Page last updated on February 5, 2013
Economy - overview:
A remote country of 33 scattered coral atolls, Kiribati has few natural resources and is one of the least developed Pacific Islands. Commercially viable phosphate deposits were exhausted at the time of independence from the UK in 1979. Copra and fish now represent the bulk of production and exports. The economy has fluctuated widely in recent years. Economic development is constrained by a shortage of skilled workers, weak infrastructure, and remoteness from international markets. Tourism provides more than one-fifth of GDP. Private sector initiatives and a financial sector are in the early stages of development. Foreign financial aid from the EU, UK, US, Japan, Australia, New Zealand, Canada, UN agencies, and Taiwan accounts for 20-25% of GDP. Remittances from seamen on merchant ships abroad account for more than $5 million each year. Kiribati receives around $15 million annually for the government budget from an Australian trust fund.
GDP (purchasing power parity):
$624 million (2012 est.)
country comparison to the world: 212
$608.7 million (2011 est.)
$597.8 million (2010 est.)
note:
data are in 2012 US dollars
[see also:
GDP country ranks ]
GDP (official exchange rate):
$174 million (2012 est.)
[see also: GDP (official exchange rate) country ranks ]
GDP - real growth rate:
2.5% (2012 est.)
country comparison to the world: 129
1.8% (2011 est.)
1.4% (2010 est.)
[see also:
GDP - real growth rate country ranks ]
GDP - per capita:
$5,900 (2012 est.)
country comparison to the world: 145
$5,800 (2011 est.)
$5,800 (2010 est.)
note:
data are in 2012 US dollars
[see also:
GDP - per capita country ranks ]
GDP - composition by sector:
agriculture: 24.3%
[see also: GDP - composition by sector - agriculture country ranks ]
industry:
7.9%
services:
67.8% (2010 est.)
Labor force:
7,870
country comparison to the world: 217
note:
economically active, not including subsistence farmers (2001)
[see also: Labor force country ranks ]
Labor force - by occupation:
agriculture: 2.7%
[see also: Labor force - by occupation - agriculture country ranks ]
industry:
32%
services:
65.3% (2000)
Unemployment rate:
2% (1992 est.)
country comparison to the world: 11
[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%
Budget:
revenues: $55.52 million
[see also: Budget revenues country ranks ]
expenditures:
$107.1 million (2010 est.)
Taxes and other revenues:
31.9% of GDP (2010 est.)
country comparison to the world: 89
[see also: Taxes and other revenues country ranks ]
Budget surplus (+) or deficit (-):
-29.6% of GDP (2010 est.)
country comparison to the world: 213
[see also: Budget surplus (+) or deficit (-) country ranks ]
Inflation rate (consumer prices):
0.2% (2007 est.)
country comparison to the world: 4
[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 ]
Agriculture - products:
copra, taro, breadfruit, sweet potatoes, vegetables; fish
Industries:
fishing, handicrafts
Industrial production growth rate:
NA%
[see also: Industrial production growth rate country ranks ]
Current account balance:
-$21 million (2007 est.)
country comparison to the world: 61
-$35.01 million (2010 est.)
[see also:
Current account balance country ranks ]
Exports:
$7.066 million (2010 est.)
country comparison to the world: 215
$17 million (2004 est.)
[see also:
Exports country ranks ]
Exports - commodities:
copra 62%, coconuts, seaweed, fish
Imports:
$80.09 million (2010 est.)
country comparison to the world: 214
$62 million (2004 est.)
[see also:
Imports country ranks ]
Imports - commodities:
foodstuffs, machinery and equipment, miscellaneous manufactured goods, fuel
Reserves of foreign exchange and gold:
$8.37 million (2010 est.)
country comparison to the world: 165
[see also: Reserves of foreign exchange and gold country ranks ]
Debt - external:
$10 million (1999 est.)
country comparison to the world: 197
[see also: Debt - external country ranks ]
Exchange rates:
Australian dollars (AUD) per US dollar -
0.963 (2011)
1.0902 (2010)
1.0902 (2010)
1.2822 (2009)
1.2059 (2008)
Fiscal year:
NA
NOTE: The information regarding Kiribati on this page is re-published from the 2013 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Kiribati Economy 2013 information contained here. All suggestions for corrections of any errors about Kiribati Economy 2013 should be addressed to the CIA.
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