Kiribati Economy

Is Kiribati a rich country?

A remote country of 33 scattered coral atolls, Kiribati has few natural resources and is one of the least developed Pacific Island countries. Commercially viable phosphate deposits were exhausted by the time of independence from the United Kingdom in 1979. Earnings from fishing licenses and seafarer remittances are important sources of income. Although the number of seafarers employed declined due to changes in global shipping demands, remittances are expected to improve with more overseas temporary and seasonal work opportunities for Kiribati nationals.

Economic development is constrained by a shortage of skilled workers, weak infrastructure, and remoteness from international markets. The public sector dominates economic activity, with ongoing capital projects in infrastructure including road rehabilitation, water and sanitation projects, and renovations to the international airport, spurring some growth. Public debt increased from 23% of GDP at the end of 2015 to 25.8% in 2016.

Kiribati is dependent on foreign aid, which was estimated to have contributed over 32.7% in 2016 to the government’s finances. The country’s sovereign fund, the Revenue Equalization Reserve Fund (RERF), which is held offshore, had an estimated balance of $855.5 million in late July 2016. The RERF seeks to avoid exchange rate risk by holding investments in more than 20 currencies, including the Australian dollar, US dollar, the Japanese yen, and the Euro. Drawdowns from the RERF helped finance the government’s annual budget.

Kiribati Economy Data

What is the GDP of Kiribati?

Currency Name and Code Australian Dollar (AUD)
GDP - Gross Domestic Product (PPP) $189,000,000 (USD)
GDP - official exchange rate $164,000,000 (USD)
GDP - real growth rate 1.8%
GDP Per Capita $2,200.00 (USD)
GDP by Sector- agriculture 26.3%
GDP by Sector- Industry 9.2%
GDP by Sector- services 64.5%
Inflation Rate 0.2%
Labor Force 7,870
Labor Force By Occupation- agriculture 2.7%
Labor Force By Occupation- industry 32%
Labor Force By Occupation- services 65.3%
Unemployment Rate 2%
Fiscal Year NA
Annual Budget $55,520,000 (USD)
Budget Surplus or Deficit - percent of GDP -29.8%
Taxes and other revenues - percent of GDP 32.1%
Major Industries fishing, handicrafts
Agriculture Products copra, taro, breadfruit, sweet potatoes, vegetables; fish
Exchange Rate per US Dollar Australian dollar (AUD)

Labor Force by Occupation- As reported by Kiribati

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