In 2012, inflows of development partner assistance, the positive effect of the El Niño weather pattern on fish stocks near the equator, and the introduction of a new fishing licensing scheme boosted government revenues and bolstered economic growth in Kiribati and other small Pacific island economies. Conversely, continuing declines in seafarers’ remittances stemming from weak global trade weighed down growth in Kiribati.
Development partner-funded seaport reconstruction and roadwork projects in Kiribati contributed to growth of 3.0% in 2012.
|Selected Economic Indicators (%) - Kiribati||2013||2014|
|Gross domestic product (GDP) growth||3.5||3.5|
Current account balance
(share of GDP)
Source: ADB estimates.
Kiribati’s economy is projected to grow by 3.5% in 2013 and 2014 as construction picks up to implement projects funded by development partners: upgrading airports at Tarawa and Kiritimati, upgrading the South Tarawa Road, and extending Betio Port.
Source: ADB. 2013. Asian Development Outlook 2013. Manila.