The Republic of Kiribati's per capita Gross National Product of US$1,420 (2010) makes it the poorest country in Oceania. 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.
Top Sectors in Kiribati
services in Kiribati
Services (65.13% of GDP) This is the largest sector in Kiribati's economy, driven by tourism, public administration, and trade. Tourism is a major source of foreign exchange for Kiribati, with visitors attracted to the country's beautiful beaches, coral reefs, and unique culture. However, the tourism industry is vulnerable to external shocks, such as natural disasters and changes in global economic conditions.
Agriculture in Kiribati
Agriculture (23.09% of GDP) Subsistence agriculture is the most common form of agriculture in Kiribati, with families growing food for their own consumption. The main crops grown in Kiribati include copra (dried coconut meat), taro, bananas, and breadfruit. Commercial agriculture is less developed, but there is some production of copra, fish, and seaweed for export.
Industry in Kiribati
Industry (11.56% of GDP) The industrial sector in Kiribati is small and underdeveloped. The main industries are fishing, copra processing, and handicrafts. Fishing is an important source of food and income for Kiribati, but the country's exclusive economic zone (EEZ) is vast and under-exploited.
19 Nov 2024
05 Dec 2024
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