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Kiribati:
Economy

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Kiribati Page


Economy - overview
Definition
A remote country of 33 scattered coral atolls, Kiribati has few natural resources. 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 UK, Japan, Australia, New Zealand, and China equals more than 10% 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)
Definition - World rank and map
$348 million (2007 est.)
GDP (official exchange rate)
Definition
$67 million (2007 est.)
GDP - real growth rate
Definition - World rank and map
2% (2007 est.)
GDP - per capita
Definition - World rank and map
$3,600 (2007 est.)
GDP - composition by sector
Definition
agriculture: 8.9%
industry: 24.2%
services: 66.8% (2004)
Labor force
Definition
7,870 economically active, not including subsistence farmers (2001 est.)
Labor force - by occupation
Definition
agriculture: 2.7%
industry: 32%
services: 65.3% (2000)
Unemployment rate
Definition - World rank and map
2% official rate; underemployment 70% (1992 est.)
Population below poverty line
Definition
NA%
Household income or consumption by percentage share
Definition
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices)
Definition - World rank and map
0.2% (2007 est.)
Budget
Definition
revenues: $55.52 million
expenditures: $59.71 million (FY05)
Agriculture - products
Definition
copra, taro, breadfruit, sweet potatoes, vegetables; fish
Industries
Definition
fishing, handicrafts
Industrial production growth rate
Definition - World rank and map
0.7% (1991 est.)
Electricity - production
Definition - World rank and map
9 million kWh (2005)
Electricity - consumption
Definition - World rank and map
8.37 million kWh (2005)
Electricity - consumption per capita
Definition - World rank and map
75.9 kWh (2005)
Electricity - exports
Definition
0 kWh (2005)
Electricity - imports
Definition
0 kWh (2005)
Oil - production
Definition - World rank and map
0 bbl/day (2005 est.)
Oil - consumption
Definition - World rank and map
220 bbl/day (2005 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
2 bbl/day (2005 est.)
Oil - exports
Definition - World rank and map
0 bbl/day (2004)
Oil - imports
Definition - World rank and map
216.4 bbl/day (2004)
Oil - proved reserves
Definition - World rank and map
0 bbl (1 January 2006 est.)
Natural gas - production
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption per capita
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - exports
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - imports
Definition - World rank and map
0 cu m (2005)
Natural gas - proved reserves
Definition - World rank and map
0 cu m (1 January 2006 est.)
Current account balance
Definition - World rank and map
-$21 million (2004)
Exports
Definition - World rank and map
$17 million f.o.b. (2004 est.)
Exports - commodities
Definition
copra 62%, coconuts, seaweed, fish
Exports - partners
Definition
US 22.8%, Belgium 21.5%, Japan 14.3%, Samoa 7.8%, Australia 7.5%, Malaysia 6.7%, Taiwan 5.6%, Denmark 4.6% (2006)
Imports
Definition - World rank and map
$62 million c.i.f. (2004 est.)
Imports - commodities
Definition
foodstuffs, machinery and equipment, miscellaneous manufactured goods, fuel
Imports - partners
Definition
Australia 33%, Fiji 27.1%, Japan 18.1%, NZ 6.9% (2006)
Debt - external
Definition - World rank and map
$10 million (1999 est.)
Market value of publicly traded shares
Definition
$NA
Economic aid - recipient
Definition
$27.84 million largely from UK and Japan (2005)
Currency (code)
Definition
Australian dollar (AUD)
Exchange rates
Definition
Australian dollars per US dollar - 1.2137 (2007), 1.3285 (2006), 1.3095 (2005), 1.3598 (2004), 1.5419 (2003)
Fiscal year
Definition
NA


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