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Nauru GDP helps to measure the size of Nauru's economy. The market value of the goods within a definite time defines the GDP of Nauru. Unlike GNP, Gross Domestic Product or GDP of Nauru is concerned with the region where income is generated. Nauru follow the common approach to measure GDP, i.e. GDP= consumption + investment + exports - imports.
Nauru GDP or Purchasing Power Parity is around $60 million. GDP real growth rate is not applicable to this island. Even in the sector of agriculture, industry or service GDP of Nauru is not applicable. The GDP per capita can be calculated as $5,000. The GNP or Gross National Product of this island is 0.17 billion dollars and GNP per capita is 12143 dollars.
The base of Nauru economy is phosphate but fishing is also being added to the list as phosphate reserves were gradually exhausted. Due to this reason Nauru reached the bottom rung of global GDP per capita though in 1968 this island possessed highest GDP per capita in the world. But the 'secondary phosphate' mining lifted the country from this position.
However Nauru GDP does not remain the same. Rather GDP in Nauru vary from time to time. At times these changes affect the economy heavily. Nauru GDP is mainly concentrated in phosphate resource. But the decline of this resource has made Nauru GDP depend on other economic sources.
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