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Economy of Kiribati

Kiribati is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Kiribati may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Kiribati exports around $0.01 billion and imports roughly $0.08 billion. 30.6% of population in the country are unemployed. The total number of unemployed people in Kiribati is 36,235. In Kiribati, 22% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Kiribati is fairly high, but is not reason for complete concern with regard to investments. Potential financial backers should look at other economic markers, including GDP, urbanization rate, and strength of currency, before making any decisions regarding investments. Government expenditure on education is 11.3% of GDP. The Gini Index of the country is 37.61. Kiribati is experiencing good equality. The majority of citizens in Kiribati fall within a narrow range of income, although some cases may show significant differences. Kiribati has a Human Development Index (HDI) of 0.607. Kiribati has an upper medium HDI score. This indicates that the majority of citizens will be able to attain a desirable life, though some citizens will not be able to achieve high living standards. The strength of legal rights index for Kiribati is 4. Overall, it is considered to be rather inadequate - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders to some degree; credit information may be sufficient, but hardly available, or, the oppoiste case, available but not sufficient.

Currency

The currency of Kiribati is Kiribati dollar. The plural form of the word Kiribati dollar is dollars. The symbol used for this currency is $, and it is abbreviated as AUD. The Kiribati dollar is divided into Cent; there are 100 in one dollar.

Credit rating

Credit rating is the extent to which international investors trust a country in paying debts and upholding the country's obligations in terms of crediting. There is no information on the credit rating of Kiribati.

Central bank

Public debt

Kiribati has a government debt of 12.2% of the country's Gross Domestic Product (GDP), as assessed in 2012.

Tax information

The corporate tax in Kiribati is set at 32.7%. Personal income tax ranges from 25% to 35%, depending on your specific situation and income level.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Kiribati is $189 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Kiribati was last recorded at $2 million. PPP in Kiribati is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Kiribati is 0 billion. Based on this statistic, Kiribati is considered to have a small economy. Countries with small economies generally support less industries and opportunities for investment. However, worthwhile investment opportunities may be found. The Gross Domestic Product (GDP) per capita in Kiribati was last recorded at $0 million. The average citizen in Kiribati has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Kiribati averaged 3% in 2014. According to this percentage, Kiribati is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly. To read more about financial information click on finances of Kiribati.

Industry

Major industries in the country are fishing, handicrafts. The total labor force of Kiribati is 65,874 people, wherein 30.6% of population in the country are unemployed. The total number of unemployed people in Kiribati is 36,235. To read more about industrial information within Kiribati click on industry of Kiribati.

Agriculture

There are 22 km2 of arable land in Kiribati, and it comprises 3% of the country's total territory. There are 411 km2 of cultivated land in Kiribati. The country's major agricultural crops and products are copra, taro, breadfruit, sweet potatoes, vegetables, fish.To read more about agriculture click on agriculture of Kiribati.