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Economy of Kiribati

The Republic of Kiribati's per capita Gross National Product of US$1,420 (2010) makes it one of the poorest countries in the world. Phosphates had been profitably exported from Banaba Island since the turn of the 20th century, but the deposits were exhausted in 1979. The economy now depends on foreign assistance and revenue from fishing licenses to finance its imports and development budget.

The Asian Development Bank's assessment of Kiribati's growth potential point identifies constraints imposed by "(i) land area, (ii) geographic dispersion across 5,000 km of ocean, (ii) remoteness from major markets with associated high external transport costs, (iii) high vulnerability to natural forces including climate change and sea-level rise, and (iv) scarce natural resources."

Most islanders engage in subsistence activities ranging from fishing to the growing of food crops like bananas, breadfruit, and papaya. The leading export is the coconut product copra, which accounts for about two-thirds of export revenue. Other exports include pet fish, shark fins, and seaweed. Kiribati's principal trading partner is Australia.

Financial Sector

The financial institution in Kiribati are the Development Bank of Kiribati (DBK) that is wholly government-owned and ANZ Bank (Kiribati) Limited (formerly known as Bank of Kiribati), which is the sole commercial bank in Kiribati. Insurance services are provided by another government financial institution, the Kiribati Insurance Corporation. The Kiribati Provident Fund (KPF), also government-owned, manages the assets of the pension system, about 60 percent of GDP in 2010.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Economy Of Kiribati"

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