Editing Nauru (section)

== Economy ==
{{Main|Economy of Nauru|Telecommunications in Nauru}}

[[File:Phosphate loading station Nauru.jpg|thumb|Phosphate loading infrastructure in 2006]]
Before a resurgence in the 2010s, the Nauruan economy was strongest in the 1970s, with [[Gross domestic product|GDP]] peaking in 1981.<ref>{{Cite web |title=Per capita GDP at current prices – US dollars |url=https://data.un.org/Data.aspx?q=Nauru&d=SNAAMA&f=grID:101;currID:USD;pcFlag:1;crID:520 |accessdate=17 November 2022 |website=UNdata |archive-date=4 December 2023 |archive-url=https://web.archive.org/web/20231204071333/https://data.un.org/Data.aspx?q=Nauru&d=SNAAMA&f=grID:101;currID:USD;pcFlag:1;crID:520 |url-status=live }}</ref><ref>{{Cite journal |last=Hughes |first=Helen |date=18 August 2004 |title=From Riches to Rags: What Are Nauru's Options and How Can Australia Help? |url=https://www.cis.org.au/wp-content/uploads/2015/07/ia50.pdf |journal=Issue Analysis |issue=50 |page=3 |access-date=19 June 2022 |archive-date=8 August 2022 |archive-url=https://web.archive.org/web/20220808100938/https://www.cis.org.au/wp-content/uploads/2015/07/ia50.pdf |url-status=live }}</ref> This trend came from phosphate mining, which accounted for a majority of its economic output. Mining declined starting in the early 1980s.<ref name="CER-NAU-2007"/>{{RP|5}}<ref>{{Cite web |first=Christopher |last=Pollon |date=22 November 2023 |title=How Much Further Can Mining Go? |work=The Walrus |url=https://thewalrus.ca/how-much-further-can-mining-go/ |access-date=1 December 2023 |archive-date=7 February 2024 |archive-url=https://web.archive.org/web/20240207084405/https://thewalrus.ca/how-much-further-can-mining-go/ |url-status=live }}</ref> There are few other resources, and most necessities are imported.<ref name=state/><ref>{{cite news |work=[[BBC News Online]] |url=http://news.bbc.co.uk/2/hi/asia-pacific/332164.stm |title=Big tasks for a small island |accessdate=10 May 2006 |archiveurl=https://web.archive.org/web/20060813094527/http://news.bbc.co.uk/2/hi/asia-pacific/332164.stm |archivedate=13 August 2006 |url-status=live}}</ref> Small-scale mining is still conducted by RONPhos, formerly known as the Nauru Phosphate Corporation.<ref name=state/> The government places a percentage of RONPhos's earnings into the [[Nauru Phosphate Royalties Trust]]. The trust manages long-term investments, which were intended to support the citizens after the phosphate reserves were exhausted.<ref>{{cite news |url=http://www.atimes.com/oceania/AE26Ah01.html |accessdate=19 June 2012 |title=Nauru turns to dust |newspaper=Asia Times |author=Seneviratne, Kalinga |date=26 May 1999 |archiveurl=https://web.archive.org/web/20120618034330/http://atimes.com/oceania/AE26Ah01.html |archivedate=18 June 2012 |url-status=unfit}}</ref>

Because of mismanagement, the trust's fixed and [[current asset]]s were reduced considerably and may never fully recover. The failed investments included financing ''[[Leonardo the Musical: A Portrait of Love|Leonardo the Musical]]'' in 1993.<ref name=mellow>{{cite web |url=https://www.bloomberg.com/apps/news?pid=newsarchive&sid=aYRrEEKDq05Y&refer=australia |accessdate=19 June 2012 |title=GE Poised to Bankrupt Nauru, Island Stained by Money-Laundering |author=Mellor, William |date=1 June 2004 |publisher=Bloomberg |url-status=dead |archiveurl=https://web.archive.org/web/20130309123320/http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aYRrEEKDq05Y&refer=australia |archivedate=9 March 2013}}</ref> The Mercure Hotel in [[Sydney]], Australia<ref>{{cite news |url=https://www.smh.com.au/articles/2004/07/08/1089000294157.html |title=Nauru, receivers start swapping legal blows |author=Skehan, Craig |newspaper=[[Sydney Morning Herald]] |date=9 July 2004 |accessdate=19 June 2012 |archiveurl=https://web.archive.org/web/20121103222739/http://www.smh.com.au/articles/2004/07/08/1089000294157.html |archivedate=3 November 2012 |url-status=live}}</ref> and [[Nauru House]] in [[Melbourne]], Australia were sold in 2004 to finance debts and [[Air Nauru]]'s only [[Boeing&nbsp;737]] was repossessed in December 2005. Normal air service resumed after the aircraft was replaced with a [[Boeing 737-300]] airliner in June 2006.<ref>{{cite news |url=http://www.theage.com.au/articles/2004/04/17/1082140116981.html |title=Receivers take over Nauru House |newspaper=[[The Age]] |date=18 April 2004 |accessdate=19 June 2012 |archiveurl=https://web.archive.org/web/20160213160112/http://www.theage.com.au/articles/2004/04/17/1082140116981.html |archivedate=13 February 2016 |url-status=live}}</ref> In 2005, the corporation sold its remaining real estate in Melbourne, the vacant Savoy Tavern site, for A$7.5&nbsp;million<ref>{{cite news |url=https://www.radionz.co.nz/international/pacific-news/154335/nauru-sells-last-remaining-property-asset-in-melbourne-report |title=Nauru sells last remaining property asset in Melbourne |work=RNZ Pacific |date=9 April 2005 |accessdate=20 September 2018 |archiveurl=https://web.archive.org/web/20180920234417/https://www.radionz.co.nz/international/pacific-news/154335/nauru-sells-last-remaining-property-asset-in-melbourne-report |archivedate=20 September 2018 |url-status=live}}</ref> (US${{Format price|{{Inflation|US-GDP|7500000|2005}}}} in {{Inflation/year|US-GDP}}{{Inflation/fn|US-GDP}}).

The value of the trust is estimated to have shrunk from A$1.3&nbsp;billion in 1991 to A$138&nbsp;million in 2002 (A${{Format price|{{Inflation|AU|1300000000|1991}}}} to A${{Format price|{{Inflation|AU|138000000|2002}}}} in {{Inflation/year|AU}} dollars{{Inflation/fn|AU}}).<ref name="ADB"/> Nauru currently lacks money to perform many of the basic functions of government; for example, the National Bank of Nauru is insolvent. The [[The World Factbook|CIA World Factbook]] estimated a [[List of countries by GDP (PPP) per capita|GDP per capita]] of US$5,000 in 2005.<ref name="CIA"/> The Asian Development Bank 2007 economic report on Nauru estimated GDP per capita at US$2,400 to US$2,715.<ref name="CER-NAU-2007">{{cite web |url=http://www.adb.org/Documents/CERs/NAU/CER-NAU-2007.pdf |archiveurl=https://web.archive.org/web/20110607064452/http://www.adb.org/Documents/CERs/NAU/CER-NAU-2007.pdf |archivedate=7 June 2011 |title=Country Economic Report: Nauru |publisher=[[Asian Development Bank]] |page=6 |accessdate=20 June 2012}}</ref>

There are no personal taxes in Nauru. The unemployment rate is estimated to be 23% and the government employs 95% of those who have jobs.<ref name=CIA/><ref name="Economist">{{cite news |url=http://www.economist.com/displaystory.cfm?story_id=884045 |title=Paradise well and truly lost |newspaper=[[The Economist]] |date=20 December 2001 |accessdate=2 May 2006 |archiveurl=https://web.archive.org/web/20061130133051/http://www.economist.com/displaystory.cfm?story_id=884045 |archivedate=30 November 2006 |url-status=live}}</ref> The Asian Development Bank notes that, although the administration has a strong public mandate to implement economic reforms, in the absence of an alternative to phosphate mining, the medium-term outlook is for continued dependence on external assistance.<ref name="ADB">{{cite web |publisher=Asian Development Bank |year=2005 |url=http://www.adb.org/Documents/Books/ADO/2005/nau.asp |archiveurl=https://web.archive.org/web/20110607071938/http://www.adb.org/Documents/Books/ADO/2005/nau.asp |archivedate=7 June 2011 |title=Asian Development Outlook 2005&nbsp;– Nauru |accessdate=2 May 2006}}</ref> [[Tourism in Nauru|Tourism]] is not a major contributor to the economy.<ref name=pitic>{{cite web |url=http://www.pitic.org.au/index.php?option=com_content&task=view&id=62&Itemid=118 |accessdate=19 June 2012 |publisher=Pacific Islands Trade and Investment Commission |title=Nauru |archiveurl=https://web.archive.org/web/20080721043725/http://pitic.org.au/index.php?option=com_content&task=view&id=62&Itemid=118 |archivedate=21 July 2008}}</ref>
[[File:The site of secondary mining of Phosphate rock in Nauru, 2007. Photo- Lorrie Graham (10729889683).jpg|thumb|[[Limestone]] pinnacles remain after phosphate mining at the site of one of Nauru's secondary mines]]

In the 1990s, Nauru became a tax haven and offered [[Nauruan passport|passports]] to foreign nationals for a fee.<ref name="NY Times">{{cite news |url=https://www.nytimes.com/2000/12/10/magazine/the-billion-dollar-shack.html |title=The Billion Dollar Shack |accessdate=19 July 2011 |date=10 December 2000 |newspaper=[[The New York Times]] |archiveurl=https://web.archive.org/web/20111118011327/http://www.nytimes.com/2000/12/10/magazine/the-billion-dollar-shack.html |archivedate=18 November 2011 |url-status=live}}</ref> The inter-governmental [[Financial Action Task Force on Money Laundering]] (FATF) identified Nauru as one of 15 "[[FATF Blacklist|non-cooperative]]" countries in its fight against money laundering. During the 1990s, it was possible to establish a licensed bank in Nauru for only US$25,000<ref name="NY Times" /> (US${{Format price|{{Inflation|US-GDP|25000|2000}}}} in {{Inflation/year|US-GDP}}{{Inflation/fn|US-GDP}}) with no other requirements. Under pressure from FATF, Nauru introduced anti-avoidance legislation in 2003, after which foreign [[hot money]] left the country. In October 2005, after satisfactory results from the legislation and its enforcement, FATF lifted the non-cooperative designation.<ref>{{cite web |publisher=FATF |date=13 October 2005 |url=http://www.fatf-gafi.org/dataoecd/13/36/35497629.pdf |title=Nauru de-listed |accessdate=11 May 2006 |archiveurl=https://web.archive.org/web/20051230091334/http://www.fatf-gafi.org/dataoecd/13/36/35497629.pdf |archivedate=30 December 2005}}</ref>

From 2001 to 2007, the Nauru detention centre provided a significant source of income for the country. Nauruan authorities reacted with concern to its closure by Australia.<ref>{{cite news |url=http://www.theage.com.au/news/national/nauru-fears-gap-when-camps-close/2007/12/10/1197135374481.html |title=Nauru fears gap when camps close |author=Topsfield, Hewel |newspaper=The Age |date=11 December 2007 |accessdate=19 June 2012 |archiveurl=https://web.archive.org/web/20121023210628/http://www.theage.com.au/news/national/nauru-fears-gap-when-camps-close/2007/12/10/1197135374481.html |archivedate=23 October 2012 |url-status=live}}</ref> In February 2008, [[Ministry of foreign affairs|Foreign Affairs Minister]] [[Kieren Keke]], stated that the closure would result in 100&nbsp;Nauruans losing their jobs, and would affect 10% of the island's population directly or indirectly: "We have got a huge number of families that are suddenly going to be without any income. We are looking at ways we can try and provide some welfare assistance but our capacity to do that is very limited. Literally we have got a major unemployment crisis in front of us."<ref>{{cite news |url=http://news.theage.com.au/nauru-hit-by-detention-centre-closure/20080207-1qs6.html |title=Nauru 'hit' by detention centre closure |newspaper=The Age |date=7 February 2008 |accessdate=19 June 2012 |archive-date=28 February 2021 |archive-url=https://web.archive.org/web/20210228132544/http://www.theage.com.au//nauru-hit-by-detention-centre-closure/20080207-1qs6.html |url-status=live }}</ref> The detention centre was re-opened in August 2012.<ref name="SBS World News"/>

In July 2017, the [[OECD|Organisation for Economic Co-operation and Development (OECD)]] [[Global Forum on Transparency and Exchange of Information for Tax Purposes|upgraded its rating]] of Nauru's standards of tax transparency. Previously Nauru had been listed alongside fourteen other countries that had failed to show that they could comply with international tax transparency standards and regulations. The OECD subsequently put Nauru through a fast-tracked compliance process and the country was given a "largely compliant" rating.<ref>{{cite web |url=http://www.radionz.co.nz/international/pacific-news/334976/nauru-gets-an-oecd-upgrade |title=Nauru gets an OECD upgrade |date=12 July 2017 |accessdate=6 August 2017 |archiveurl=https://web.archive.org/web/20170806100820/http://www.radionz.co.nz/international/pacific-news/334976/nauru-gets-an-oecd-upgrade |archivedate=6 August 2017 |url-status=live}}</ref>

The Nauru 2017–2018 budget, delivered by [[Minister of Finance of Nauru|Minister of Finance]] [[David Adeang]], forecast A$128.7&nbsp;million in revenues and A$128.6&nbsp;million in expenditures <!--(approximately [[A$]]{{Format price|{{Inflation|AU|128700000|2017}}}} in {{Inflation/year|AU}} [[A$|dollars]]{{Inflation/fn|AU}})-->and projected modest economic growth for the nation over the next two years.<ref>{{cite news |title=Modest economic growth forecast for Nauru |url=http://www.loopnauru.com/nauru-news/modest-economic-growth-forecast-nauru-60701 |accessdate=17 September 2018 |work=Loop Pacific |date=12 June 2017 |archiveurl=https://web.archive.org/web/20180917110910/http://www.loopnauru.com/nauru-news/modest-economic-growth-forecast-nauru-60701 |archivedate=17 September 2018 |url-status=live}}</ref> In 2018, the Nauru government partnered with the [[deep sea mining]] company DeepGreen, now Nauru Ocean Resources Inc (NORI), a wholly-owned subsidiary of Canadian [[The Metals Company]].<ref>{{cite news |author=Reid, Helen; Lewis Jeff |url=https://www.mining.com/web/pacific-island-of-nauru-sets-two-year-deadline-for-un-deep-sea-mining-rules/ |title=Pacific island of Nauru sets two-year deadline for UN deep-sea mining rules
|work=Mining.com |date=29 June 2021|archive-url=https://web.archive.org/web/20210704020615/https://www.mining.com/web/pacific-island-of-nauru-sets-two-year-deadline-for-un-deep-sea-mining-rules/ |archive-date=4 July 2021 }}</ref> They planned to harvest [[manganese nodule]]s whose minerals and metals can be used in the development of [[sustainable energy]] technology.<ref>{{cite news |author=Davies, Ann Davies; Daugherty, Ben |url=https://www.theguardian.com/world/2018/sep/04/corruption-incompetence-and-a-musical-naurus-riches-to-rags-tale |title=Corruption, incompetence and a musical: Nauru's cursed history |work=The Guardian |date=3 September 2018 |access-date=14 April 2021 |archive-date=17 July 2021 |archive-url=https://web.archive.org/web/20210717015707/https://www.theguardian.com/world/2018/sep/04/corruption-incompetence-and-a-musical-naurus-riches-to-rags-tale |url-status=live }}</ref><ref>{{cite web |url=https://www.rnz.co.nz/international/pacific-news/362423/nauru-in-deep-sea-mining-venture |title=Nauru in deep sea mining venture |publisher=Radio New Zealand |date=23 July 2018 |access-date=14 April 2021 |archive-date=25 July 2021 |archive-url=https://web.archive.org/web/20210725072308/https://www.rnz.co.nz/international/pacific-news/362423/nauru-in-deep-sea-mining-venture |url-status=live }}</ref><ref>{{cite web |author=Stone, Maddie |url=https://grist.org/energy/the-deep-sea-could-hold-the-key-to-a-renewable-future-is-it-worth-the-costs/ |title=The deep sea could hold the key to a renewable future. Is it worth the costs? |website=Grist |date=17 June 2020 |access-date=14 April 2021 |archive-date=16 April 2021 |archive-url=https://web.archive.org/web/20210416051244/https://grist.org/energy/the-deep-sea-could-hold-the-key-to-a-renewable-future-is-it-worth-the-costs/ |url-status=live }}</ref>

In March 2025, Nauru announced a "golden passport" initiative with the aim of raising money to relocate 90% of the island's population to a new community on higher ground. Citizenship will cost a minimum of $105,000 and does not require residency.<ref>{{cite web |title=A tiny island country is selling citizenship for $105,000 to save itself from rising seas |url=https://www.cnn.com/2025/03/05/climate/nauru-passport-program-rising-seas/index.html |last=Paddison |first=Laura |date=5 March 2025 |access-date=5 March 2025 |work=CNN }}</ref>