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The Economy of Kiribati

I-Kiribati Economy

Kiribati's map

Economy - overview: A remote country of 33 scattered coral atolls, Kiribati has few natural resources and is one of the least developed Pacific Islands. Commercially viable phosphate deposits were exhausted at the time of independence from the UK in 1979. Copra and fish now represent the bulk of production and exports. The economy has fluctuated widely in recent years. Economic development is constrained by a shortage of skilled workers, weak infrastructure, and remoteness from international markets. Tourism provides more than one-fifth of GDP. Private sector initiatives and a financial sector are in the early stages of development. Foreign financial aid from the EU, UK, US, Japan, Australia, New Zealand, Canada, UN agencies, and Taiwan accounts for 20-25% of GDP. Remittances from seamen on merchant ships abroad account for more than $5 million each year. Kiribati receives around $15 million annually for the government budget from an Australian trust fund.

GDP:

GDP - real growth rate: 3.7% (2008 est.) 2% (2007 est.) 2.4% (2006 est.)

GDP - per capita:

GDP - composition by sector: agriculture: 8.9% industry: 24.2% services: 66.8% (2004)

Population below poverty line:

Household income or consumption by percentage share: lowest 10%: NA% highest 10%: NA%

Distribution of family income - Gini index:

Inflation rate (consumer prices):

Labor force: 7,870 economically active, not including subsistence farmers (2001 est.)

Labor force - by occupation: agriculture: 2.7% industry: 32% services: 65.3% (2000)

Unemployment rate: 2% official rate; underemployment 70% (1992 est.)

Budget: revenues: $55.52 million expenditures: $59.71 million (FY05)

Industries: fishing, handicrafts

Industrial production growth rate:

Electricity - production: 10 million kWh (2006 est.)

Electricity - production by source:

Electricity - consumption: 9.3 million kWh (2006 est.)

Electricity - exports: 0 kWh (2007 est.)

Electricity - imports: 0 kWh (2007 est.)

Oil - production: 0 bbl/day (2007 est.)

Oil - consumption: 232.4 bbl/day (2006 est.)

Oil - exports: 0 bbl/day (2005)

Oil - imports: 259.1 bbl/day (2005)

Oil - proved reserves: 0 bbl (1 January 2006 est.)

Natural gas - production: 0 cu m (2007 est.)

Natural gas - consumption: 0 cu m (2007 est.)

Natural gas - exports: 0 cu m (2007 est.)

Natural gas - imports: 0 cu m (2007 est.)

Natural gas - proved reserves: 0 cu m (1 January 2006 est.)

Agriculture - products: copra, taro, breadfruit, sweet potatoes, vegetables; fish

Exports: $17 million f.o.b. (2004 est.)

Exports - commodities: copra 62%, coconuts, seaweed, fish

Exports - partners:

Imports: $62 million c.i.f. (2004 est.)

Imports - commodities: foodstuffs, machinery and equipment, miscellaneous manufactured goods, fuel

Imports - partners:

Debt - external: $10 million (1999 est.)

Economic aid - recipient:

Currency:

Currency code:

Exchange rates: Australian dollars (AUD) per US dollar - 1.2059 (2008 est.), 1.2137 (2007), 1.3285 (2006), 1.3095 (2005), 1.3598 (2004)

Fiscal year: