Economy Of Kiribati
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Economy overview
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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. The financial sector is at an early stage of development as is the expansion of private sector initiatives. Foreign financial aid from UK, Japan, Australia, New Zealand, and China equals 25%-50% of GDP. Remittances from workers abroad account for more than $5 million each year.
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GDP
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purchasing power parity - $79 million - supplemented by a nearly equal amount from external sources (2001 est.)
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GDP - real growth rate
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1.5% (2001 est.)
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GDP - per capita
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purchasing power parity - $800 (2001 est.)
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GDP - composition by sector
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agriculture: 30%
industry: 7%
services: 63% (1998 est.)
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Investment gross fixed
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Population below poverty line
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NA
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Household income or consumption by percentage share
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lowest 10%: NA
highest 10%: NA
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Distribution of family income - Gini index
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Inflation rate consumer prices
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2.5% (2001 est.)
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Labor force
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7,870 economically active, not including subsistence farmers (2001 est.)
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Labor force by occupation
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Unemployment rate
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2%; underemployment 70% (1992 est.)
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Budget
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revenues: $28.4 million
expenditures: $37.2 million, including capital expenditures of NA (2000 est.)
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Public debt
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Agriculture products
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copra, taro, breadfruit, sweet potatoes, vegetables; fish
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Industries
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fishing, handicrafts
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Industrial production growth rate
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0.7% (1991 est.)
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Electricity production
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7 million kWh (2001)
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Electricity production by source
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fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%
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Electricity consumption
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6.51 million kWh (2001)
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Electricity exports
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0 kWh (2001)
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Electricity imports
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0 kWh (2001)
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Oil production
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0 bbl/day (2001 est.)
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Oil consumption
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190 bbl/day (2001 est.)
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Oil exports
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NA (2001)
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Oil imports
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NA (2001)
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Oil proved reserves
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Natural gas production
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Natural gas consumption
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Natural gas exports
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Natural gas imports
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Natural gas proved reserves
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Current account balance
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Exports
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$35 million f.o.b. (2002)
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Exports commodities
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copra 62%, coconuts, seaweed, fish
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Exports partners
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Japan 75%, Australia 8.3%, US 8.3%, Philippines 4.2%, Thailand 4.2% (2003)
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Imports
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$83 million c.i.f. (2002)
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Imports commodities
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foodstuffs, machinery and equipment, miscellaneous manufactured goods, fuel
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Imports partners
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Australia 41.7%, Fiji 26.7%, New Zealand 8.9%, Japan 5.9%, US 4% (2003)
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Reserves of foreign exchange gold
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Debt external
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$10 million (1999 est.)
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Economic aid recipient
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$15.5 million largely from UK and Japan (2001 est.)
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Currency
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Australian dollar (AUD)
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Currency code
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AUD
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Exchange rates
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Australian dollars per US dollar - 1.5419 (2003), 1.8406 (2002), 1.9334 (2001), 1.7248 (2000), 1.55 (1999)
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Fiscal year
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NA
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This information was reproduced in part from the CIA World Fact book.
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