Nauru Economy - 2024

Economic overview

upper-middle-income Pacific island country; phosphate resource exhaustion made island interior uninhabitable; licenses fishing rights; houses Australia’s Regional Processing Centre; former tax haven; largely dependent on foreign subsidies

Real GDP (purchasing power parity)

$149.474 million (2021 est.)
$147.265 million (2020 est.)
$145.591 million (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

1.5% (2021 est.)
1.15% (2020 est.)
0% (2019 est.)

Real GDP per capita

$11,900 (2021 est.) note: data are in 2017 dollars
$12,000 (2020 est.) note: data are in 2017 dollars
$12,000 (2019 est.)

GDP (official exchange rate)

$114 million (2017 est.)

Inflation rate (consumer prices)

5.1% (2017 est.)
8.2% (2016 est.)

GDP - composition, by sector of origin

agriculture: 6.1% (2009 est.)

industry: 33% (2009 est.)

services: 60.8% (2009 est.)

GDP - composition, by end use

household consumption: 98% (2016 est.)

government consumption: 37.6% (2016 est.)

investment in fixed capital: 42.2% (2016 est.)

exports of goods and services: 11.2% (2016 est.)

imports of goods and services: -89.1% (2016 est.)

Agricultural products

coconuts, tropical fruit, vegetables, pork, eggs, pig offals, pig fat, poultry, papayas, cabbages

Industries

phosphate mining, offshore banking, coconut products

Industrial production growth rate

N/A

Labor force

N/A

Unemployment rate

23% (2011 est.)
90% (2004 est.)

Youth unemployment rate (ages 15-24)

total: 26.6% (2013)

male: 20.9%

female: 37.5%

Population below poverty line

N/A

Gini Index coefficient - distribution of family income

34.8 (2012 est.)

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Remittances

5.27% of GDP (2018 est.)
9.46% of GDP (2017 est.)
11.77% of GDP (2016 est.)

Budget

revenues: $195 million (2020 est.)

expenditures: $158 million (2020 est.)

Budget surplus (+) or deficit (-)

-9.2% (of GDP) (2017 est.)

Public debt

62% of GDP (2017 est.)
65% of GDP (2016 est.)

Taxes and other revenues

48.24% (of GDP) (2020 est.)

Fiscal year

1 July - 30 June

Current account balance

$8.406 million (2018 est.)
$14.11 million (2017 est.)
$2.079 million (2016 est.)

Exports

$187 million (2021 est.)
$105 million (2020 est.)
$32.7 million (2019 est.)

note: data are in current year dollars

Exports - partners

Thailand 49%, Saudi Arabia 14%, Philippines 11%, South Korea 8%, India 7% (2021)

Exports - commodities

skipjack, calcium phosphates, tuna, cars, delivery trucks, low-voltage protection equipment (2021)

Imports

$94.2 million (2021 est.)
$103 million (2020 est.)
$88.2 million (2019 est.)

note: data are in current year dollars

Imports - partners

Australia 36%, Taiwan 16%, China 12%, Japan 12%, Nigeria 7% (2021)

Imports - commodities

refined petroleum, tugboats, cigarettes, cars, construction vehicles (2021)

Debt - external

$33.3 million (2004 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.)