CountryFacts.com > Micronesia, Federated States of > Economy
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Micronesia, Federated States of Economy
Economy - overview:
Economic activity consists primarily of subsistence farming and fishing. The islands have few mineral deposits worth exploiting, except for high-grade phosphate. The potential for a tourist industry exists, but the remote location, a lack of adequate facilities, and limited air connections hinder development. In November 2002, the country experienced a further reduction in future revenues from the Compact of Free Association - the agreement with the US in which Micronesia received $1.3 billion in financial and technical assistance over a 15-year period until 2001. The country's medium-term economic outlook appears fragile due not only to the reduction in US assistance but also to the slow growth of the private sector. Geographical isolation and a poorly developed infrastructure remain major impediments to long-term growth.
GDP:
purchasing power parity - $277 million
note: GDP is supplemented by grant aid, averaging perhaps $100 million annually (2002 est.)
GDP - real growth rate:
1% (2002 est.)
GDP - per capita:
purchasing power parity - $2,000 (2002 est.)
GDP - composition by sector:
agriculture: 50%
industry: 4%
services: 46% (2000 est.)
Population below poverty line:
26.7%
Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices):
1% (2002 est.)
Labor force:
NA (2000 est.)
Labor force - by occupation:
two-thirds are government employees
Unemployment rate:
16% (1999 est.)
Budget:
revenues: $161 million ($69 million less grants)
expenditures: $160 million, including capital expenditures of NA (1998 est.)
Industries:
tourism, construction, fish processing, specialized aquaculture, craft items from shell, wood, and pearls
Industrial production growth rate:
NA
Electricity - production:
NA kWh
Electricity - production by source:
NA
Electricity - consumption:
NA kWh
Agriculture - products:
black pepper, tropical fruits and vegetables, coconuts, cassava (tapioca), betel nuts, sweet potatoes; pigs, chickens
Exports:
$22 million (f.o.b.) (FY99/00 est.)
Exports - commodities:
fish, garments, bananas, black pepper
Exports - partners:
Japan, US, Guam (2000)
Imports:
$149 million f.o.b. (FY99/00 est.)
Imports - commodities:
food, manufactured goods, machinery and equipment, beverages
Imports - partners:
US, Australia, Japan (2000)
Debt - external:
$53.1 million (FY02/03 est.)
Economic aid - recipient:
under terms of the Compact of Free Association, the US pledged $1.3 billion in grant aid during the period 1986-2001
Currency:
US dollar (USD)
Currency code:
USD
Exchange rates:
the US dollar is used
Fiscal year:
1 October - 30 September
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