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.