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2015 GDP Release: December, 2016 GDP Highlights Gross Domestic Product (GDP) Nominal and real GDP have been steadily increasing since 2010. The estimated level of nominal GDP for 2015 was A$222.5 million in current prices. The estimated level of GDP in 2006 prices for 2015 was A$173.2 million. Kiribati GDP 2005–2015 A$'million 250 200 150 100 50 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Nominal GDP Real GDP GDP Growth rate In 2015 the real growth rate was 7.5 percent compared with revised 0.4 percent in 2014. The increase was mainly due to construction, wholesale and retail trade industries. The average growth rate since 2011 is 4.5 percent, mainly due to construction (which includes donor-funded aid projects), financial intermediation, wholesale and retail trade. GDP Growth rate 2005–2015 Percent 14 12 10 8 6 4 2 0 -2 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 -4 Nominal GDP Real GDP GDP per capita GDP per capita has also increased steadily over the past four years. In 2015, current price GDP per capita was $2,020. In 2015, GDP per capita in 2006 prices was $1,573 A$ 1,600 Real GDP per capita 1,550 1,500 1,450 1,400 1,350 1,300 1,250 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Real GDP per capita Kiribati National Statistics Office 2015 GDP Release: December, 2016 Gross National Income & Gross National Disposable Income Gross National Income (GNI) has grown strongly since 2011 mainly due to Government income from fishing licenses A'$ million 500 450 400 2015 Net Income from Abroad has more than tripled since 2011.This item includes compensation of employees earned overseas and fishing license income. The ratio of GNI to GDP increased from 140 percent in 2011 to 199 percent in 2015. 350 300 250 200 150 100 50 0 2005 GDP 2006 2007 2008 2009 2010 Gross National income (GNI) 2011 2012 2013 2014 2015 Gross National Disposal Income(GNDI) Background information 1. Compilation of the accounts This release is the preliminary release of data for the 2015 financial year and revisions to earlier years. The release contains data from 2005 to 2015 and provides annual estimates for production, gross national income and gross national disposable income. 2. Constant price (real) GDP Real GDP is expressed in the base-year prices for 2006. The purpose of GDP revaluation by base-year prices (real GDP) is to eliminate the effects of price changes/inflation in time series of GDP, so that changes in the series represent the changes in the physical volume of goods and services. Intertemporal comparisons of GDP or other related figures should be measured in real prices. 3. Revisions There have been ongoing revisions that impact on latest years, due to updated data and improvements in deflators. With the incorporation of the 2015 census data, the 2011 – 2015 population is lower than previously estimated, leading to downwards revisions in some industries from 2011. Industries in which government workers are employed have risen from 2008 due to a change in the deflator. The level of GDP per capita has risen due to the revised population numbers. A$'million 200 Revision to Real GDP 150 100 50 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 revised Previously published 4. Acknowledgement The Statistics Department wishes to thank Government ministries that supplied data for use in these estimates and also special thanks to PFTAC technical assistance from Anne McAllister in finalizing GDP2015e. Kiribati National Statistics Office