Economy Of Nauru

Economy overview	Revenues of this tiny island have traditionally come from exports of phosphates, but reserves are now depleted. 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 have been 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 called for a freeze on wages, a reduction of over-staffed public service departments, privatization of numerous government agencies, and closure of some overseas consulates. In recent years Nauru has encouraged the registration of offshore banks and corporations. In 2004 the deterioration in housing, hospitals, and other capital plant continued, and the cost to Australia of keeping the government and economy afloat has substantially mounted. Few comprehensive statistics on the Nauru economy exist, with estimates of Nauru's GDP varying widely.
GDP	purchasing power parity - $60 million (2001 est.)
GDP - real growth rate	NA
GDP - per capita	purchasing power parity - $5,000 (2001 est.)
GDP - composition by sector	agriculture: NA industry: NA services: NA
Investment gross fixed
Population below poverty line	NA
Household income or consumption by percentage share	lowest 10%: NA highest 10%: NA
Distribution of family income - Gini index
Inflation rate consumer prices	-3.6% (1993)
Labor force
Labor force by occupation	employed in mining phosphates, public administration, education, and transportation
Unemployment rate	0% (2002 est.)
Budget	revenues: $23.4 million expenditures: $64.8 million, including capital expenditures of NA (FY95/96)
Public debt
Agriculture products	coconuts
Industries	phosphate mining, offshore banking, coconut products
Industrial production growth rate	NA
Electricity production	30 million kWh (2001)
Electricity production by source	fossil fuel: 100% hydro: 0% other: 0% (2001) nuclear: 0%
Electricity consumption	27.9 million kWh (2001)
Electricity exports	0 kWh (2001)
Electricity imports	0 kWh (2001)
Oil production	0 bbl/day (2001 est.)
Oil consumption	1,000 bbl/day (2001 est.)
Oil exports	NA (2001)
Oil imports	NA (2001)
Oil proved reserves
Natural gas production
Natural gas consumption
Natural gas exports
Natural gas imports
Natural gas proved reserves
Current account balance
Exports	$18 million f.o.b. (2002)
Exports commodities	phosphates
Exports partners	Japan 42.3%, India 38.5%, South Korea 7.7% (2003)
Imports	$31 million c.i.f. (2002)
Imports commodities	food, fuel, manufactures, building materials, machinery
Imports partners	Australia 67.9%, Indonesia 10.7%, US 7.1% (2003)
Reserves of foreign exchange gold
Debt external	$33.3 million (2002)
Economic aid recipient	$2.25 million from Australia (FY96/97 est.) (2000 est.)
Currency	Australian dollar (AUD)
Currency code	AUD
Exchange rates	Australian dollars per US dollar - 1.5419 (2003), 1.2641 (2002) 1.9320 (2001), 1.7173 (2000), 1.5497 (1999)
Fiscal year	1 July - 30 June

Applied Language Solutions offer English to Nauruan Translation .

This information was reproduced in part from the CIA World Fact book.

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Economy Of Nauru

Economy Of Nauru

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