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    Nauru Index 2005

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    Nauru Economy - 2005

      Economy - overview:
      Revenues of this tiny island have traditionally come from exports of phosphates, but reserves are now depleted. 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 have been 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 called for a freeze on 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. In 2004 the deterioration in housing, hospitals, and other capital plant continued, and the cost to Australia of keeping the government and economy afloat has substantially mounted. Few comprehensive statistics on the Nauru economy exist, with estimates of Nauru's GDP varying widely.

      purchasing power parity - $60 million (2001 est.)

      GDP - real growth rate:

      GDP - per capita:
      purchasing power parity - $5,000 (2001 est.)

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

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

      Unemployment rate:
      90% (2004 est.)

      Population below poverty line:

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

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

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

      Agriculture - products:

      phosphate mining, offshore banking, coconut products

      Industrial production growth rate:

      Electricity - production:
      30 million kWh (2002)

      Electricity - consumption:
      27.9 million kWh (2002)

      Electricity - exports:
      0 kWh (2002)

      Electricity - imports:
      0 kWh (2002)

      Oil - production:
      0 bbl/day (2001 est.)

      Oil - consumption:
      1,000 bbl/day (2001 est.)

      Oil - exports:

      Oil - imports:

      $640,000 f.o.b. (2004 est.)

      Exports - commodities:

      Exports - partners:
      South Africa 37.6%, India 19.7%, Germany 17.9%, South Korea 10.2%, Japan 6.3% (2004)

      $19.8 million c.i.f. (2004 est.)

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

      Imports - partners:
      Australia 59.1%, Indonesia 16.7%, UK 4.3%, Germany 4.1% (2004)

      Debt - external:
      $33.3 million (2002)

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

      Currency (code):
      Australian dollar (AUD)

      Exchange rates:
      Australian dollars per US dollar - 1.3598 (2004), 1.5419 (2003), 1.8406 (2002), 1.9334 (2001), 1.7248 (2000)

      Fiscal year:
      1 July - 30 June

      NOTE: The information regarding Nauru on this page is re-published from the 2005 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Nauru Economy 2005 information contained here. All suggestions for corrections of any errors about Nauru Economy 2005 should be addressed to the CIA.

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    Revised 16-Feb-06
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