Economy - overview:
A remote country of 33 scattered coral atolls, Kiribati has few natural resources and is one of the least developed Pacific Island countries. Commercially viable phosphate deposits were exhausted at the time of independence from the United Kingdom in 1979. Economic development is constrained by a shortage of skilled workers, weak infrastructure, and remoteness from international markets. The public sector dominates economic activity, with ongoing capital projects in infrastructure including the road rehabilitation, water and sanitation projects, and renovations to the international airport, spurring some growth. Earnings from fishing licenses and seafarer remittances are important sources of income. In 2013, the International Monetary Fund estimated that fishing licenses revenues contributed close to half of government’s total revenue and total remittances from seafarers were equivalent to 6% of GDP. However, remittances and the number of seafarers employed have declined since the global crisis. Kiribati is dependent on foreign aid, which was estimated to have contributed over 43% in 2013 to the government’s finances. The country’s sovereign fund, the Revenue Equalization Reserve Fund (RERF), which is held offshore, had an estimated balance of $668 million in 2013, equivalent to 381% of GDP. The RERF seeks to avoid exchange rate risk by holding investments in more than 20 currencies, including the Australian dollar, United States dollar, the Japanese yen and the Euro. Drawdowns from the RERF helped finance the government’s annual budget.

GDP (purchasing power parity):
$169.8 million (2015 est.) $166.8 million (2014 est.) $163.9 million (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 222
[see also: GDP country ranks ]

GDP (official exchange rate):
$164 million (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
1.8% (2015 est.) 1.8% (2014 est.) 1.8% (2013 est.)
country comparison to the world: 149
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$2,200 (2015 est.) $2,200 (2014 est.) $1,600 (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 199
[see also: GDP - per capita country ranks ]

GDP - composition, by sector of origin:
agriculture: 26.3%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 9.2%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 64.5% (2012 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
copra, breadfruit, fish

Industries:
fishing, handicrafts

Industrial production growth rate:
1.1% (2012 est.)
country comparison to the world: 143
[see also: Industrial production growth rate country ranks ]

Labor force:
39,000
note: economically active, not including subsistence farmers (2010 est.)
country comparison to the world: 198
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 15%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 10%
[see also: Labor force - by occupation - industry country ranks ]
services: 75% (2010)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
30.6% (2010 est.) 6.1% (2005)
country comparison to the world: 189
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Budget:
revenues: $197.9 million
[see also: Budget revenues country ranks ]
expenditures: $179.9 million (2013 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
120.7% of GDP (2013 est.)
country comparison to the world: 3
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
11% of GDP (2013 est.)
country comparison to the world: 3
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
8.6% of GDP (2013 est.) 8% of GDP (2012 est.)
country comparison to the world: 168
[see also: Public debt country ranks ]

Fiscal year:
NA

Inflation rate (consumer prices):
1.4% (2015 est.) 2.1% (2014 est.)
country comparison to the world: 82
[see also: Inflation rate (consumer prices) country ranks ]

Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$41 million (2015 est.) $7 million (2014 est.)
country comparison to the world: 60
[see also: Current account balance country ranks ]

Exports:
$84.75 million (2013 est.) $62.31 million (2012 est.)
country comparison to the world: 197
[see also: Exports country ranks ]

Exports - commodities:
fish, coconut products

Imports:
$182.2 million (2013 est.) $172.5 million (2012 est.)
country comparison to the world: 207
[see also: Imports country ranks ]

Imports - commodities:
food, machinery and equipment, miscellaneous manufactured goods, fuel

Reserves of foreign exchange and gold:
$8.37 million (31 December 2010 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$13.6 million (2013 est.) $14.1 million (2012 est.)
country comparison to the world: 199
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$NA
[see also: Stock of direct foreign investment - at home country ranks ]

Exchange rates:
Australian dollars (AUD) per US dollar - 1.33 (2015 est.) 1.11 (2014 est.) 0.97 (2013 est.) 0.97 (2012 est.) 0.97 (2011 est.)
note:: the Australian dollar circulates as legal tender