Verified Facts
French Polynesia's economy is driven by a combination of tourism, pearl farming, and government subsidies, with a growing focus on developing its infrastructure and diversifying its industries.
Quick Facts
Economic Overview
French Polynesia has a high-income economy, with a GDP per capita of around $22,000, driven primarily by its tourism industry, which accounts for approximately 50% of the territory's GDP. The economy is also supported by pearl farming, agriculture, and government subsidies from France. French Polynesia's economic development level is relatively high compared to other Pacific island territories, with a strong focus on providing high-quality services and infrastructure to support its tourism industry. The territory's economy has been growing steadily over the past few years, with a growth rate of around 3-4% per annum.
The territory's economic classification is as a high-income economy, with a strong focus on service-oriented industries. French Polynesia's economy is also characterized by a high level of dependence on imports, with the majority of its goods and services being imported from France and other countries. The territory's government has been working to diversify its economy and reduce its dependence on imports, with a focus on developing its agriculture, fishing, and manufacturing sectors.
Despite its high-income status, French Polynesia still faces challenges related to its remote location and limited economic diversification. The territory is vulnerable to external shocks, such as changes in the global economy and fluctuations in the price of pearls, which can have a significant impact on its economy. However, the government has been working to address these challenges, with a focus on developing its infrastructure, improving its business environment, and promoting economic diversification.
Key Industries
| Industry | Contribution | Details |
|---|---|---|
| Tourism | 50% | The tourism industry is the largest sector of the economy, with over 200,000 visitors per year |
| Pearl Farming | 20% | French Polynesia is one of the world's largest producers of black pearls, with most being exported to Asia |
| Agriculture | 10% | The territory produces a range of crops, including copra, vanilla, and fruits, with most being consumed locally |
| Manufacturing | 5% | The manufacturing sector is small, but growing, with a focus on producing goods such as cosmetics and handicrafts |
| Services | 15% | The services sector, including finance, transportation, and communications, accounts for a significant portion of the economy |
Trade Profile
Top Exports:
- Pearls: French Polynesia is one of the world's largest producers of black pearls, with most being exported to Asia
- Copra: The territory produces a significant amount of copra, which is exported to countries such as France and China
- Vanilla: French Polynesia is a significant producer of vanilla, with most being exported to countries such as the United States and France
- Fish and seafood: The territory's fishing industry is significant, with a range of fish and seafood being exported to countries such as Japan and the United States
- Perfumes and cosmetics: French Polynesia produces a range of perfumes and cosmetics, which are exported to countries such as France and the United States
Top Imports:
- Food and beverages
- Machinery and equipment
- Vehicles
- Fuel
- Electronics
Key Trading Partners:
- France: France is French Polynesia's largest trading partner, accounting for the majority of its imports and exports
- China: China is a significant trading partner, with a growing amount of trade in goods such as pearls and copra
- Japan: Japan is also a significant trading partner, with a focus on trade in goods such as fish and seafood
Infrastructure
- The territory has a well-developed transportation network, including an international airport and several ports
- French Polynesia has a high level of internet and mobile penetration, with around 80% of the population having access to the internet
- The territory has a range of energy sources, including diesel, solar, and wind power
- The government has been investing in the development of its infrastructure, including the construction of new roads and the upgrade of its ports and airports
- French Polynesia has a range of telecommunications services, including fixed-line and mobile phone services, as well as internet and data services
Economic Outlook
The economic outlook for French Polynesia is positive, with the territory expected to continue growing at a rate of around 3-4% per annum. The government has been working to diversify the economy and reduce its dependence on imports, with a focus on developing its agriculture, fishing, and manufacturing sectors. The territory's tourism industry is also expected to continue growing, with a range of new hotels and resorts being developed.
The government has also been investing in the development of its infrastructure, including the construction of new roads and the upgrade of its ports and airports. This is expected to improve the territory's business environment and make it more attractive to investors. However, French Polynesia still faces challenges related to its remote location and limited economic diversification, and the government will need to continue working to address these challenges in order to ensure the long-term sustainability of the economy. The territory's economic development priorities include promoting economic diversification, improving its infrastructure, and developing its human resources, with a focus on creating a more sustainable and resilient economy.