Kiribati - Economy
How is the economy of Kiribati? Based on the information we have, Kiribati has a lower-middle income, Pacific island economy; environmentally fragile; sizable remittances; key phosphate mining fund; tourism and fishing industries; public sector-dominated economy; recent withdrawal from Pacific Islands Forum; ongoing constitutional crisis. Key agricultural products in this country include: coconuts, bananas, vegetables, taro, tropical fruits, pork, chicken, nuts, eggs, pork offal (2022).
More about the economy of Kiribati
| Labor force | |
|---|---|
| Industrial production growth rate | -6.23% (2022 est.) |
| Industries | fishing, handicrafts |
| Population below poverty line | 21.9% (2019 est.) |
| Taxes and other revenues | 18.31% (of GDP) (2023 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | Australian dollars (AUD) per US dollar - |
| Exchange rates 2023 | 1.505 (2023 est.) |
| Exchange rates 2022 | 1.442 (2022 est.) |
| Exchange rates 2021 | 1.331 (2021 est.) |
| Exchange rates 2020 | 1.453 (2020 est.) |
| Exchange rates 2019 | 1.439 (2019 est.) |
| Current account balance | |
| Current account balance 2023 | -$5.117 million (2023 est.) |
| Current account balance 2022 | -$32.523 million (2022 est.) |
| Current account balance 2021 | $20.251 million (2021 est.) |
| Public debt | |
| Public debt 2017 | 26.3% of GDP (2017 est.) |
| Budget | |
| Revenues | $213.334 million (2022 est.) |
| Expenditures | $221.12 million (2022 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 4.17% of GDP (2023 est.) |
| Remittances 2022 | 10.38% of GDP (2022 est.) |
| Remittances 2021 | 4.62% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 4% (2019 est.) |
| Highest 10% | 22.8% (2019 est.) |
| Imports | |
| Imports 2023 | $293.624 million (2023 est.) |
| Imports 2022 | $272.004 million (2022 est.) |
| Imports 2021 | $201.984 million (2021 est.) |
| Imports (partners) | Taiwan 25%, China 22%, Fiji 13%, Australia 9%, South Korea 7% (2022) |
| Comodities Imports force | ships, refined petroleum, rice, twine and rope, prepared meat (2022) |
| Exports | |
| Imports 2023 | $293.624 million (2023 est.) |
| Imports 2022 | $272.004 million (2022 est.) |
| Imports 2021 | $201.984 million (2021 est.) |
| Exports (partners) | Thailand 55%, Philippines 15%, Japan 10%, Indonesia 8%, South Korea 4% (2022) |
| Comodities Exports force | fish, ships, coconut oil, copra, raw sugar (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $423.549 million (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $406.771 million (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $391.482 million (2021 est.) |
| GDP (official exchange rate) | $279.209 million (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $3,200 (2023 est.) |
| Real GDP per capita 2022 | $3,100 (2022 est.) |
| Real GDP per capita 2021 | $3,000 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 27.8% (2022 est.) |
| Industry | 9.8% (2022 est.) |
| Services | 65.5% (2022 est.) |
| GDP - composition, by end use | |
| Household consumption | 100.9% (2022 est.) |
| Government consumption | 61.5% (2022 est.) |
| Investment in fixed capital | 19.1% (2022 est.) |
| Investment in inventories | 1.2% (2022 est.) |
| Exports of goods and services | 7.4% (2023 est.) |
| Imports of goods and services | -92.4% (2023 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 22.5% (2019 est.) |
| Male | 21.2% |
| Female | 24.6% |
All Important Facts about Kiribati
Want to know more about Kiribati? Check all different factbooks for Kiribati below.
