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World > Oceania > Nauru > Economy (Facts)

Nauru - Economy (Facts)
Economy - overview: 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 - real growth rate: NA
GDP (purchasing power parity): $60 million (2005 est.)
GDP (official exchange rate): NA
GDP - per capita (PPP): $5,000 (2005 est.)
GDP - composition by sector: agriculture: NA
industry: NA
services: NA
Population below poverty line: NA
Household income or consumption by percentage share: lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices): -3.6% (1993)
Labor force - by occupation: note: employed in mining phosphates, public administration, education, and transportation (1992)
Unemployment rate: 90% (2004 est.)
Budget: revenues: $13.5 million
expenditures: $13.5 million (2005)
Industries: phosphate mining, offshore banking, coconut products
Industrial production growth rate: NA
Electricity - production: 30 million kWh (2004)
Electricity - consumption: 27.9 million kWh (2004)
Electricity - exports: 0 kWh (2004)
Electricity - imports: 0 kWh (2004)
Oil - production: 0 bbl/day (2004 est.)
Oil - consumption: 1,000 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: coconuts
Exports: $64,000 f.o.b. (2005 est.)
Exports - commodities: phosphates
Exports - partners: South Africa 63.7%, South Korea 7.6%, Canada 6.6% (2006)
Imports: $20 million c.i.f. (2004 est.)
Imports - commodities: food, fuel, manufactures, building materials, machinery
Imports - partners: South Korea 43.8%, Australia 36.2%, US 5.9%, Germany 4.3% (2006)
Debt - external: $33.3 million (2002)
Economic aid - recipient: $20 million mostly from Australia (2005)
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: 1 July - 30 June


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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