_*Economy #_Overview: The country has few national resources. Commercially viable 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, GNP increased 1% in 1989 and again in 1990.
_#_GDP: $36.8 million, per capita $525; real growth rate 1.0% (1990 est.)
_#_Inflation rate (consumer prices): 4.0% (1990 est.)
_#_Unemployment rate: 2% (1985); considerable underemployment
_#_Budget: revenues $29.9 million; expenditures $16.3 million, including capital expenditures of $14.0 million (1990 est.)
_#_Exports: $5.8 million (f.o.b., 1990 est.);
commodities—fish 55%, copra 42%;
partners—EC 20%, Marshall Islands 12%, US 8%, American Samoa 4% (1985)
_#_Imports: $26.7 million (c.i.f., 1990 est.);
commodities—foodstuffs, fuel, transportation equipment;