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Nauru Economy: A summary of information about Nauru Economy, from government research data as well as independent research and other sources.
Revenues of this tiny island come from exports of phosphates, but reserves are expected to be exhausted in the year 2000. Phosphates have given Nauruans one of the highest per capita incomes in the Third World, with estimates of GDP varying widely. Few other resources exist, thus most necessities must be imported, including fresh water from Australia. The rehabilitation of mined land and the replacement of income from phosphates are serious long-term problems. Substantial amounts of phosphate income are invested in trust funds to help cushion the transition. The government also has been borrowing heavily from the trusts to finance fiscal deficits. To cut costs the government has called for a freezing of 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. Tens of billions of dollars have been channeled through their accounts.
purchasing power parity - $100 million (1993 est.)
purchasing power parity - $10,000 (1993 est.)
agriculture: NA% industry: NA% services: NA%
lowest 10%: NA% highest 10%: NA%
employed in mining phosphates, public administration, education, and transportation
revenues: $23.4 million expenditures: $64.8 million, including capital expenditures of $NA (FY95/96)
phosphate mining, financial services, coconut products
30 million kWh (1998)
fossil fuel: 100% hydro: 0% nuclear: 0% other: 0% (1998)
28 million kWh (1998)
0 kWh (1998)
0 kWh (1998)
$25.3 million (f.o.b., 1991)
$21.1 million (c.i.f., 1991)
food, fuel, manufactures, building materials, machinery
Australia, UK, NZ, Japan
$2.25 million from Australia (FY96/97 est.)
1 Australian dollar ($A) = 100 cents
Australian dollars ($A) per US$1 - 1.5207 (January 2000), 1.5497 (1999), 1.5888 (1998), 1.3439 (1997), 1.2773 (1996), 1.3486 (1995)
1 July - 30 June