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Kiribati Economy 2011
https://theodora.com/wfb2011/kiribati/kiribati_economy.html
SOURCE: 2011 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 12, 2011

Economy - overview:
A remote country of 33 scattered coral atolls, Kiribati has few natural resources and is one of the least developed Pacific Islands. 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 the EU, UK, US, Japan, Australia, New Zealand, Canada, UN agencies, and Taiwan accounts for 20-25% 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 (purchasing power parity):
$619.5 million (2010 est.)
country comparison to the world: 212

$610.4 million (2009 est.)
$614.7 million (2008 est.)
note: data are in 2010 US dollars
[see also: GDP (purchasing power parity) country ranks ]

GDP (official exchange rate):
$152 million (2009 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
1.5% (2010 est.)
country comparison to the world: 170

-0.7% (2009 est.)
-1.1% (2008 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$6,200 (2010 est.)
country comparison to the world: 138

$6,200 (2009 est.)
$6,300 (2008 est.)
note: data are in 2010 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 8.9%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 24.2%
[see also: GDP - composition by sector - industry country ranks ]
services: 66.8% (2004)
[see also: GDP - composition by sector - services country ranks ]

Labor force:
7,870 economically active, not including subsistence farmers (2001 est.)
country comparison to the world: 217
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 2.7%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 32%
[see also: Labor force - by occupation - industry country ranks ]
services: 65.3% (2000)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
2% (1992 est.)
country comparison to the world: 14
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Budget:
revenues: $55.52 million
[see also: Budget - revenues country ranks ]
expenditures: $59.71 million (FY05)
[see also: Budget - expenditures country ranks ]

Inflation rate (consumer prices):
0.2% (2007 est.)
country comparison to the world: 11
[see also: Inflation rate (consumer prices) country ranks ]

Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]

Agriculture - products:
copra, taro, breadfruit, sweet potatoes, vegetables; fish

Industries:
fishing, handicrafts

Industrial production growth rate:
NA%
[see also: Industrial production growth rate country ranks ]

Electricity - production:
14 million kWh (2007 est.)
country comparison to the world: 209
[see also: Electricity - production country ranks ]

Electricity - consumption:
13.02 million kWh (2007 est.)
country comparison to the world: 210
[see also: Electricity - consumption country ranks ]

Electricity - exports:
0 kWh (2008 est.)
[see also: Electricity - exports country ranks ]

Electricity - imports:
0 kWh (2008 est.)
[see also: Electricity - imports country ranks ]

Oil - production:
0 bbl/day (2009 est.)
country comparison to the world: 160
[see also: Oil - production country ranks ]

Oil - consumption:
NA bbl/day (2009 est.)
[see also: Oil - consumption country ranks ]

Oil - exports:
0 bbl/day (2007 est.)
country comparison to the world: 190
[see also: Oil - exports country ranks ]

Oil - imports:
261 bbl/day (2007 est.)
country comparison to the world: 200
[see also: Oil - imports country ranks ]

Oil - proved reserves:
0 bbl (1 January 2010 est.)
country comparison to the world: 165
[see also: Oil - proved reserves country ranks ]

Natural gas - production:
0 cu m (2008 est.)
country comparison to the world: 172
[see also: Natural gas - production country ranks ]

Natural gas - consumption:
0 cu m (2008 est.)
country comparison to the world: 125
[see also: Natural gas - consumption country ranks ]

Natural gas - exports:
0 cu m (2008 est.)
country comparison to the world: 81
[see also: Natural gas - exports country ranks ]

Natural gas - imports:
0 cu m (2008 est.)
country comparison to the world: 157
[see also: Natural gas - imports country ranks ]

Natural gas - proved reserves:
0 cu m (1 January 2010 est.)
country comparison to the world: 159
[see also: Natural gas - proved reserves country ranks ]

Current account balance:
-$21 million (2007 est.)
country comparison to the world: 63
[see also: Current account balance country ranks ]

Exports:
$17 million (2004 est.)
country comparison to the world: 209
[see also: Exports country ranks ]

Exports - commodities:
copra 62%, coconuts, seaweed, fish

Imports:
$62 million (2004 est.)
country comparison to the world: 215
[see also: Imports country ranks ]

Imports - commodities:
foodstuffs, machinery and equipment, miscellaneous manufactured goods, fuel

Debt - external:
$10 million (1999 est.)
country comparison to the world: 191
[see also: Debt - external country ranks ]

Exchange rates:
Australian dollars (AUD) per US dollar - 1.1151 (2010), 1.2822 (2009), 1.2059 (2008), 1.2137 (2007), 1.3285 (2006)


NOTE: The information regarding Kiribati on this page is re-published from the 2011 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Kiribati Economy 2011 information contained here. All suggestions for corrections of any errors about Kiribati Economy 2011 should be addressed to the CIA.



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This page was last modified 09-Feb-11
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