Kiribati:
Economy

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Other pages in this profile of Kiribati:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.


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

Kiribati: Economy

Kiribati:
Economy