| Economy | Kiribati |
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Economy - overview:
|
A remote country of 33 scattered coral atolls, Kiribati has few natural resources and is one of the least developed Pacific Islands. Commercially viable phosphate deposits were exhausted at the time of independence from the UK in 1979. Copra and fish now represent the bulk of production and exports. The economy has fluctuated widely in recent years. Economic development is constrained by a shortage of skilled workers, weak infrastructure, and remoteness from international markets. Tourism provides more than one-fifth of GDP. Private sector initiatives and a financial sector are in the early stages of development. Foreign financial aid from the EU, UK, US, Japan, Australia, New Zealand, Canada, UN agencies, and Taiwan accounts for 20-25% of GDP. Remittances from seamen on merchant ships abroad account for more than $5 million each year. Kiribati receives around $15 million annually for the government budget from an Australian trust fund. |
GDP (purchasing power parity):
|
$357.4 million (2008 est.)
$344.6 million (2007)
$337.9 million (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
|
$3,200 (2008 est.)
$3,200 (2007 est.)
$3,200 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
|
$71 million (2008 est.) |
GDP - real growth rate:
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3.7% (2008 est.)
2% (2007 est.)
2.4% (2006 est.) |
GDP - composition by sector:
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agriculture: 8.9%
industry: 24.2%
services: 66.8% (2004) |
Investment (gross fixed):
|
void |
Population below poverty line:
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NA% |
Household income or consumption by percentage share:
|
lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
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0.2% (2007 est.) |
Central bank discount rate:
|
void |
Commercial bank prime lending rate:
|
void |
Stock of money:
|
void |
Stock of money - per capita:
|
void |
Stock of quasi money:
|
void |
Stock of quasi money - per capita:
|
void |
Stock of domestic credit:
|
void |
Stock of domestic credit - per capita:
|
void |
Labor force:
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7,870 economically active, not including subsistence farmers (2001 est.) |
Labor force participation rate:
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6.97 % of population |
Labor force - by occupation:
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agriculture: 2.7%
industry: 32%
services: 65.3% (2000) |
Unemployment rate:
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2% official rate; underemployment 70% (1992 est.) |
Budget:
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revenues: $55.52 million
expenditures: $59.71 million (FY05) |
Budget revenues per capita:
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492 USD per capita |
Public debt:
|
void |
Industries:
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fishing, handicrafts |
Industrial production growth rate:
|
void |
Electricity - production:
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10 million kWh (2006 est.) |
Electricity - production per capita:
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89 kWh per capita |
Electricity - consumption:
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9.3 million kWh (2006 est.) |
Electricity - consumption - per capita:
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83 kWh per capita |
Electricity - exports:
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0 kWh (2007 est.) |
Electricity - imports:
|
0 kWh (2007 est.) |
Oil - production:
|
0 bbl/day (2007 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
|
232.4 bbl/day (2006 est.) |
Oil - consumption - per capita:
|
0.75 bbl/year per capita |
Oil - exports:
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0 bbl/day (2005) |
Oil - imports:
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259.1 bbl/day (2005) |
Oil - proved reserves:
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0 bbl (1 January 2006 est.) |
Natural gas - production:
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0 cu m (2007 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2007 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
0 cu m (2007 est.) |
Natural gas - imports:
|
0 cu m (2007 est.) |
Natural gas - proved reserves:
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0 cu m (1 January 2006 est.) |
Agriculture - products:
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copra, taro, breadfruit, sweet potatoes, vegetables; fish |
Current account balance:
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-$21 million (2007 est.) |
Current account balance - per capita:
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-186 USD per capita |
Exports:
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$17 million f.o.b. (2004 est.) |
Exports per capita:
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151 USD per capita |
Exports - commodities:
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copra 62%, coconuts, seaweed, fish |
Exports - partners:
|
void |
Imports:
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$62 million c.i.f. (2004 est.) |
Imports per capita:
|
550 USD per capita |
Imports - commodities:
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foodstuffs, machinery and equipment, miscellaneous manufactured goods, fuel |
Imports - partners:
|
void |
Reserves of foreign exchange and gold:
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void |
Reserves of foreign exchange and gold - per capita:
|
void |
Debt - external:
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$10 million (1999 est.) |
Debt - external - per capita:
|
89 USD per capita |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
void |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
|
$NA |
Market value of publicly traded shares - per capita:
|
void |
Economic aid - donor:
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void |
Economic aid - recipient:
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$27.84 million largely from UK and Japan (2005) |
Economic aid - recipient per capita:
|
247 USD per capita |
Currency (code):
|
Australian dollar (AUD) |
Exchange rates:
|
Australian dollars (AUD) per US dollar - 1.2059 (2008 est.), 1.2137 (2007), 1.3285 (2006), 1.3095 (2005), 1.3598 (2004) |
Fiscal year:
|
NA |
|
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