Nauru/Economy

Economy - overview: Revenues of this tiny island come from exports of phosphates, but reserves are expected to be exhausted in the year 2000. Phosphates have given Nauruans one of the highest per capita incomes in the Third World, with estimates of GDP varying widely. Few other resources exist, thus most necessities must be imported, including fresh water from Australia. The rehabilitation of mined land and the replacement of income from phosphates are serious long-term problems. Substantial amounts of phosphate income are invested in trust funds to help cushion the transition. The government also has been borrowing heavily from the trusts to finance fiscal deficits. To cut costs the government has called for a freezing of wages, a reduction of over-staffed public service departments, privatization of numerous government agencies, and closure of some overseas consulates. In recent years Nauru has encouraged the registration of offshore banks and corporations. Tens of billions of dollars have been channeled through their accounts.

GDP: purchasing power parity - $100 million (1993 est.)

GDP - real growth rate: NA%

GDP - per capita: purchasing power parity - $10,000 (1993 est.)

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

Population below poverty line: NA%

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

Inflation rate (consumer prices): -3.6% (1993)

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

Unemployment rate: 0%

Budget:
revenues: $23.4 million
expenditures: $64.8 million, including capital expenditures of $NA (FY95/96)

Industries: phosphate mining, financial services, coconut products

Industrial production growth rate: NA%

Electricity - production: 30 million kWh (1998)

Electricity - production by source:
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1998)

Electricity - consumption: 28 million kWh (1998)

Electricity - exports: 0 kWh (1998)

Electricity - imports: 0 kWh (1998)

Agriculture - products: coconuts

Exports: $25.3 million (f.o.b., 1991)

Exports - commodities: phosphates

Exports - partners: Australia, NZ

Imports: $21.1 million (c.i.f., 1991)

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

Imports - partners: Australia, UK, NZ, Japan

Debt - external: $33.3 million

Economic aid - recipient: $2.25 million from Australia (FY96/97 est.)

Currency: 1 Australian dollar ($A) = 100 cents

Exchange rates: Australian dollars ($A) per US$1 - 1.5207 (January 2000), 1.5497 (1999), 1.5888 (1998), 1.3439 (1997), 1.2773 (1996), 1.3486 (1995)

Fiscal year: 1 July - 30 June