IMF Country Reports cover economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with officials of the country, is published at the option of the member.
This 2002 Article IV Consultation highlights that despite frequent shocks and an uncertain policy environment in Vanuatu, macroeconomic stability has been maintained. Real GDP growth was 21/2 percent in 2000 owing to an agriculture-led recovery. However, the economy contracted by 2 percent in 2001, owing to the effects of several major cyclones and a global downturn in agriculture and tourism. Inflation remained subdued, increasing from 21/2 percent in 2000 to 3¾ percent in 2001. The current account surplus declined from 2 percent of GDP in 2000 to ¾ percent in 2001.