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Kiribati Economy 2019

SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES











Kiribati Economy 2019
SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 08, 2019

Economy - overview:
A remote country of 33 scattered coral atolls, Kiribati has few natural resources and is one of the least developed Pacific Island countries. Commercially viable phosphate deposits were exhausted by the time of independence from the United Kingdom in 1979. Earnings from fishing licenses and seafarer remittances are important sources of income. Although the number of seafarers employed declined due to changes in global shipping demands, remittances are expected to improve with more overseas temporary and seasonal work opportunities for Kiribati nationals.

Economic development is constrained by a shortage of skilled workers, weak infrastructure, and remoteness from international markets. The public sector dominates economic activity, with ongoing capital projects in infrastructure including road rehabilitation, water and sanitation projects, and renovations to the international airport, spurring some growth. Public debt increased from 23% of GDP at the end of 2015 to 25.8% in 2016.

Kiribati is dependent on foreign aid, which was estimated to have contributed over 32.7% in 2016 to the government’s finances. The country’s sovereign fund, the Revenue Equalization Reserve Fund (RERF), which is held offshore, had an estimated balance of $855.5 million in late July 2016. The RERF seeks to avoid exchange rate risk by holding investments in more than 20 currencies, including the Australian dollar, US dollar, the Japanese yen, and the Euro. Drawdowns from the RERF helped finance the government’s annual budget.

GDP (purchasing power parity):
$227 million (2017 est.)
$220.2 million (2016 est.)
$217.7 million (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 219
[see also: GDP country ranks ]

GDP (official exchange rate):
$197 million (2017 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3.1% (2017 est.)
1.1% (2016 est.)
10.3% (2015 est.)
country comparison to the world: 108
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$2,000 (2017 est.)
$2,000 (2016 est.)
$2,000 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 210
[see also: GDP - per capita country ranks ]

GDP - composition, by sector of origin:
agriculture: 23% (2016 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 7% (2016 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 70% (2016 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
copra, breadfruit, fish

Industries:
fishing, handicrafts

Industrial production growth rate:
1.1% (2012 est.)
country comparison to the world: 153
[see also: Industrial production growth rate country ranks ]

Labor force:
39,000 (2010 est.)
note: economically active, not including subsistence farmers
country comparison to the world: 198
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 15%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 10%
[see also: Labor force - by occupation - industry country ranks ]
services: 75% (2010)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
30.6% (2010 est.)
6.1% (2005)
country comparison to the world: 209
[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: 151.2 million (2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 277.5 million (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
76.8% (of GDP) (2017 est.)
country comparison to the world: 4
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-64.1% (of GDP) (2017 est.)
country comparison to the world: 221
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
26.3% of GDP (2017 est.)
22.9% of GDP (2016 est.)
country comparison to the world: 172
[see also: Public debt country ranks ]

Fiscal year:
NA

Inflation rate (consumer prices):
0.4% (2017 est.)
1.9% (2016 est.)
country comparison to the world: 24
[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 ]

Current account balance:
$18 million (2017 est.)
$35 million (2016 est.)
country comparison to the world: 62
[see also: Current account balance country ranks ]

Exports:
$84.75 million (2013 est.)
$62.31 million (2012 est.)
country comparison to the world: 199
[see also: Exports country ranks ]

Exports - partners:
Philippines 50.8%, Malaysia 17.2%, US 11.4%, Bangladesh 5.8%, Fiji 5.4% (2017)

Exports - commodities:
fish, coconut products

Imports:
$107.1 million (2016 est.)
$182.2 million (2013 est.)
country comparison to the world: 214
[see also: Imports country ranks ]

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

Imports - partners:
Australia 29.3%, Fiji 17.3%, NZ 10.7%, China 5.8%, US 5.8%, Singapore 5.1%, Japan 4.6%, Thailand 4.1% (2017)

Reserves of foreign exchange and gold:
$0 (31 December 2017 est.)
$8.37 million (31 December 2010 est.)
country comparison to the world: 192
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$40.9 million (2016 est.)
$32.3 million (2015 est.)
country comparison to the world: 196
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
NA
[see also: Stock of direct foreign investment - at home country ranks ]

Exchange rates:
Australian dollars (AUD) per US dollar -
1.31 (2017 est.)
1.34 (2016 est.)
1.34 (2015 est.)
1.33 (2014 est.)
1.11 (2013 est.)
note: the Australian dollar circulates as legal tender


NOTE: 1) The information regarding Kiribati on this page is re-published from the 2019 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Kiribati Economy 2019 information contained here. All suggestions for corrections of any errors about Kiribati Economy 2019 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






This page was last modified 08-Feb-19
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