| 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):
|
$612 million (2011 est.)
$612 million (2010 est.)
$612 million (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
|
$6,200 (2011 est.)
$6,100 (2010 est.)
$6,100 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
|
$200 million (2011 est.) |
GDP - real growth rate:
|
3% (2011 est.)
1.8% (2010 est.)
-0.7% (2009 est.) |
GDP - composition by sector:
|
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):
|
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 |
Stock of narrow money:
|
void |
Stock of broad money:
|
void |
Labor force:
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7,870 economically active, not including subsistence farmers (2001 est.) |
Labor force participation rate:
|
7.81 % 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% (1992 est.) |
Unemployment, youth ages 15-24:
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total: 11.3%
male: 11.8%
female: 10% (2005) |
Budget:
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revenues: $55.52 million
expenditures: $59.71 million (FY05) |
Budget revenues per capita:
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552 USD per capita |
Taxes and other revenues:
|
27.8% of GDP (FY05) |
Budget surplus (+) or deficit (-):
|
-2.1% of GDP (FY05) |
Public debt:
|
void |
Industries:
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fishing, handicrafts |
Industrial production growth rate:
|
NA% |
Electricity - production:
|
22 million kWh (2008 est.) |
Electricity - production per capita:
|
219 kWh per capita |
Electricity - consumption:
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20.46 million kWh (2008 est.) |
Electricity - consumption - per capita:
|
204 kWh per capita |
Electricity - exports:
|
0 kWh (2009 est.) |
Electricity - imports:
|
0 kWh (2009 est.) |
Oil - production:
|
0 bbl/day (2010 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
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300 bbl/day (2010 est.) |
Oil - consumption - per capita:
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1.09 bbl/year per capita |
Oil - exports:
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0 bbl/day (2009 est.) |
Oil - imports:
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284.1 bbl/day (2009 est.) |
Oil - proved reserves:
|
0 bbl (1 January 2011 est.) |
Natural gas - production:
|
0 cu m (2009 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2009 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
0 cu m (2009 est.) |
Natural gas - imports:
|
0 cu m (2009 est.) |
Natural gas - proved reserves:
|
0 cu m (1 January 2011 est.) |
Agriculture - products:
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copra, taro, breadfruit, sweet potatoes, vegetables; fish |
Current account balance:
|
-$21 million (2007 est.) |
Current account balance - per capita:
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-208 USD per capita |
Exports:
|
$17 million (2004 est.) |
Exports per capita:
|
169 USD per capita |
Exports - commodities:
|
copra 62%, coconuts, seaweed, fish |
Exports - partners:
|
void |
Imports:
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$62 million (2004 est.) |
Imports per capita:
|
616 USD per capita |
Imports - commodities:
|
foodstuffs, machinery and equipment, miscellaneous manufactured goods, fuel |
Imports - partners:
|
void |
Reserves of foreign exchange and gold:
|
void |
Reserves of foreign exchange and gold - per capita:
|
void |
Debt - external:
|
$10 million (1999 est.) |
Debt - external - per capita:
|
100 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 |
Currency (code):
|
Australian dollar (AUD) |
Exchange rates:
|
Australian dollars (AUD) per US dollar -
0.9694 (2011)
1.11 (2010 est.)
1.2822 (2009)
1.2059 (2008)
1.2137 (2007) |
Fiscal year:
|
NA |
|
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