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• GDP: US$25.2 million (2005/6).
• Main exports: Phosphates.
• Main imports: Food, fuel and manufactured goods.
• Main trade partners: Australia and New Zealand.
• Main exports: Phosphates.
• Main imports: Food, fuel and manufactured goods.
• Main trade partners: Australia and New Zealand.
Economy
In the late 1980s, Nauru had one of the highest GDPs per capita in the world, thanks to an abundance of phosphate. However, with the depletion of this natural resource, the island's economy has rapidly deteriorated.
In an attempt to boost its economy, Nauru turned to offshore financial services, but was named and shamed by the OECD (Organisation for Economic Co-operation and Development) in 2002 because of the laxity of its tax and financial disclosure arrangements.
Since then, Nauru has brought its banking legislation in line with international requirements. It has also found an alternative source of income by agreeing to accept Australia-bound asylum seekers while their applications are processed in exchange for financial aid.
Other revenue sources include the sale of fishing licences and tourism, but these are both limited and Nauru's economy remains on shaky ground.
In an attempt to boost its economy, Nauru turned to offshore financial services, but was named and shamed by the OECD (Organisation for Economic Co-operation and Development) in 2002 because of the laxity of its tax and financial disclosure arrangements.
Since then, Nauru has brought its banking legislation in line with international requirements. It has also found an alternative source of income by agreeing to accept Australia-bound asylum seekers while their applications are processed in exchange for financial aid.
Other revenue sources include the sale of fishing licences and tourism, but these are both limited and Nauru's economy remains on shaky ground.
Business Etiquette
Shirt and smart trousers or skirt will suffice; more formal wear is needed only for very special occasions. English is widely spoken. The best time to visit is May to October.
Office hours: Mon-Fri 0800-1200 and 1330-1630.
Office hours: Mon-Fri 0800-1200 and 1330-1630.
Conferences & Conventions
The Menen Hotel provides conference facilities for up to 200 people.