Nauru/

Revenues of this tiny island have traditionally come from exports of phosphates now significantly depleted. An Australian company in 2005 entered into an agreement intended to exploit remaining supplies. Few other resources exist with most necessities being imported, mainly from Australia its former occupier and later major source of support. The rehabilitation of mined land and the replacement of income from phosphates are serious long-term problems. Reserves of phosphates may only last until 2010 at current mining rates. In anticipation of the exhaustion of Nauru’s phosphate deposits, substantial amounts of phosphate income were invested in trust funds to help cushion the transition and provide for Nauru’s economic future. As a result of heavy spending from the trust funds, the government faces virtual bankruptcy. To cut costs the government has frozen wages and reduced overstaffed public service departments. Nauru lost further revenue in 2008 with the closure of Australia’s refugee processing center, making it almost totally dependent on food imports and foreign aid. Housing, hospitals, and other capital plant is deteriorating. The cost to Australia of keeping the government and economy afloat continues to climb. Few comprehensive statistics on the Nauru economy exist with estimates of Nauru’s GDP varying widely.

$60 million (2005 est.)

$NA

NA%

$5,000 (2005 est.)

90% (2004 est.)

NA%

NA%

coconuts

phosphate mining, offshore banking, coconut products

NA%

31 million kWh (2007 est.)

28.83 million kWh (2007 est.)

0 kWh (2008 est.)

0 kWh (2008 est.)

0 bbl/day (2009 est.)

1,000 bbl/day (2009 est.)

0 bbl/day (2007 est.)

1,026 bbl/day (2007 est.)

0 bbl (1 January 2010 est.)

0 cu m (2008 est.)

0 cu m (2008 est.)

0 cu m (2008 est.)

0 cu m (2008 est.)

0 cu m (1 January 2010 est.)

$64,000 (2005 est.)

phosphates

$20 million (2004 est.)

food, fuel, manufactures, building materials, machinery

$33.3 million (2004 est.)

Australian dollars (AUD) per US dollar - 1.1151 (2010), 1.2822 (2009), 1.2059 (2008), 1.2137 (2007), 1.3285 (2006)