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This paper describes economic developments in Vanuatu during the 1990s. In 1993, real GDP growth rebounded to 4A½ percent. Agricultural output recovered from the effects of the 1992 cyclones, and construction activities picked up on account of cyclone rehabilitation and a new stadium. Reflecting increased import demand associated with these activities, as well as substantially lower export prices and weak tourism receipts, the external current account registered a deficit equivalent to 6 percent of GDP. Inflation slowed to less than 2 percent in line with the trend in import prices.the tax exemptions (Phase 1). Over the medium term (Phase 2), the report proposed that the current tariff structure be simplified to a seven-rate schedule, and that the current 5 percent service tax imposed on goods subject to ad valorem dutiesanbsp;...

Author:International Monetary Fund
Publisher:International Monetary Fund - 1995-04-03


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