GROSS DOMESTIC PRODUCT 2015

According to the preliminary estimates for 2015 GDP, Vanuatu's economy continues to expand showing positive growth of over five consecutive years. The economy grew by 1.6 per cent in 2015 reflecting a moderate performances over the last five years. When compared to 2014, value added decrease by 0.7 percentage point. Chart 1 shows year-on-year growth rates measured by percentage change in constant 2006 prices. The positive growth in 2015 can be attributed to the strong performances in industry but a decline in the other two major industries Agriculture and Services.

The GDP growth of 1.6 per cent in 2015 was mainly driven by industry, unlike the previous year, in 2015 the two major industries Agriculture and Services has registered negative growth. Though the overall performance in industry has improved when compares to the last three years the overall contribution to GDP growth is less than Agriculture and Services. In term of contribution by industries Services has the largest share of 62 per cent, however it contributes to a negative growth of 1.9 per cent in 2015. Agriculture, Fishing and Forestry declined by 1.3 per cent, a drop in performances by 2.9 percentage point following the strong growth registered in 2014. Industry continues to improve following 2014 growth. The main driver which is construction has tremendously increased, driven by public construction activities, in regards to the implementation of public projects. The major industry Service went down by 2.8 per cent with a total value added at constant, 2006 prices of VT 38,621 million compared to VT 39,743 million in 2014 (see Table 2 & 5).

 

Table 1

 

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