Kiribati Economy Profile 2009

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)

$579.5 million (2008 est.)
$560.4 million (2007 est.)
$563.2 million (2006 est.)
note: data are in 2008 US dollars

GDP (official exchange rate)

$137 million (2008 est.)

GDP - real growth rate

3.4% (2008 est.)
-0.5% (2007 est.)
3.2% (2006 est.)

GDP - per capita (PPP)

$5,300 (2008 est.)
$5,200 (2007 est.)
$5,300 (2006 est.)
note: data are in 2008 US dollars

GDP - composition by sector

agriculture: 8.9%
industry: 24.2%
services: 66.8% (2004)

Population below poverty line

NA%

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% (1992 est.)

Household income or consumption by percentage share

lowest 10%: NA%
highest 10%: NA%

Budget

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

Inflation rate (consumer prices)

0.2% (2007 est.)

Industries

fishing, handicrafts

Industrial production growth rate

NA

Electricity - production

10 million kWh (2006 est.)

Electricity - production by source

fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (2001)

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 - imports

259.1 bbl/day (2005)

Oil - exports

0 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.)

Current Account Balance

-$21 million (2007 est.)

Agriculture - products

copra, taro, breadfruit, sweet potatoes, vegetables; fish

Exports

$17 million (2004 est.)

Exports - commodities

copra 62%, coconuts, seaweed, fish

Imports

$62 million (2004 est.)

Imports - commodities

foodstuffs, machinery and equipment, miscellaneous manufactured goods, fuel

Debt - external

$10 million (1999 est.)

Market value of publicly traded shares

$NA

Economic aid - recipient

$27.84 million largely from UK and Japan (2005)

Currency (code)

AUD

Currency (code)

Australian dollar (AUD)

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

NA