| Economy | Nauru |
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Economy - overview:
|
Revenues of this tiny island have traditionally come from exports of phosphates, now significantly depleted. An Australian company in 2005 entered into an agreement intended to exploit remaining supplies. Few other resources exist with most necessities being imported, mainly from Australia, its former occupier and later major source of support. The rehabilitation of mined land and the replacement of income from phosphates are serious long-term problems. Reserves of phosphates may only last until 2010 at current mining rates. 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 faces 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 is deteriorating, and 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 |
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.) |
Budget:
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revenues: $13.5 million
expenditures: $13.5 million (2005) |
Budget revenues per capita:
|
963 USD per capita |
Public debt:
|
void |
Industries:
|
phosphate mining, offshore banking, coconut products |
Industrial production growth rate:
|
NA% |
Electricity - production:
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31 million kWh (2006 est.) |
Electricity - production per capita:
|
2,212 kWh per capita |
Electricity - consumption:
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28.83 million kWh (2006 est.) |
Electricity - consumption - per capita:
|
2,057 kWh per capita |
Electricity - exports:
|
0 kWh (2007 est.) |
Electricity - imports:
|
0 kWh (2007 est.) |
Oil - production:
|
0 bbl/day (2007 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
|
1,070 bbl/day (2006 est.) |
Oil - consumption - per capita:
|
27.86 bbl/year per capita |
Oil - exports:
|
0 bbl/day (2005) |
Oil - imports:
|
1,049 bbl/day (2005) |
Oil - proved reserves:
|
0 bbl (1 January 2006 est.) |
Natural gas - production:
|
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:
|
0 cu m (1 January 2006 est.) |
Agriculture - products:
|
coconuts |
Current account balance:
|
void |
Current account balance - per capita:
|
void |
Exports:
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$64,000 f.o.b. (2005 est.) |
Exports per capita:
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5 USD per capita |
Exports - commodities:
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phosphates |
Exports - partners:
|
void |
Imports:
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$20 million c.i.f. (2004 est.) |
Imports per capita:
|
1,427 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 (2002) |
Debt - external - per capita:
|
2,376 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 |
Economic aid - donor:
|
void |
Economic aid - recipient:
|
$20 million mostly from Australia (2005) |
Economic aid - recipient per capita:
|
1,427 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:
|
1 July - 30 June |
|
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