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.)

NA%

purchasing power parity - $10,000 (1993 est.)

agriculture: NA%
industry: NA%
services: NA%

NA%

lowest 10%: NA%
highest 10%: NA%

-3.6% (1993)

employed in mining phosphates, public
administration, education, and transportation

0%

revenues: $23.4 million
expenditures: $64.8 million, including capital expenditures of $NA
(FY95/96)

phosphate mining, financial services, coconut products

NA%

30 million kWh (1998)

fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1998)

28 million kWh (1998)

0 kWh (1998)

0 kWh (1998)

coconuts

$25.3 million (f.o.b., 1991)

phosphates

Australia, NZ

$21.1 million (c.i.f., 1991)

food, fuel, manufactures, building materials,
machinery

Australia, UK, NZ, Japan

$33.3 million

$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