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The Economy of Nauru

Nauruan Economy

Nauru's map

Economy - overview: Revenues of this tiny island have traditionally come from exports of phosphates, now significantly depleted. An Australian company in 2005 entered into an agreement intended to exploit remaining supplies. Few other resources exist with most necessities being imported, mainly from Australia, its former occupier and later major source of support. The rehabilitation of mined land and the replacement of income from phosphates are serious long-term problems. Reserves of phosphates may only last until 2010 at current mining rates. 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. As a result of heavy spending from the trust funds, the government faces virtual bankruptcy. To cut costs the government has frozen wages and reduced overstaffed public service departments. Nauru lost further revenue in 2008 with the closure of Australia's refugee processing center, making it almost totally dependent on food imports and foreign aid. Housing, hospitals, and other capital plant is deteriorating, and the cost to Australia of keeping the government and economy afloat continues to climb. Few comprehensive statistics on the Nauru economy exist, with estimates of Nauru's GDP varying widely.

GDP:

GDP - real growth rate: NA%

GDP - per capita:

GDP - composition by sector: agriculture: NA% industry: NA% services: NA%

Population below poverty line:

Household income or consumption by percentage share: lowest 10%: NA% highest 10%: NA%

Distribution of family income - Gini index:

Inflation rate (consumer prices):

Labor force:

Labor force - by occupation: note: employed in mining phosphates, public administration, education, and transportation (1992)

Unemployment rate: 90% (2004 est.)

Budget: revenues: $13.5 million expenditures: $13.5 million (2005)

Industries: phosphate mining, offshore banking, coconut products

Industrial production growth rate: NA%

Electricity - production: 31 million kWh (2006 est.)

Electricity - production by source:

Electricity - consumption: 28.83 million kWh (2006 est.)

Electricity - exports: 0 kWh (2007 est.)

Electricity - imports: 0 kWh (2007 est.)

Oil - production: 0 bbl/day (2007 est.)

Oil - consumption: 1,070 bbl/day (2006 est.)

Oil - exports: 0 bbl/day (2005)

Oil - imports: 1,049 bbl/day (2005)

Oil - proved reserves: 0 bbl (1 January 2006 est.)

Natural gas - production: 0 cu m (2007 est.)

Natural gas - consumption: 0 cu m (2007 est.)

Natural gas - exports: 0 cu m (2007 est.)

Natural gas - imports: 0 cu m (2007 est.)

Natural gas - proved reserves: 0 cu m (1 January 2006 est.)

Agriculture - products: coconuts

Exports: $64,000 f.o.b. (2005 est.)

Exports - commodities: phosphates

Exports - partners:

Imports: $20 million c.i.f. (2004 est.)

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

Imports - partners:

Debt - external: $33.3 million (2002)

Economic aid - recipient:

Currency:

Currency code:

Exchange rates: Australian dollars (AUD) per US dollar - 1.2059 (2008 est.), 1.2137 (2007), 1.3285 (2006), 1.3095 (2005), 1.3598 (2004)

Fiscal year: