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Nauru Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











Nauru Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

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):
$159 million (2017 est.) $152.9 million (2016 est.) $138.5 million (2015 est.)
note: data are in 2015 dollars
country comparison to the world: 224

GDP (official exchange rate):
$114 million (2015 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: 68
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$12,200 (2017 est.) $11,800 (2016 est.) $11,500 (2015 est.)
note: data are in 2015 US dollars
country comparison to the world: 128

GDP - composition, by sector of origin:
agriculture: 6.1%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 33%
[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: 191
[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%

Budget:
revenues: $57.8 million
[see also: Budget - revenues country ranks ]
expenditures: $51.8 million (2010 est.)
[see also: Budget - expenditures country ranks ]

Public debt:
65% of GDP (2016 est.) 77.7% of GDP (2015 est.)
country comparison to the world: 63
[see also: Public debt country ranks ]

Fiscal year:
1 July - 30 June

Inflation rate (consumer prices):
5.1% (2017 est.) 8.2% (2017 est.)
country comparison to the world: 174
[see also: Inflation rate (consumer prices) country ranks ]

Current account balance:
$1 million (2017 est.) $2 million (2016 est.)
country comparison to the world: 61
[see also: Current account balance country ranks ]

Exports:
$125 million (2013 est.) $110.3 million (2012 est.)
country comparison to the world: 192
[see also: Exports country ranks ]

Exports - commodities:
phosphates

Exports - partners:
Nigeria 45.5%, Australia 13.7%, Japan 13%, South Korea 11.1%, NZ 8.7% (2016)

Imports:
$143.1 million (2013 est.) $41.2 million (2012 est.)
country comparison to the world: 207
[see also: Imports country ranks ]

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

Imports - partners:
Australia 71.9%, Fiji 8.1%, Japan 4.4% (2016)

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 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Nauru Economy 2018 information contained here. All suggestions for corrections of any errors about Nauru Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The 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 28-Feb-18
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