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Nauru Economy 1996

Overview:

Revenues come from the export of phosphates, the reserves of which are expected to be exhausted by the year 2000. Phosphates have given Nauruans one of the highest per capita incomes in the Third World. Few other resources exist, so most necessities must be imported, including fresh water from Australia. The rehabilitation of mined land and the replacement of income from phosphates are serious long-term problems. Substantial amounts of phosphate income are invested in trust funds to help cushion the transition.

National product:

GDP - purchasing power parity - $100 million (1993 est.)

National product real growth rate:

NA%

National product per capita:

$10,000 (1993 est.)

Inflation rate (consumer prices):

NA%

Unemployment rate:

Budget:

revenues:

$69.7 million

expenditures:

$51.5 million, including capital expenditures of $NA (1986 est.)

Exports:

$93 million (f.o.b., 1984)

commodities:

phosphates

partners:

Australia, NZ

Imports:

$73 million (c.i.f., 1984)

commodities:

food, fuel, manufactures, building materials, machinery

partners:

Australia, UK, NZ, Japan

External debt:

$33.3 million

Industrial production:

growth rate NA%

Electricity:

capacity:

14,000 kW

production:

30 million kWh

consumption per capita:

3,036 kWh (1993)

Industries:

phosphate mining, financial services, coconut products

Agriculture:

coconuts; other agricultural activity negligible; almost completely dependent on imports for food and water

Economic aid:

recipient:

Western (non-US) countries (1970-89), $2 million

Currency:

1 Australian dollar ($A) = 100 cents

Exchange rates:

Australian dollars ($A) per US$1 - 1.3058 (January 1995), 1.3667 (1994), 1.4704 (1993), 1.3600 (1992), 1.2834 (1991), 1.2799 (1990)

Fiscal year:

1 July - 30 June

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