Economy of Kiribati

Economy of Kiribati
Currency	Australian dollar (A$ or AUD)
Fiscal year	calendar year
Trade organizations	PARTA
Country group	Least Developed; Low-income economy;
Statistics
Population	103,280 (2010 Census)
GDP	$0.189 billion (nominal, 2018 est.); $0.240 billion (PPP, 2018 est.);
GDP rank	192nd (nominal) / 190th (PPP)
GDP growth	5.1% (2016) 0.3% (2017); 2.3% (2018e) 2.3% (2019e);
GDP per capita	$1,641 (nominal, 2018 est.); $2,087 (PPP, 2018 est.);
GDP by sector	agriculture 24.3%, industry 7.9%, services 67.8%. (2010)
Inflation (CPI)	1.870% (2018 est.)
Labour force	7,870 (not including subsistence farmers) (2001 est.)
Labour force by occupation	agriculture: 2.7%, industry: 32%, services: 65.3% (2000)
Unemployment	2% (1992)
Main industries	fishing, handicrafts
External
Exports	US$10.754 million (2021 est.)
Export goods	skipjack tuna, fish fillets, ships, coconut oil, copra
Main export partners	Thailand 60%; Indonesia 11%; Philippines 10%; Japan 6%; South Korea 3%; ;
Imports	US$201.984 million (2021 est.)
Import goods	fishing vessels, beef, netting, poultry, rice, refined petroleum, sugar, refrigerators
Main import partners	China 23%; Taiwan 16%; Fiji 16%; Australia 12%; New Zealand 6%; ;
Public finances
Revenues	US$281 million (2017 est.)
Expenses	US$205 million (2017 est.)
Economic aid	A$36 million (2010/2011), largely from Australia, New Zealand & Taiwan
	All values, unless otherwise stated, are in US dollars.

The Republic of Kiribati's per capita Gross National Product of US$1,420 (2010)^[5] makes it the poorest country in Oceania. Phosphates had been profitably exported from Banaba Island since the turn of the 20th century, but the deposits were exhausted in 1979. The economy now depends on foreign assistance and revenue from fishing licenses to finance its imports and development budget.

The Asian Development Bank’s assessment of Kiribati’s growth potential point identifies constraints imposed by “(i) land area, (ii) geographic dispersion across 5,000 km of ocean, (ii) remoteness from major markets with associated high external transport costs, (iii) high vulnerability to natural forces including climate change and sea level rise, and (iv) scarce natural resources.”^[6]

^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.
^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
^ ^a ^b ^c ^d ^e ^f "World Economic Outlook Database, October 2019". IMF.org. International Monetary Fund. Retrieved 20 October 2019.
^ ^a ^b ^c ^d ^e ^f "Kiribati". CIA World Factbook. 6 December 2023. Retrieved 3 January 2024.
^ "International Monetary Fund Country Report No. 11/113 24 May 2011". Retrieved 10 Sep 2011.
^ "Kiribati: Country Partnership Strategy (2010-2014)". Asian Development Bank. May 2010. Archived from the original on 2013-02-23. Retrieved 10 September 2011.

[1] "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.

[2] "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.

[IMFWEOKI-3] ^ ^a ^b ^c ^d ^e ^f "World Economic Outlook Database, October 2019". IMF.org. International Monetary Fund. Retrieved 20 October 2019.

[CIA_WF-4] ^ ^a ^b ^c ^d ^e ^f "Kiribati". CIA World Factbook. 6 December 2023. Retrieved 3 January 2024.

[IMF_2011-5] "International Monetary Fund Country Report No. 11/113 24 May 2011". Retrieved 10 Sep 2011.

[ADB_CPS-6] "Kiribati: Country Partnership Strategy (2010-2014)". Asian Development Bank. May 2010. Archived from the original on 2013-02-23. Retrieved 10 September 2011.

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