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.