According to cheeroutdoor, Nauru is a small island nation located in the South Pacific Ocean. It has a total land area of only 21 km2 and a population of approximately 11,000 people. The economy of Nauru is largely dependent on its natural resources, particularly phosphate mining. Phosphate mining has been the main source of income for Nauru since it was first discovered in 1900 and accounts for around 90% of the country’s exports.
The government of Nauru has implemented economic policies which have sought to diversify the economy away from over reliance on phosphate mining. This includes investing in sectors such as tourism, fishing, manufacturing and financial services. The government has also taken steps to attract foreign investment by offering tax incentives or other forms of support to potential investors.
Over the past few decades, Nauru has faced a number of economic challenges including rising unemployment and falling phosphate prices which have put pressure on the country’s budget deficits. To address this issue, the government has implemented austerity measures such as reducing public spending and increasing taxes to reduce its budget deficit. Additionally, it has been attempting to attract foreign direct investment by offering tax incentives or other forms of support to potential investors.
In recent years, there have been efforts by the government to promote renewable energy sources such as solar power as a way to reduce dependence on imported fuel and create employment opportunities for local people. Furthermore there are plans to develop fisheries and aquaculture projects which will help improve food security in the country while providing jobs for local people.
Despite these efforts, Nauru still faces many economic challenges including high levels of unemployment; this is due to a lack of skilled labor in some areas as well as limited opportunities for job creation due to its small size and population size. Additionally, corruption remains an issue which hinders economic growth in some areas of the country; this is due to inadequate enforcement mechanisms and lack of transparency in decision making processes at both national and local levels
Overall, despite its economic challenges, Nauru still has potential for further growth if reforms are implemented correctly; this includes improving infrastructure development projects which will help facilitate trade with other countries while providing jobs for local people. Additionally, promoting renewable energy sources such as solar power will help reduce dependence on imported fuel while creating employment opportunities for local people.
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 around 2000.
According to 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.
Note: the capital city of Nauru is Yaren district (administrative center).
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 percent of the approximately 10 percent of the population employed; unemployment is considered to be around ten percent. There are few tourists.
Abbreviated as NRU by abbreviationfinder.org, Nauru does not have income tax.
NAURU. – Territory under trusteeship jointly entrusted to Australia, New Zealand and the United Kingdom since November 1947; in 1964 the island rejected an attempted annexation by Australia; on January 31, 1966 it achieved internal self-government, with the establishment of a Legislative Council, and on January 31, 1968 it proclaimed independence, constituting itself as a presidential republic and becoming a special member of the Commonwealth.
According to the demographic census of 1966, its population amounted to 6057 residents; according to an evaluation dated 30 June 1972, it had risen to 6768 residents, of which 3471 Nauruans, 833 Chinese, mostly from Hong Kong, 627 Europeans and 1787 indigenous from three other islands, especially the Gilbert (8007 residents, as of July 31, 1976).
The Nauruans are mainly dedicated to agriculture and fishing; foreigners are involved in the extraction of phosphates, whose deposits (four fifths of the island) are the real economic source.
Until 1970 the right to extract the ore, whose reserves have been estimated at around 35 million tonnes, was exercised by the British Phosphate Commissioners, which paid royalties to the landowners every year. From 1 July 1970, however, control of the extraction was taken over by a new local company, the Nauru Phosphate Corporation. Having extracted just over two million tonnes, it is expected to be completely exhausted by the end of this century.
Thanks export of phosphates, sent mostly in Australia, New Zealand, Japan and the UK, the trade balance is active and the income per – capita of Nauruans is higher than the half million Italian lire. Imports concern foodstuffs, construction materials and mining machinery.
The sure depletion of phosphate deposits poses survival problems for the Nauruans. The authorities plan to tackle them by covering the phosphate quarries with backfill, transported from the nearby islands, in order to obtain arable land.