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After three decades as part of the UN Trust Territory of the Pacific under US administration, this westernmost cluster of the Caroline Islands opted for independence in 1978 rather than join the Federated States of Micronesia. A Compact of Free Association with the US was approved in 1986 but not ratified until 1993. It entered into force the following year when the islands gained independence.

Location

Oceania, group of islands in the North Pacific Ocean, southeast of the Philippines

Natural Resources

forests, minerals (especially gold), marine products, deep-seabed minerals

Population - distribution

Palauan (official on most islands) 65.2%, other Micronesian 1.9%, English (official) 19.1%, Filipino 9.9%, Chinese 1.2%, other 2.8%
MELEKEOK (capital) 299 (2012)
Conventional long form
Republic of Palau
Conventional short form
Palau
Local long form
Beluu er a Belau
Local short form
Belau
presidential republic in free association with the US
Name
Melekeok
Geographic coordinates
7 30 N, 134 37 E
Time difference
UTC+9 (14 hours ahead of Washington, DC, during Standard Time)
has not submitted an ICJ jurisdiction declaration; non-party state to the ICCt
The economy is dominated by tourism, fishing, and subsistence agriculture. Government is a major employer of the work force relying on financial assistance from the US under the Compact of Free Association (Compact) with the US that took effect after the end of the UN trusteeship on 1 October 1994. The US provided Palau with roughly $700 million in aid for the first 15 years following commencement of the Compact in 1994 in return for unrestricted access to its land and waterways for strategic purposes. The population enjoys a per capita income roughly double that of the Philippines and much of Micronesia.
Inflation
2.754%
Total tax rate (% of commercial profits)
75.4%
Real Interest Rate
None%
Manufacturing, value added (% of GDP)
1.089%
Current Account Balance
US$ -24,245,932
Labor Force, Total
941,783
Employment in Agriculture
11.80%
Employment in Industry
24.60%
Employment in Services
63.60%
Unemployment Rate
23.70%
Imports of goods and services
US$ 207,000,000
Exports of goods and services
US$ 179,500,000
Total Merchandise Trade
61.43%
FDI, net inflows
US$ 34,583,158
Commercial Service Exports
US$ 161,940,447
coconuts, cassava (manioc, tapioca), sweet potatoes; fish, pigs, chickens, eggs, bananas, papaya, breadfruit, calamansi, soursop, Polynesian chestnuts, Polynesian almonds, mangoes, taro, guava, beans, cucumbers, squash/pumpkins (various), eggplant, green onions, kangkong (watercress), cabbages (various), radishes, betel nuts, melons, peppers, noni, okra
tourism, fishing, subsistence agriculture
Commodities
shellfish, tuna, other fish (many species)
Partners
Commodities
machinery and equipment, fuels, metals; foodstuffs
Partners
Country Risk Rating
Business Climate Rating

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