Nauru - Economy

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Fields	World Records	World Dictionary	Geographic Names	Fields History
Chiefs of State	Intl. Organizations	Intl. Environmental Agree.	Other References	Notes and Definitions

Nauru
Republic of Nauru

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Translation

Economy - Nauru

	The economy depends almost entirely on the country's declining phosphate deposits. These were depleted in 2000 on a largescale commercial basis; however, smallscale mining is still occurring. The government-owned Nauru Phosphate Corporation (NPC) controls the mining industry. Many of the miners are contract workers from Kiribati and Tuvalu. The government places a large percentage of the NPC's earnings in long-term investments meant to support the citizenry after the phosphate reserves have been exhausted; many of these investments have not panned out, while those that have succeeded have often been used as collateral for loans, eroding their value. In the years after independence, Nauru possessed the highest GDP per capita in the world due to its rich phosphate deposits. Nauru now lacks money to perform many of the basic functions of government. A history of bad investments includes a failed play in London and the purchase of the once-luxurious Grand Pacific Hotel in Fiji. Financial mismanagement, corruption, and a shortage of basic goods, electricity, and water have resulted in some domestic unrest, such as demonstrations outside of Parliament. Air Nauru, the countryís link to the outside world, has been periodically grounded in recent years due to problems paying for the maintenance of its sole aircraft. The airline is now engaged in a court case regarding repossession of the aircraft for non-payment of debt.

This page was last updated on 7 July, 2008

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