Economy of Nauru
From Wikipedia, the free encyclopedia
The economy of Nauru is tiny, based on a population in 2019 of only 11,550 people.[12] The economy has historically been based on phosphate mining. With primary phosphate reserves exhausted by the end of the 2010s, Nauru has sought to diversify its sources of income. In 2020, Nauru's main sources of income were the sale of fishing rights in Nauru's territorial waters, and revenue from the Regional Processing Centre[13] (an offshore Australian immigration detention facility).
See also: Phosphate mining in Banaba and Nauru
Quick Facts Currency, Fiscal year ...
Currency | Australian dollar (A$ or AUD) |
---|---|
1 July – 30 June | |
Country group |
|
Statistics | |
Population | 12,511 (2021)[3] |
GDP | |
GDP rank | 214th (nominal) / 223rd (PPP) |
GDP growth |
|
GDP per capita | |
GDP by sector | Agriculture: 6.1%, industry: 33%, services: 60.8% (2009 est.) |
1.7% (2021 est.)[9] | |
Unemployment | 25% (2011)[10] |
Main industries | Phosphate mining, offshore banking, coconut products |
External | |
Exports | US$135 million (2015 est.)[11] |
Export goods | fish, calcium phosphates, low-voltage protection equipment, air conditioners, leather apparel[11] |
Main export partners |
|
Imports | US$64.9 million (2016 est.)[11] |
Import goods | refined petroleum, construction vehicles, tug boats, poultry meats, cars[11] |
Main import partners | |
Gross external debt | US$33.3 million (2004 est.)[11] |
Public finances | |
62% of GDP (2017 est.)[11] | |
Revenues | US$103 million (2017 est.)[11] |
Expenses | US$113.4 million (2017 est.)[11] |
Close
Nauru is dependent on foreign aid, chiefly from Australia, Taiwan and New Zealand.