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Nauru Economy 2019

SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES











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


Page last updated on February 08, 2019

Economy - overview:
Revenues of this tiny island - a coral atoll with a land area of 21 square kilometers - traditionally have come from exports of phosphates. Few other resources exist, with most necessities being imported, mainly from Australia, its former occupier and later major source of support. Primary reserves of phosphates were exhausted and mining ceased in 2006, but mining of a deeper layer of "secondary phosphate" in the interior of the island began the following year. The secondary phosphate deposits may last another 30 years. Earnings from Nauru’s export of phosphate remains an important source of income. Few comprehensive statistics on the Nauru economy exist; estimates of Nauru's GDP vary widely.

The rehabilitation of mined land and the replacement of income from phosphates are serious long-term problems. 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.

Although revenue sources for government are limited, the opening of the Australian Regional Processing Center for asylum seekers since 2012 has sparked growth in the economy. Revenue derived from fishing licenses under the "vessel day scheme" has also boosted government income. Housing, hospitals, and other capital plant are deteriorating. The cost to Australia of keeping the Nauruan government and economy afloat continues to climb.

GDP (purchasing power parity):
$160 million (2017 est.)
$153.9 million (2016 est.)
$139.4 million (2015 est.)
note: data are in 2015 dollars
country comparison to the world: 224
[see also: GDP country ranks ]

GDP (official exchange rate):
$114 million (2017 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
4% (2017 est.)
10.4% (2016 est.)
2.8% (2015 est.)
country comparison to the world: 80
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$12,300 (2017 est.)
$11,800 (2016 est.)
$11,600 (2015 est.)
note: data are in 2015 US dollars
country comparison to the world: 129
[see also: GDP - per capita country ranks ]

GDP - composition, by end use:
household consumption: 98% (2016 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 37.6% (2016 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 42.2% (2016 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
exports of goods and services: 11.2% (2016 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -89.1% (2016 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 6.1% (2009 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 33% (2009 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 60.8% (2009 est.)
[see also: GDP - composition, by sector of origin - services 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 ]

Labor force:
NA
[see also: Labor force country ranks ]

Labor force - by occupation:
note: most of the labor force is employed in phosphate mining, public administration, education, and transportation

Unemployment rate:
23% (2011 est.)
90% (2004 est.)
country comparison to the world: 193
[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: 103 million (2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 113.4 million (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
90.3% (of GDP) (2017 est.)
country comparison to the world: 2
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-9.2% (of GDP) (2017 est.)
country comparison to the world: 206
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
62% of GDP (2017 est.)
65% of GDP (2016 est.)
country comparison to the world: 71
[see also: Public debt country ranks ]

Fiscal year:
1 July - 30 June

Inflation rate (consumer prices):
5.1% (2017 est.)
8.2% (2016 est.)
country comparison to the world: 172
[see also: Inflation rate (consumer prices) country ranks ]

Current account balance:
$5 million (2017 est.)
$2 million (2016 est.)
country comparison to the world: 64
[see also: Current account balance country ranks ]

Exports:
$125 million (2013 est.)
$110.3 million (2012 est.)
country comparison to the world: 194
[see also: Exports country ranks ]

Exports - partners:
Nigeria 38.6%, Japan 16.6%, Australia 15.9%, South Korea 13.7%, NZ 5.7% (2017)

Exports - commodities:
phosphates

Imports:
$64.9 million (2016 est.)
$143.1 million (2013 est.)
country comparison to the world: 218
[see also: Imports country ranks ]

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

Imports - partners:
Australia 67.5%, Fiji 9.2%, India 8.1%, Singapore 5.4% (2017)

Debt - external:
$33.3 million (2004 est.)
country comparison to the world: 199
[see also: Debt - external country ranks ]

Exchange rates:
Australian dollars (AUD) per US dollar -
1.311 (2017 est.)
1.3452 (2016 est.)
1.3452 (2015 est.)
1.3291 (2014 est.)
1.1094 (2013 est.)


NOTE: 1) The information regarding Nauru 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 Nauru Economy 2019 information contained here. All suggestions for corrections of any errors about Nauru 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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