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Nauru Economy 2008

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. 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. In 2005, the deterioration in housing, hospitals, and other capital plant continued, and the cost to Australia of keeping the government and economy afloat continued to climb. Few comprehensive statistics on the Nauru economy exist, with estimates of Nauru's GDP varying widely.
GDP (purchasing power parity): $60 million (2005 est.)
GDP (official exchange rate): $NA
GDP - real growth rate: NA%
GDP - per capita (PPP): $5,000 (2005 est.)
GDP - composition by sector: agriculture: NA% industry: NA% services: NA%
Labor force - by occupation: note: employed in mining phosphates, public administration, education, and transportation (1992)
Unemployment rate: 90% (2004 est.)
Household income or consumption by percentage share: lowest 10%: NA% highest 10%: NA%
Budget: revenues: $13.5 million expenditures: $13.5 million (2005)
Inflation rate (consumer prices): -3.6% (1993)
Agriculture - products: coconuts
Industries: phosphate mining, offshore banking, coconut products
Industrial production growth rate: NA%
Electricity - production: 31 million kWh (2006 est.)
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.)
Exports: $64,000 f.o.b. (2005 est.)
Exports - commodities: phosphates
Exports - partners: South Africa 63.7%, South Korea 7.6%, Canada 6.6% (2006)
Imports: $20 million c.i.f. (2004 est.)
Imports - commodities: food, fuel, manufactures, building materials, machinery
Imports - partners: South Korea 43.8%, Australia 36.2%, US 5.9%, Germany 4.3% (2006)
Debt - external: $33.3 million (2002)
Currency (code): Australian dollar (AUD)
Exchange rates: Australian dollars (AUD) per US dollar - 1.2137 (2007), 1.3285 (2006), 1.3095 (2005), 1.3598 (2004), 1.5419 (2003)

NOTE: The economy information regarding Nauru on this page is re-published from the 2008 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Nauru Economy 2008 information contained here. All suggestions for corrections of any errors about Nauru Economy 2008 should be addressed to the CIA.