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Kiribati: Economy#

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.

Economic Facts#

GDP (purchasing power parity)$698 million (2013 est.)
$678.2 million (2012 est.)
$660.1 million (2011 est.)
note: data are in 2013 US dollars
GDP - real growth rate2.9% (2013 est.)
2.8% (2012 est.)
2.7% (2011 est.)
GDP - per capita (PPP)$6,400 (2013 est.)
$6,300 (2012 est.)
$6,300 (2011 est.)
note: data are in 2013 US dollars
GDP - composition, by sector of originagriculture: 24.3%
industry: 7.9%
services: 67.8% (2010 est.)
Population below poverty lineNA%
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Labor force - by occupationagriculture: 2.7%
industry: 32%
services: 65.3% (2000)
Exports - commoditiescopra 62%, coconuts, seaweed, fish
Agriculture - productscopra, taro, breadfruit, sweet potatoes, vegetables; fish
Budgetrevenues: $55.52 million
expenditures: $107.1 million (2010 est.)
Imports - commoditiesfoodstuffs, machinery and equipment, miscellaneous manufactured goods, fuel
Exchange ratesAustralian dollars (AUD) per US dollar -
1.031 (2011)
0.9695 (2011 est.)
1.2822 (2009)
1.2059 (2008)
Exports$7.066 million (2010 est.)
$17 million (2004 est.)
Debt - external$10 million (1999 est.)
Fiscal yearNA
Imports$80.09 million (2010 est.)
$62 million (2004 est.)
Industrial production growth rateNA%
Industriesfishing, handicrafts
Inflation rate (consumer prices)0.2% (2007 est.)
Labor force7,870
note: economically active, not including subsistence farmers (2001)
Unemployment rate2% (1992 est.)
Current account balance-$35.01 million (2010 est.)
-$21 million (2007 est.)
Reserves of foreign exchange and gold$8.37 million (2010 est.)
GDP (official exchange rate)$173 million (2013 est.)
Market value of publicly traded shares$NA
Taxes and other revenues32.1% of GDP (2010 est.)
Budget surplus (+) or deficit (-)-29.8% of GDP (2010 est.)