Economic information of Nauru

Nauru is located in the Pacific Ocean and is one of the smallest countries in the world. The island country covers an area of approximately 21 square kilometers and the majority of its people are the Nauru tribe. Nauru's economy is largely based on phosphate mining. Nauru, which was discovered in the early 20th century and has rich phosphate deposits, has supported its economy by using this resource for many years. However, phosphate mining has decreased greatly due to depletion of phosphate reserves and environmental factors. Therefore, Nauru's economy has become heavily dependent on foreign aid in recent years. Australia, New Zealand and some other countries provide financial assistance to Nauru. Additionally, Nauru contributes to its economy by making refugee acceptance agreements with Australia. Tourism plays a minor role in Nauru's economy. The island country attracts the attention of tourists with its historical and cultural heritage as well as its natural beauties. However, its tourism potential is limited due to limited space and transportation facilities. Nauru's currency is the Australian dollar. The main export products of the country are phosphate, fish and seafood. Its imports include food, fuel and other consumer goods. Nauru's trading partners include Australia, New Zealand, Japan and China. Although Nauru is a country facing economic difficulties, the government is trying to achieve economic sustainability through reform efforts and foreign aid. However, its limited resources and lack of economic diversification keep Nauru in a difficult economic situation.