GEOGRAPHICAL NAMES

Economy - overview:
Revenues of this tiny island traditionally have come from exports of phosphates. Few other resources exist, with most necessities being imported, mainly from Australia, its former occupier and later major source of support. In 2005 an Australian company entered into an agreement to exploit remaining supplies. Primary reserves of phosphates were exhausted and mining ceased in 2006, but mining of a deeper layer of "secondary phosphate" in the interior of the island began the following year. The secondary phosphate deposits may last another 30 years. 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 faced virtual bankruptcy. To cut costs the government has frozen wages and reduced overstaffed public service departments. Nauru lost further revenue in 2008 with the closure of Australia's refugee processing center, making it almost totally dependent on food imports and foreign aid. Housing, hospitals, and other capital plant are deteriorating. The cost to Australia of keeping the government and economy afloat continues 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.)
country comparison to the world: 222
[see also: GDP country ranks ]

GDP (official exchange rate):
$NA
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
NA%
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$5,000 (2005 est.)
country comparison to the world: 154
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 6.1%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 33%
services: 60.8%

Labor force - by occupation:
note: employed in mining phosphates, public administration, education, and transportation (1992)

Unemployment rate:
90% (2004 est.)
country comparison to the world: 200
[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: $13.5 million
[see also: Budget revenues country ranks ]
expenditures: $13.5 million (2005)

Inflation rate (consumer prices):
NA%
[see also: Inflation rate (consumer prices) country ranks ]

Agriculture - products:
coconuts

Industries:
phosphate mining, offshore banking, coconut products

Industrial production growth rate:
NA%
[see also: Industrial production growth rate country ranks ]

Exports:
$64,000 (2005 est.)
country comparison to the world: 221
[see also: Exports country ranks ]

Exports - commodities:
phosphates

Imports:
$20 million (2004 est.)
country comparison to the world: 220
[see also: Imports country ranks ]

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

Debt - external:
$33.3 million (2004 est.) (2004 est.)
country comparison to the world: 196
[see also: Debt - external country ranks ]

Exchange rates:
Australian dollars (AUD) per US dollar -

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