Port Vila in Vanuatu
Vanuatu, officially the Republic of Vanuatu, is an island nation in the South Pacific Ocean. Vanuatu is comprised of an extensive group of islands that is 1,090 miles east of northern Australia and west of Fiji. The estimated 2019 population of Vanuatu is 288,017. Port Vila is the capital city of Vanuatu with a population of 45,000 that account for 19% of the whole population of Vanuatu.
The island economy mainly based on small-scale agriculture that provide a living for almost 70% of the population. The main agriculture products are such as copra, cocoa, coffee, fruits, taro, beef and fish. Other activities such as offshore financial services and tourisms are also the pillar of the country’s GDP. Vanuatu has no known petroleum deposits hence their economic development is hindered by the dependence on relatively few commodity exports. Factors such as the country’s vulnerability to natural disasters and incomplete road infrastructure also impact the economy growth of the country. The GDP of Vanuatu is estimated at $787million according to the data generated in year 2017. The Asian Development Bank has projected that Vanuatu’s GDP is expected to grow by 3.2 and 3% in year 2018 and 2019 respectively.