| Economy | Nauru |
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Economy - overview:
|
Revenues of this tiny island traditionally have come from exports of phosphates. Few other resources exist, with most necessities being imported, mainly from Australia, its former occupier and later major source of support. In 2005 an Australian company entered into an agreement to exploit remaining supplies. Primary reserves of phosphates were exhausted and mining ceased in 2006, but mining of a deeper layer of "secondary phosphate" in the interior of the island began the following year. The secondary phosphate deposits may last another 30 years. The rehabilitation of mined land and the replacement of income from phosphates are serious long-term problems. In anticipation of the exhaustion of Nauru's phosphate deposits, substantial amounts of phosphate income were invested in trust funds to help cushion the transition and provide for Nauru's economic future. As a result of heavy spending from the trust funds, the government faced virtual bankruptcy. To cut costs the government has frozen wages and reduced overstaffed public service departments. Nauru lost further revenue in 2008 with the closure of Australia's refugee processing center, making it almost totally dependent on food imports and foreign aid. Housing, hospitals, and other capital plant are deteriorating. The cost to Australia of keeping the government and economy afloat continues to climb. Few comprehensive statistics on the Nauru economy exist with estimates of Nauru's GDP varying widely. |
GDP (purchasing power parity):
|
$60 million (2005 est.) |
GDP - per capita (PPP):
|
$5,000 (2005 est.) |
GDP (official exchange rate):
|
$NA |
GDP - real growth rate:
|
NA% |
GDP - composition by sector:
|
agriculture: NA%
industry: NA%
services: NA% |
Investment (gross fixed):
|
void |
Population below poverty line:
|
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):
|
NA% |
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:
|
void |
Labor force participation rate:
|
void |
Labor force - by occupation:
|
note: employed in mining phosphates, public administration, education, and transportation (1992) |
Unemployment rate:
|
90% (2004 est.) |
Unemployment, youth ages 15-24:
|
total: 25.96%
male: 26.24%
female: 25.4% (2001) |
Budget:
|
revenues: $13.5 million
expenditures: $13.5 million (2005) |
Budget revenues per capita:
|
1,449 USD per capita |
Taxes and other revenues:
|
void |
Budget surplus (+) or deficit (-):
|
void |
Public debt:
|
void |
Industries:
|
phosphate mining, offshore banking, coconut products |
Industrial production growth rate:
|
NA% |
Electricity - production:
|
32 million kWh (2008 est.) |
Electricity - production per capita:
|
3,433 kWh per capita |
Electricity - consumption:
|
29.76 million kWh (2008 est.) |
Electricity - consumption - per capita:
|
3,193 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:
|
1,300 bbl/day (2010 est.) |
Oil - consumption - per capita:
|
50.90 bbl/year per capita |
Oil - exports:
|
0 bbl/day (2009 est.) |
Oil - imports:
|
1,044 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:
|
coconuts |
Current account balance:
|
void |
Current account balance - per capita:
|
void |
Exports:
|
$64,000 (2005 est.) |
Exports per capita:
|
7 USD per capita |
Exports - commodities:
|
phosphates |
Exports - partners:
|
void |
Imports:
|
$20 million (2004 est.) |
Imports per capita:
|
2,146 USD per capita |
Imports - commodities:
|
food, fuel, manufactures, building materials, machinery |
Imports - partners:
|
void |
Reserves of foreign exchange and gold:
|
void |
Reserves of foreign exchange and gold - per capita:
|
void |
Debt - external:
|
$33.3 million (2004 est.) (2004 est.) |
Debt - external - per capita:
|
3,573 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:
|
void |
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)
1.0902 (2010)
1.2822 (2009)
1.2059 (2008)
1.2137 (2007) |
Fiscal year:
|
1 July - 30 June |
|
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