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Kiribati Economy 2015

SOURCE: 2015 CIA WORLD FACTBOOK AND OTHER SOURCES











Kiribati Economy 2015
SOURCE: 2015 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on June 20, 2014

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 (purchasing power parity):
$698 million (2013 est.)
country comparison to the world: 212

$678.2 million (2012 est.)
$660.1 million (2011 est.)
note: data are in 2013 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$173 million (2013 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
2.9% (2013 est.)
country comparison to the world: 118

2.8% (2012 est.)
2.7% (2011 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$6,400 (2013 est.)
country comparison to the world: 146

$6,300 (2012 est.)
$6,300 (2011 est.)
note: data are in 2013 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition, by sector of origin:
agriculture: 24.3%
industry: 7.9%
services: 67.8% (2010 est.)

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

Industries:
fishing, handicrafts

Industrial production growth rate:
NA%
[see also: Industrial production growth rate country ranks ]

Labor force:
7,870
country comparison to the world: 218
note: economically active, not including subsistence farmers (2001)
[see also: Labor force country ranks ]

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

Unemployment rate:
2% (1992 est.)
country comparison to the world: 13
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]

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

Budget:
revenues: $55.52 million
expenditures: $107.1 million (2010 est.)

Taxes and other revenues:
32.1% of GDP (2010 est.)
country comparison to the world: 81
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-29.8% of GDP (2010 est.)
country comparison to the world: 216
[see also: Budget surplus (+) or deficit (-) country ranks ]

Fiscal year:
NA

Inflation rate (consumer prices):
0.2% (2007 est.)
country comparison to the world: 11
[see also: Inflation rate (consumer prices) country ranks ]

Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$35.01 million (2010 est.)
country comparison to the world: 66

-$21 million (2007 est.)
[see also: Current account balance country ranks ]

Exports:
$7.066 million (2010 est.)
country comparison to the world: 215

$17 million (2004 est.)
[see also: Exports country ranks ]

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

Imports:
$80.09 million (2010 est.)
country comparison to the world: 216

$62 million (2004 est.)
[see also: Imports country ranks ]

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

Reserves of foreign exchange and gold:

$8.37 million (2010 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$10 million (1999 est.)
country comparison to the world: 196
[see also: Debt - external country ranks ]

Exchange rates:
Australian dollars (AUD) per US dollar -

1.031 (2011)
0.9695 (2011 est.)
1.2822 (2009)
1.2059 (2008)


NOTE: 1) The information regarding Kiribati on this page is re-published from the 2015 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Kiribati Economy 2015 information contained here. All suggestions for corrections of any errors about Kiribati Economy 2015 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






This page was last modified 10-Feb-15
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