Kiribati Economy - 2024

GEOGRAPHICAL NAMES 

Economic overview

lower-middle income, Pacific island economy; environmentally fragile; sizable remittances; key phosphate mining fund; tourism and fishing industries; public sector-dominated economy; recent withdrawal from Pacific Islands Forum; ongoing constitutional crisis

Real GDP (purchasing power parity)

$249.64 million (2021 est.)
$245.951 million (2020 est.)
$247.304 million (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

1.5% (2021 est.)
-0.55% (2020 est.)
-0.54% (2019 est.)

Real GDP per capita

$1,900 (2021 est.)
$1,900 (2020 est.)
$2,000 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$197 million (2017 est.)

Inflation rate (consumer prices)

-1.81% (2019 est.)
0.56% (2018 est.)
0.36% (2017 est.)

GDP - composition, by sector of origin

agriculture: 23% (2016 est.)

industry: 7% (2016 est.)

services: 70% (2016 est.)

Agricultural products

coconuts, roots/tubers, bananas, vegetables, taro, tropical fruit, poultry, pork, nuts, eggs

Industries

fishing, handicrafts

Industrial production growth rate

-1.57% (2020 est.)

Labor force

39,000 (2010 est.)

note: economically active, not including subsistence farmers

Unemployment rate

30.6% (2010 est.)
6.1% (2005)

Youth unemployment rate (ages 15-24)

total: 22.5% (2019 est.)

male: 21.2%

female: 24.6%

Population below poverty line

N/A

Gini Index coefficient - distribution of family income

27.8 (2019 est.)

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Remittances

8.24% of GDP (2020 est.)
11.28% of GDP (2019 est.)
10.18% of GDP (2018 est.)

Budget

revenues: $281 million (2017 est.)

expenditures: $205 million (2017 est.)

Budget surplus (+) or deficit (-)

-64.1% (of GDP) (2017 est.)

Public debt

26.3% of GDP (2017 est.)
22.9% of GDP (2016 est.)

Taxes and other revenues

26.28% (of GDP) (2020 est.)

Fiscal year

N/A

Current account balance

$20.251 million (2021 est.)
$71.279 million (2020 est.)
$86.818 million (2019 est.)

Exports

$10.754 million (2021 est.) note: data are in current year dollars
$21.228 million (2020 est.) note: data are in current year dollars
$32.516 million (2019 est.)

Exports - partners

Thailand 60%, Indonesia 11%, Philippines 10%, Japan 6%, South Korea 3% (2021)

Exports - commodities

skipjacks, tuna, fish fillets, ships, coconut oil, copra (2021)

Imports

$201.984 million (2021 est.) note: data are in current year dollars
$148.77 million (2020 est.) note: data are in current year dollars
$177.149 million (2019 est.)

Imports - partners

China 23%, Taiwan 16%, Fiji 16%, Australia 12%, New Zealand 6% (2021)

Imports - commodities

fishing ships, beef, netting, poultry meat, rice, refined petroleum, sugar, refrigerators (2021)

Reserves of foreign exchange and gold

$0 (31 December 2017 est.)
$8.37 million (31 December 2010 est.)

Debt - external

$40.9 million (2016 est.)
$32.3 million (2015 est.)

Exchange rates

Australian dollars (AUD) per US dollar -

Exchange rates:
1.331 (2021 est.)
1.453 (2020 est.)
1.439 (2019 est.)
1.338 (2018 est.)
1.305 (2017 est.)

note: the Australian dollar circulates as legal tender

NOTE: The information regarding Kiribati on this page is re-published from the 2024 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Kiribati 2024 information contained here. All suggestions for corrections of any errors about Kiribati 2024 should be addressed to the CIA or the source cited on each page.