Economy - overview A remote country of 33 scattered coral atolls, Kiribati has few national resources. 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. The financial sector is at an early stage of development as is the expansion of private sector initiatives. Foreign financial aid, from UK, Japan, Australia, New Zealand, and China, is a critical supplement to GDP, equal to 25%-50% of GDP in recent years. Remittances from workers abroad account for more than $5 million each year.

GDP purchasing power parity - $79 million (2001 est.), supplemented by a nearly equal amount from external sources

GDP - real growth rate 1.5% (2001 est.)

GDP - per capita purchasing power parity - $840 (2001 est.)

GDP - composition by sector
agriculture: 30%
industry: 7%
services: 63% (1998 est.)

Population below poverty line NA%

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

Inflation rate (consumer prices) 2.5% (2001 est.)

Labor force 7,870 economically active, not including subsistence farmers (1985 est.)

Unemployment rate 2%; underemployment 70% (1992 est.)

Budget
revenues: $28.4 million
expenditures: $37.2 million, including capital expenditures of $NA million (2000 est.)

Industries fishing, handicrafts

Industrial production growth rate 0.7% (1991 est.)

Electricity - production 7 million kWh (2000)

Electricity - production by source
fossil fuel: 100%
hydro: 0%
other: 0% (2000)
nuclear: 0%

Electricity - consumption 6.51 million kWh (2000)

Electricity - exports 0 kWh (2000)

Electricity - imports 0 kWh (2000)

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

Exports $6 million (f.o.b., 1998)

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

Exports - partners Japan, Bangladesh, US, Australia, Brazil, Poland (2000)

Imports $44 million (c.i.f., 1999)

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

Imports - partners Australia, Japan, Fiji, Poland, US (2000)

Debt - external $10 million (1999 est.)

Economic aid - recipient $15.5 million (1995), largely from UK and Japan

Currency Australian dollar (AUD)

Currency code AUD

Exchange rates Australian dollars per US dollar - 1.9354 (January 2002), 1.9320 (2001), 1.7173 (2000), 1.5497 (1999), 1.5888 (1998), 1.3439 (1997)

Fiscal year NA

NOTE: The information regarding Kiribati on this page is re-published from the 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Kiribati Economy 2002 information contained here. All suggestions for corrections of any errors about Kiribati Economy 2002 should be addressed to the CIA.