Nauru:
Economy

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


Economy - overview	Definition 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. 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. In 2005, the deterioration in housing, hospitals, and other capital plant continued, and the cost to Australia of keeping the government and economy afloat continued to climb. Few comprehensive statistics on the Nauru economy exist, with estimates of Nauru's GDP varying widely.
GDP (purchasing power parity)	Definition - World rank and map $60 million (2005 est.)
GDP (official exchange rate)	Definition $NA
GDP - real growth rate	Definition - World rank and map NA%
GDP - per capita	Definition - World rank and map $5,000 (2005 est.)
GDP - composition by sector	Definition agriculture: NA% industry: NA% services: NA%
Labor force - by occupation	Definition note: employed in mining phosphates, public administration, education, and transportation (1992)
Unemployment rate	Definition - World rank and map 90% (2004 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 -3.6% (1993)
Budget	Definition revenues: $13.5 million expenditures: $13.5 million (2005)
Agriculture - products	Definition coconuts
Industries	Definition phosphate mining, offshore banking, coconut products
Industrial production growth rate	Definition - World rank and map NA%
Electricity - production	Definition - World rank and map 30 million kWh (2005)
Electricity - consumption	Definition - World rank and map 27.9 million kWh (2005)
Electricity - consumption per capita	Definition - World rank and map 2,026.2 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 1,050 bbl/day (2005 est.)
Oil - consumption per 1,000 people	Definition - World rank and map 76.3 bbl/day (2005 est.)
Oil - exports	Definition - World rank and map 0 bbl/day (2004)
Oil - imports	Definition - World rank and map 1,023 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.)
Exports	Definition - World rank and map $64,000 f.o.b. (2005 est.)
Exports - commodities	Definition phosphates
Exports - partners	Definition South Africa 63.7%, South Korea 7.6%, Canada 6.6% (2006)
Imports	Definition - World rank and map $20 million c.i.f. (2004 est.)
Imports - commodities	Definition food, fuel, manufactures, building materials, machinery
Imports - partners	Definition South Korea 43.8%, Australia 36.2%, US 5.9%, Germany 4.3% (2006)
Debt - external	Definition - World rank and map $33.3 million (2002)
Economic aid - recipient	Definition $20 million mostly from Australia (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 1 July - 30 June

Nauru: Economy

Nauru:
Economy