Member of: ACP, ADB, Commonwealth, ESCAP (associate member), GATT (de facto), ICAO, IMF, SPF, WHO
Diplomatic representation: Ambassador (vacant) lives in Tarawa (Kiribati);
US—none
Flag: the upper half is red with a yellow frigate bird flying over a yellow rising sun and the lower half is blue with three horizontal wavy white stripes to represent the ocean
- Economy Overview: The country has few national resources. Phosphate deposits were exhausted at the time of independence in 1979. Copra and fish now represent the bulk of production and exports. The economy has fluctuated widely in recent years. Real GDP declined about 8% in 1987, as the fish catch fell sharply to only one-fourth the level of 1986 and copra production was hampered by repeated rains. Output rebounded strongly in 1988, with real GDP growing by 17%. The upturn in economic growth came from an increase in copra production and a good fish catch. Following the strong surge in output in 1988, GDP remained about the same in 1989.
GDP: $34 million, per capita $500; real growth rate 0% (1989)
Inflation rate (consumer prices): 3.1% (1988)
Unemployment rate: 2% (1985); considerable underemployment
Budget: revenues $22.0 million; expenditures $12.7 million, including capital expenditures of $9.7 million (1988)
Exports: $5.1 million (f.o.b., 1988); commodities—fish 55%, copra 42%; partners—EC 20%, Marshall Islands 12%, US 8%, American Samoa 4% (1985)
Imports: $21.5 million (c.i.f., 1988); commodities—foodstuffs, fuel, transportation equipment; partners—Australia 39%, Japan 21%, NZ 6%, UK 6%, US 3% (1985)