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World > Oceania > Kiribati > Economy (Facts)

Kiribati - Economy (Facts)
Economy - overview: 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 - real growth rate: 0.3% (2005)
GDP (purchasing power parity): $240 million (2006 est.)
GDP (official exchange rate): $76.4 million (2005 est.)
GDP - per capita (PPP): $2,800 (2004 est.)
GDP - composition by sector: agriculture: 8.9%
industry: 24.2%
services: 66.8% (2004)
Population below poverty line: NA
Household income or consumption by percentage share: lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices): 0.5% (2005 est.)
Labor force: 7,870 economically active, not including subsistence farmers (2001 est.)
Labor force - by occupation: agriculture: 2.7%
industry: 32%
services: 65.3% (2000)
Unemployment rate: 2% official rate; underemployment 70% (1992 est.)
Budget: revenues: $55.52 million
expenditures: $59.71 million; including capital expenditures of NA (FY05)
Industries: fishing, handicrafts
Industrial production growth rate: 0.7% (1991 est.)
Electricity - production: 13 million kWh (2004)
Electricity - consumption: 12.09 million kWh (2004)
Electricity - exports: 0 kWh (2004)
Electricity - imports: 0 kWh (2004)
Oil - production: 0 bbl/day (2004 est.)
Oil - consumption: 200 bbl/day (2004 est.)
Oil - exports: NA bbl/day
Oil - imports: NA bbl/day
Oil - proved reserves: 0 bbl
Natural gas - production: 0 cu m (2004 est.)
Agriculture - products: copra, taro, breadfruit, sweet potatoes, vegetables; fish
Exports: $17 million f.o.b. (2004 est.)
Exports - commodities: copra 62%, coconuts, seaweed, fish
Exports - partners: 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: $62 million c.i.f. (2004 est.)
Imports - commodities: foodstuffs, machinery and equipment, miscellaneous manufactured goods, fuel
Imports - partners: Australia 33%, Fiji 27.1%, Japan 18.1%, NZ 6.9% (2006)
Debt - external: $10 million (1999 est.)
Economic aid - recipient: $16.7 million largely from UK and Japan (2004)
Currency: Australian Dollar (AUD)

Current Australian Dollar Exchange Rates
Historical Australian Dollar Exchange Rates
Chart Australian Dollar Exchange Rates
Currency code: AUD
Exchange rates: Australian dollars per US dollar - 1.3285 (2006), 1.3095 (2005), 1.3598 (2004), 1.5419 (2003), 1.8406 (2002)
Fiscal year: NA


Facts at a Glance: Geography - People - Government - Economy - Communications - Transportation - Military - Climate - Current Time - Ranking Positions - Australian Dollar Exchange Rates
Notes and Commentary: People - Economy - Government and Political Conditions - Historical Highlights - Foreign Relations - Relations with U.S.



Facts at a Glance
Geography
People
Government
Economy
Communications
Transportation
Military
Climate
Current Time
Ranking Positions
Australian Dollar Exchange Rates


Notes and Commentary
People
Economy
Government and Political Conditions
Historical Highlights
Foreign Relations
Relations with U.S.





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