Nauru Business

Nauru Business

According to abbreviationfinder, NA is the 2 letter abbreviation for the country of Nauru.

Business

Phosphate-containing guano covers 4/5 of Nauru, and the economy is entirely based on phosphate extraction. Since independence in 1968, Nauru itself controls the revenue from production. According to countryaah, agriculture is possible only in the very narrow lowlands along the coast, and the yield covers only a small part of the food demand. The most important products are coconuts, pineapples, bananas and vegetables as well as pandanus nuts (Pandanus is a related screw palm). Fishing has been of local importance only, but the state has started investing in modern sea fishing.

In addition to food, fuel, building materials, drinking water and oil, as well as machinery and transport, are mainly imported for phosphate extraction. Exports are exclusively phosphate, which mainly goes to South Africa, Germany and India. Part of the phosphate income is set aside in a national investment fund, and the state buys land and real estate in, for example, Melbourne and London as well as securities to secure the economy before the day when phosphate ends in the country. Nauru is dependent on financial support from mainly Australia.

Another important source of income is the refugee camps established by Australia in 2001 at Nauru.

NAURU

The island state of Oceania, an independent republic since 1968, counted, at the 1983 census, 8042 residents, of which 4964 indigenous, 2134 from other Pacific islands, 682 Chinese, 262 Europeans. In 1989 the residents were 9350. The exhaustion of the phosphate deposits, which constitute the only economic resource of this atypical political entity and the very justification of its existence, is now imminent: it is estimated that the deposits will be fully exploited around the end of the nineties. Proceeds from phosphate exports currently stand at around AU $ 100 million per year. In anticipation of the problems that will arise when this source of income disappears, the government is implementing a policy of investing in large-scale construction initiatives in Australia. in the Mariana Islands and in Honolulu in Hawaii. Other economic reconversion projects aim to transform the island into a free zone, to strengthen the fishing fleet and to develop air and sea services.

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