Nauru Economy - 2023

Economic overview

upper-middle-income Pacific island country; phosphate resource exhaustion made island interior uninhabitable; licenses fishing rights; houses Australia’s Regional Processing Centre; former known tax haven; largely dependent on foreign subsidies

Real GDP (purchasing power parity)

$149.474 million (2021 est.)

$147.265 million (2020 est.)

$145.591 million (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

1.5% (2021 est.)

1.15% (2020 est.)

0% (2019 est.)

Real GDP per capita

$11,900 (2021 est.) note: data are in 2017 dollars

$12,000 (2020 est.) note: data are in 2017 dollars

$12,000 (2019 est.)

GDP (official exchange rate)

$114 million (2017 est.)

Inflation rate (consumer prices)

5.1% (2017 est.)

8.2% (2016 est.)

GDP - composition, by sector of origin

agriculture: 6.1% (2009 est.)

industry: 33% (2009 est.)

services: 60.8% (2009 est.)

GDP - composition, by end use

household consumption: 98% (2016 est.)

government consumption: 37.6% (2016 est.)

investment in fixed capital: 42.2% (2016 est.)

exports of goods and services: 11.2% (2016 est.)

imports of goods and services: -89.1% (2016 est.)

Agricultural products

coconuts, tropical fruit, vegetables, pork, eggs, pig offals, pig fat, poultry, papayas, cabbages

Industries

phosphate mining, offshore banking, coconut products

Industrial production growth rate

N/A

Labor force

N/A

Labor force - by occupation

note: most of the labor force is employed in phosphate mining, public administration, education, and transportation

Unemployment rate

23% (2011 est.)

90% (2004 est.)

Youth unemployment rate (ages 15-24)

total: 26.6%

male: 20.9%

female: 37.5% (2013)

Population below poverty line

N/A

Gini Index coefficient - distribution of family income

34.8 (2012 est.)

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Budget

revenues: $195 million (2020 est.)

expenditures: $158 million (2020 est.)

Budget surplus (+) or deficit (-)

-9.2% (of GDP) (2017 est.)

Public debt

62% of GDP (2017 est.)

65% of GDP (2016 est.)

Taxes and other revenues

48.24% (of GDP) (2020 est.)

Fiscal year

1 July - 30 June

Current account balance

$8.406 million (2018 est.)

$14.11 million (2017 est.)

$2.079 million (2016 est.)

Exports

$31.101 million (2018 est.) note: data are in current year dollars

$39.883 million (2017 est.)

Exports - partners

Thailand 34%, Australia 16%, United States 13%, South Korea 10%, Philippines 9%, Japan 7%, France 5% (2019)

Exports - commodities

skipjack, calcium phosphates, tuna, cars, delivery trucks, low-voltage protection equipment (2021)

Imports

$94.796 million (2018 est.) note: data are in current year dollars

$91.571 million (2017 est.)

Imports - partners

Taiwan 52%, Australia 28% (2019)

Imports - commodities

refined petroleum, construction vehicles, tug boats, poultry meats, cars (2019)

Debt - external

$33.3 million (2004 est.)

Exchange rates

Australian dollars (AUD) per US dollar -

1.331 (2021 est.)

1.453 (2020 est.)

1.439 (2019 est.)

1.338 (2018 est.)

1.305 (2017 est.)

NOTE: The information regarding Nauru on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Nauru 2023 information contained here. All suggestions for corrections of any errors about Nauru 2023 should be addressed to the CIA or the source cited on each page.