Economy of Nauru

Economic Overview

Revenues of this tiny island have traditionally come from exports of phosphates, but reserves are expected to be exhausted within a few years. Phosphate production has declined since 1989, as demand has fallen in traditional markets and as the marginal cost of extracting the remaining phosphate increases, making it less internationally competitive. While phosphates have given Nauruans one of the highest per capita incomes in the Third World, few other resources exist with most necessities being imported, including fresh water from Australia.

The rehabilitation of mined land and the replacement of income from phosphates are serious long-term problems. In anticipation of the exhaustion of Nauru's phosphate deposits, substantial amounts of phosphate income have been invested in trust funds to help cushion the transition and provide for Nauru's economic future. The government has been borrowing heavily from the trusts to finance fiscal deficits. To cut costs the government has called for a freeze on wages, a reduction of over-staffed public service departments, privatization of numerous government agencies, and closure of some overseas consulates. In recent years Nauru has encouraged the registration of offshore banks and corporations. Tens of billions of dollars have been channeled through their accounts. Few comprehensive statistics on the Nauru economy exist, with estimates of Nauru's per capita GDP varying widely.

Economic statistics

The fiscal year runs from July 1 to June 30.

Employment

Trade
See also : Nauru


Common misspelling and questions (FAQ)

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"Osmotar, the beer-preparer, Kapo mixed the beer and honey, Rose the live beer upward, upward, Upward in the tubs of birch-wood, Till it touched the oaken handles, To the ground it foamed and sparkled, "Time had gone but little distance, Ere the heroes came in numbers Rushed to drink the sparkling liquor. Drank, and grew intoxicated On the honey-drink of Kalew. Kapo, brewer of the barley, 'Woe is me, my life hard-fated, Have not brewed the beer in wisdom, Overflows and fills Pohyola!' From the aspen calls the robin: Put it into oaken vessels, Firmly bound with hoops of copper.' At the hands of Osmo's daughter; Beer from Kalew-hops and barley; Of the ancient beer of Kalew, Famed to dry the tears of women, Make the aged young and supple, Make the brave men ever braver, Fill the mind with wisdom-sayings, Only makes the fool more foolish." Heard how beer was first fermented, Straightway did she fill with water Filled but half the largest vessels, Added also hops abundant; In her tubs of oak and birch-wood, Thus to boil the magic mixture, Burned the wood of many forests, Daily did the, forests lesson, Thus to aid the hostess, Louhi, From the water, hops, and barley, .

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Licence of article: GNU FDL.
Original source @ wikipedia.