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. 1996 Index
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Micronesia, Federated States of Economy 1996
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 remoteness
of the location and a lack of adequate facilities hinder development.
Financial assistance from the US is the primary source of revenue, with the
US pledged to spend $1 billion in the islands in the 1990s. Geographical
isolation and a poorly developed infrastructure are major impediments to
long-term growth.
GDP - purchasing power parity - $160 million (1990 est.)
GDP was supplemented by approximately $100 million in grant aid in 1990
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National product real growth rate:
-
National product per capita:
-
Inflation rate (consumer prices):
$31 million, including capital expenditures of $NA (FY94/95 est.)
$3.2 million (f.o.b., 1990)
fish, copra, bananas, black pepper
$91.2 million (c.i.f., 1990)
food, manufactured goods, machinery and equipment, beverages
tourism, construction, fish processing, craft items from shell, wood, and
pearls
mainly a subsistence economy; black pepper; tropical fruits and vegetables,
coconuts, cassava, sweet potatoes, pigs, chickens
under terms of the Compact of Free Association, the US will provide $1.3
billion in grant aid during the period 1986-2001
1 United States dollar (US$) = 100 cents
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