of quarterly GDP.

 

The GDP growth of 4.4 per cent in 2017 was mainly driven by industry, followed by services and agriculture. Though the overall performance in industry has continued from the strong growth in two previous years, its contribution to GDP growth is less than services and agriculture. In terms of contribution by industries, services have the largest share of 65 per cent which contributes to a positive growth of 1.8 per cent in 2017 followed by agriculture fishing and forestry.

 

Agriculture, Fishing and Forestry has continued to grow following the level of output shown in 2016 by registering a positive growth of 0.4 per cent. The sub-components of agriculture that contribute to this positive growth, were crop production, which grew by 0.4 per cent, followed by fishing at 3.9 per cent and forestry at 1.5 per cent, while animal production decline by 3.1 per cent. Crop production forms a dominant 80 per cent share of the total output in agriculture; therefore a weak growth has driven the industry down contributing to slow growth in overall agriculture industry. Copra production continues to grow following the rise in 2016 average price from VT 51,000 to 59,000 per ton in 2017. Cocoa price were more stable than in previous years; however production has been restricted over long period of time due to low yield from plantation where trees were old and unproductive. The level of production has gone down in 2017 compared to 2016.

 

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