The economy has been entirely based on the extraction of
phosphate, which over many years gave the country large
revenue. Previously, average income was among the highest in
the region, and for a period of time, the world's highest
per capita income. The country has been heavily dependent on
imported labor and goods imports. Since 1990, production has
fallen sharply and deposits have been virtually depleted
COUNTRYAAH, Nauru tried to secure its future with investments abroad
and establish an international airline, Air Nauru, as well
as a state shipping company. Things did not go as hoped, and
today the country is one of the poorest in the region. For a
while, revenue was from a camp on the island where the
Australian government placed boat refugees while processing
asylum applications, including from the Norwegian ship
Tampa, but the camp is now closed. A restart of phosphate
production by an Australian company has brought in some
money, but you are now dependent on financial support from
abroad. See also the section on history.
Agriculture hardly exists on Nauru. Some coconuts,
pineapples, bananas, vegetables and pandanus are grown.
Fishing is currently limited to meeting local needs.
Economy and business
Agriculture is modest; coconut palms, pineapples, bananas
and some vegetables are grown. Fishing meets local needs.
Since 2000 there has been little phosphate operation, but
since 2005 so-called secondary phosphate has been removed
from deeper layers.
Phosphate ore is the only export product. The most
important import goods are transport, oil and food.
The service sector employs 96 per cent of the
approximately 10 per cent of the population employed;
unemployment is considered to be around ten percent. There
are few tourists.
Nauru does not have income tax.