Palau: Taxes on goods and services (current LCU)

Key figures

What the numbers say

In 2020, Palau's taxes on goods and services (current LCU) fell 28.4% on 2019 (from 25.24 million to 18.08 million).

Across the 11 yearly changes before that (2009 to 2019), the average change was +5.4% and a typical year strayed about 13% from that (the standard deviation). This year's change was 2.6 standard deviations below that average, so it was unusually large compared with the rest of the record.

On record, the biggest yearly rise was 23.9% in 2011 and the biggest yearly fall was 28.4% in 2020. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.

From 2011 to 2020 there is no clear straight-line trend: a straight line explains 7% of the movement over 10 observed years, so the value is moving around more than it is heading anywhere.

Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.

How it compares

In 2020, Palau had the 8th highest value of the 10 economies reporting that year. Higher is not always better: for some indicators the lowest value is the one to aim for. See the full ranking.

Closest to Palau in the 2020 ranking

• Bhutan — 5th of 10: 9.84 billion
• Bahrain — 6th of 10: 288.68 million
• St. Kitts and Nevis — 7th of 10: 148.6 million
• Marshall Islands — 9th of 10: 14.36 million
• Micronesia, Fed. Sts. — 10th of 10: 4.69 million

What this measures

General taxes on goods and services are taxes levied on the production, leasing, delivery, sale, purchase or other change of ownership of a wide range of goods and the provision of a wide range of services. This indicator is expressed in current prices, meaning no adjustment has been made to account for price changes over time. This series is expressed in local currency units.

Limitations: For most countries central government finance data have been consolidated into one account, but for others only budgetary central government accounts are available. Countries reporting budgetary data are noted in the country metadata. Because budgetary accounts may not include all central government units (such as social security funds), they usually provide an incomplete picture. In federal states the central government accounts provide an incomplete view of total public finance. Data on government revenue and expense are collected by the IMF through questionnaires to member countries and by the Organisation for Economic Co-operation and Development (OECD).

All 13 values

Taxes on goods and services (current LCU) in nearby economies

• Australia — 110.61 billion (2022)
• Cambodia — 10.87 trillion (2023)
• China — 5.69 trillion (2024)
• Fiji — 1.69 billion (2024)
• Kiribati — 46.08 million (2023)
• Korea, Rep. — 114.81 trillion (2024)
• Lao PDR — 17.31 trillion (2022)
• Macao SAR, China — 96.35 billion (2024)
• Malaysia — 73.29 billion (2024)
• Marshall Islands — 14.36 million (2020)

More public sector data for Palau

• Statistical performance indicators (SPI): Pillar 1 data use score (scale 0-100) — 70 (2024)
• Statistical performance indicators (SPI): Pillar 3 data products score (scale 0-100) — 62.36 (2024)
• Net acquisition of financial assets (current LCU) — 27.91 million (2020)
• Net acquisition of financial assets (% of GDP) — 10.78% (2020)
• Net incurrence of liabilities, total (current LCU) — 52.56 million (2020)
• Net incurrence of liabilities, total (% of GDP) — 20.29% (2020)
• Net investment in nonfinancial assets (current LCU) — 16.56 million (2020)
• Net investment in nonfinancial assets (% of GDP) — 6.39% (2020)
• Net lending (+) / net borrowing (-) (current LCU)

Reading data like this

• Where to find free public data, and how to check it before you trust it — 2 min read
• Data analysis examples: 6 worked from one dataset — 3 min read
• Real change or random noise? A plain guide to reading your numbers — 2 min read

Questions people ask

What is Palau's taxes on goods and services (current LCU)?

18.08 million in 2020, according to the World Bank (World Development Indicators).

How has it changed since 2008?

It is up 17.57% from 15.38 million in 2008 (1.36% a year on average, compounded). The highest value was 31.32 million in 2018 and the lowest 13.89 million in 2009.

How does Palau rank?

8th highest of 10 economies with data for 2020.

Is the latest change in taxes on goods and services (current LCU) unusual for Palau?

In 2020, Palau's taxes on goods and services (current LCU) fell 28.4% on 2019 (from 25.24 million to 18.08 million). Across the 11 yearly changes before that (2009 to 2019), the average change was +5.4% and a typical year strayed about 13% from that (the standard deviation). This year's change was 2.6 standard deviations below that average, so it was unusually large compared with the rest of the record.

Source

World Bank, World Development Indicators, indicator GC.TAX.GSRV.CN, licensed CC BY 4.0. Original source: Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF) Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.

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