A Look at Some of the FY 2012 Economic Statistics

Tia Belau Editorial, May 27, 2013 —-

Finally, we now have some level of economic data to assess and compare the status of many of our economic sectors.

The Fiscal Year 2012 Economic Statistics provides us some understanding of where we are in terms of our economic development. Data from the report were used to form a major part of President Remengesau’s State of the Republic Address.

The following are some of the data taken from the economics statistics report.

  • At the end of 2012, Palau has a total population of 17,445, of these Palauans numbered 12,814 (73.5%), Filipinos – 2,788 (16%) and other nationalities combined for 1,543 (10.6%).  The overall population in 2012 was negative 1.9% with Palauans experience negative growth rate at negative 1.7%.
  • Palau’s working age population is 13,927 with total labor force at 9,480. Of the total in labor force 9,089 are employed. The public sector is 3,127 while 5,072 are being employed by the private sector. There are 712 self employed worker and 178 unpaid family worker. There are also 391unemployed.
  •  Gross Domestic Product (GDP) in current prices is $232.5 million, $196.9 million at constant prices. Gross National Disposable Income – $233.6 million, at constant prices – $196.3 million. Real Gross Domestic Income – $195.4.
  • Current Price GDP per capita is $11,088; at GDP constant price $9,392. GDP constant prices annual growth rate – 5.6%; Real per capita GDP annual growth – 4.7%.
  • Top 3 industries by GDP share at constant prices: 1) Accommodations and food services – $33.5 million, 2) Public Administration – $28 million, 3) Wholesale, retail, and auto repair services – $23.8 million.
  • Top 5 fastest growing industries by annual percentage growth as measured by GDP: 1) Arts, entertainment and recreation – 33%; 2) Mining and Quarrying – 16.3%; 3) Manufacturing – 16.2%; 4) Information and Communication – 14.6%; 5) Administrative and support services – 14.2%.
  • Top 3 industries that experienced negative growth: 1) Private household with employed persons negative  13.8%, 2) professionals, scientific, and technical activities – negative 11.6%, 3) Electricity, gas, steam and air conditioning supply – negative 4.5%.
  • Top 3 institutional sector by share of GDP at constant prices: 1) Private enterprise – $115.2 million (49.5%) 2) National Government – $36.1 million (15.5%) 3) Households – $21.5 million (9.3%).
  • Current price GDP by institutional sector and income components: Private enterprise compensation of employees – $48.5 million; Public enterprise compensation of employees $4.7 million; National Government compensation of employees – $36.1 million; government agencies – $6.7 million; state governments – $6.0 million; non-governmental organizations – $2.5 million; Households:  mixed income, $4 million; subsistence income – $3.2 million; home ownership – $11.4 million; household with employed persons – $3 million.
  • Import and fuel taxes – $8.7 million; Gross Revenue Tax – $12.4 million; other indirect taxes – $3.9 million.
  • Top 5 employment by institutional sector: 1) Private non-corporate sector – 3,159; 2) Private corporate sector – 2,8563; 3) National government – 2,107; 4) state governments – 813; 5) Households – 667.
  • Top 5 employment by industry – 1) Public Administration  – 2,961; 2) Accommodation and food service activities  – 1,679; 3) Wholesale and retail trade; repair of motor vehicles – 1,561; 4) Transportation and Storage – 703; 5) Construction – 643.

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