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Home > Country Profiles > Nauru

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Financial Outlook

The Asian Development Bank believes that the economy grew by 4.5% in the year ended June 30, 2013 (the fiscal year), and anticipates an expansion of 6.0% in the following fiscal year. It said that growth was slower than expected due to political upheaval in 2012–2013, disruptions to phosphate exports, and troubles at the regional processing center for asylum-seekers attempting to enter Australia without authorization. Since 2012 the Australian government has had a deal with Nauru under which asylum-seekers bound for Australia by boat have their claims assessed and processed offshore while detained on Nauru. The Asian Development Bank estimates that phosphate exports declined by around 15% in fiscal year 2013 because of the diversion of mining equipment for use in constructing the regional processing center, management changes in the Nauru Phosphate Corporation, and poor weather. Lower phosphate exports are expected to continue into fiscal year 2014 as phosphate reserves are exhausted. Inflation is expected to average 2.5% in fiscal 2014, up from 0.5% in fiscal 2013.

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Further reading on Nauru

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