Economy of Nauru

See also: Phosphate mining in Banaba and Nauru
Economy of Nauru
Limestone pinnacles remain after phosphate mining removed the guano at one of Nauru's secondary mines
CurrencyAustralian dollar (A$ or AUD)
1 July – 30 June
Country group
Statistics
PopulationIncrease 12,511 (2021)[3]
GDP
  • Increase $0.135billion (nominal, 2021)[4]
  • Increase $0.164 billion (PPP, 2021)[5]
GDP rank214th (nominal) /
223rd (PPP)
GDP growth
  • Increase 5.7% (2018) Increase 1% (2019)
  • Increase 0.7% (2020) Increase 1.6% (2021)
  • Increase 0.9% (2022) Increase 2% (2023e)[6]
GDP per capita
  • Increase $10,648 (nominal, 2021.)[7]
  • Increase $13,125 (PPP, 2021.)[8]
GDP by sector
Agriculture: 6.1%, industry: 33%, services: 60.8% (2009 est.)
Increase1.7% (2021 est.)[9]
Unemployment25% (2011)[10]
Main industries
Phosphate mining, offshore banking, coconut products
External
ExportsUS$135 million (2015 est.)[11]
Export goods
fish, calcium phosphates, low-voltage protection equipment, air conditioners, leather apparel[11]
Main export partners
ImportsUS$64.9 million (2016 est.)[11]
Import goods
refined petroleum, construction vehicles, tug boats, poultry meats, cars[11]
Main import partners
US$33.3 million (2004 est.)[11]
Public finances
62% of GDP (2017 est.)[11]
RevenuesUS$103 million (2017 est.)[11]
ExpensesUS$113.4 million (2017 est.)[11]
All values, unless otherwise stated, are in US dollars.
Map of Nauru
Tree map of Nauru

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).

Nauru is dependent on foreign aid, chiefly from Australia, Taiwan and New Zealand.

  1. ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.
  2. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
  3. ^ "Population, total - Nauru". data.worldbank.org. World Bank. Retrieved 28 December 2022.
  4. ^ "GDP (Current US$) - Nauru | Data".
  5. ^ "GDP, PPP (Current international $) - Nauru | Data".
  6. ^ "Real GDP growth. Annual percent change". IMF. 2023. Retrieved 27 March 2023.
  7. ^ "GDP per capita (Current US$) - Nauru | Data".
  8. ^ "GDP per capita, PPP (Current international $) - Nauru | Data".
  9. ^ "World Economic Outlook Database, October 2019". IMF.org. International Monetary Fund. Retrieved 20 October 2019.
  10. ^ "Pacific Regional Statistics - Secretariat of the Pacific Community". www.spc.int.
  11. ^ a b c d e f g h i j Cite error: The named reference CIA WF was invoked but never defined (see the help page).
  12. ^ 2019 Nauru Mini Census https://naurufinance.info/nauru-statistics/
  13. ^ "2022-23 Budget". Department of Finance - Nauru. Archived from the original on 2021-10-06. Retrieved 2022-12-28.