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    Nauru Economy 1997

      Economy - overview Revenues come from the export of phosphates, the reserves of which areexpected to be exhausted by the year 2000. Phosphates have given Nauruansone of the highest per capita incomes in the Third World, but incomes probablywill drop sharply in the future. Few other resources exist, so most necessitiesmust be imported, including fresh water from Australia. The rehabilitationof mined land and the replacement of income from phosphates are serious long-termproblems. Substantial amounts of phosphate income are invested in trust fundsto help cushion the transition. However, dividends from the trusts have declinedsharply since 1990 and the government has been borrowing heavily from thetrusts to finance fiscal deficits. In an effort to stem further escalationof fiscal problems, the FY96/97 budget calls for a freeze on government wagesfor two years, a reduction of over-staffed public service departments, drasticcutbacks in hiring new government staff, privatization of numerous governmentagencies, and closure of some overseas consulates.

      GDP purchasing power parity - $100 million (1993 est.)

      GDP - real growth rate NA%

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

      GDP - composition by sector
      agriculture: NA%
      industry: NA%
      services : NA%

      Inflation rate - consumer price index -3.6% (1993)

      Labor force
      by occupation : employed in mining phosphates, public administration, education, andtransportation

      Unemployment rate 0%

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

      Industries phosphate mining, financial services, coconut products

      Industrial production growth rate NA%

      Electricity - capacity 13,250 kW (1995)

      Electricity - production 48 million kWh (1995)

      Electricity - consumption per capita NA kWh

      Agriculture - products coconuts predominate

      total value: $25.3 million (f.o.b., 1991)
      commodities: phosphates
      partners : Australia, NZ

      total value: $21.1 million (c.i.f., 1991)
      commodities: food, fuel, manufactures, building materials, machinery
      partners: Australia, UK, NZ, Japan

      Debt - external $33.3 million

      Economic aid
      recipient: ODA, $2.25 million from Australia (FY96/97 est.)

      Currency 1 Australian dollar ($A) = 100 cents

      Exchange rates Australian dollars ($A) per US$1 - 1.2835 (January 1997), 1.2773 (1996),1.3486 (1995), 1.3667 (1994), 1.4704 (1993), 1.3600 (1992)

      Fiscal year 1 July - 30 June

      NOTE: The information regarding Nauru on this page is re-published from the 1997 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Nauru Economy 1997 information contained here. All suggestions for corrections of any errors about Nauru Economy 1997 should be addressed to the CIA.

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    Revised 06-Mar-02
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