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Nauru:
Economy

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Nauru Page


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


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