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. Reserves of phosphates may only last until 2010 at current mining rates. 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. Nauru lost further revenue in 2008 with the closure of Australia's refugee processing center, making it almost totally dependent on food imports and foreign aid. Housing, hospitals, and other capital plant is deteriorating. The cost to Australia of keeping the government and economy afloat continues to climb. Few comprehensive statistics on the Nauru economy exist with estimates of Nauru's GDP varying widely.

GDP (purchasing power parity):
$60 million (2005 est.)
country comparison to the world: 222
[see also: GDP (purchasing power parity) country ranks ]

GDP (official exchange rate):
$NA
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
NA%
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$5,000 (2005 est.)
country comparison to the world: 146
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: NA%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: NA%
[see also: GDP - composition by sector - industry country ranks ]
services: NA%
[see also: GDP - composition by sector - services country ranks ]

Labor force - by occupation:
note: employed in mining phosphates, public administration, education, and transportation (1992)

Unemployment rate:
90% (2004 est.)
country comparison to the world: 200
[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: $13.5 million
[see also: Budget - revenues country ranks ]
expenditures: $13.5 million (2005)
[see also: Budget - expenditures country ranks ]

Inflation rate (consumer prices):
NA%
[see also: Inflation rate (consumer prices) country ranks ]

Agriculture - products:
coconuts

Industries:
phosphate mining, offshore banking, coconut products

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

Electricity - production:
31 million kWh (2007 est.)
country comparison to the world: 203
[see also: Electricity - production country ranks ]

Electricity - consumption:
28.83 million kWh (2007 est.)
country comparison to the world: 203
[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: 143
[see also: Oil - production country ranks ]

Oil - consumption:
1,000 bbl/day (2009 est.)
country comparison to the world: 198
[see also: Oil - consumption country ranks ]

Oil - exports:
0 bbl/day (2007 est.)
country comparison to the world: 161
[see also: Oil - exports country ranks ]

Oil - imports:
1,026 bbl/day (2007 est.)
country comparison to the world: 189
[see also: Oil - imports country ranks ]

Oil - proved reserves:
0 bbl (1 January 2010 est.)
country comparison to the world: 153
[see also: Oil - proved reserves country ranks ]

Natural gas - production:
0 cu m (2008 est.)
country comparison to the world: 159
[see also: Natural gas - production country ranks ]

Natural gas - consumption:
0 cu m (2008 est.)
country comparison to the world: 133
[see also: Natural gas - consumption country ranks ]

Natural gas - exports:
0 cu m (2008 est.)
country comparison to the world: 89
[see also: Natural gas - exports country ranks ]

Natural gas - imports:
0 cu m (2008 est.)
country comparison to the world: 150
[see also: Natural gas - imports country ranks ]

Natural gas - proved reserves:
0 cu m (1 January 2010 est.)
country comparison to the world: 154
[see also: Natural gas - proved reserves country ranks ]

Exports:
$64,000 (2005 est.)
country comparison to the world: 222
[see also: Exports country ranks ]

Exports - commodities:
phosphates

Imports:
$20 million (2004 est.)
country comparison to the world: 218
[see also: Imports country ranks ]

Imports - commodities:
food, fuel, manufactures, building materials, machinery

Debt - external:
$33.3 million (2004 est.)
country comparison to the world: 190
[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)