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Micronesia, Federated States of Economy 2011
https://theodora.com/wfb2011/micronesia_federated_states_of/micronesia_federated_states_of_economy.html
SOURCE: 2011 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 11, 2011

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. Under the original terms of the Compact of Free Association, the US provided $1.3 billion in grant aid during the period 1986-2001; the level of aid has been subsequently reduced. The Amended Compact of Free Association with the US guarantees the Federated States of Micronesia (FSM) millions of dollars in annual aid through 2023, and establishes a Trust Fund into which the US and the FSM make annual contributions in order to provide annual payouts to the FSM in perpetuity after 2023. The country's medium-term economic outlook appears fragile due not only to the reduction in US assistance but also to the current slow growth of the private sector.

GDP (purchasing power parity):
$238.1 million (2008 est.)
country comparison to the world: 215

$277 million (2002 est.)
note: data are in 2008 US dollars
GDP supplemented by grant aid, averaging perhaps $100 million annually
[see also: GDP (purchasing power parity) country ranks ]

GDP (official exchange rate):
$238.1 million (2008)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
NA%

0.3% (2005 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$2,200 (2008 est.)
country comparison to the world: 186

$2,300 (2005 est.)
note: data are in 2008 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 28.9%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 15.2%
[see also: GDP - composition by sector - industry country ranks ]
services: 55.9% (2004 est.)
[see also: GDP - composition by sector - services country ranks ]

Labor force:
16,360 (2008)
country comparison to the world: 212
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 0.9%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 34.4%
[see also: Labor force - by occupation - industry country ranks ]
services: 64.7%
[see also: Labor force - by occupation - services country ranks ]
note: two-thirds are government employees (FY05 est.)

Unemployment rate:
22% (2000 est.)
country comparison to the world: 172
[see also: Unemployment rate country ranks ]

Population below poverty line:
26.7% (2000)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Budget:
revenues: $166 million (FY07 est.)
[see also: Budget - revenues country ranks ]
expenditures: $152.7 million (FY07 est.)
[see also: Budget - expenditures country ranks ]

Inflation rate (consumer prices):
2.2% (2005)
country comparison to the world: 67
[see also: Inflation rate (consumer prices) country ranks ]

Commercial bank prime lending rate:
15.38% (31 December 2009 est.)
country comparison to the world: 52

14.38% (31 December 2008 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$29.02 million (31 December 2009)

$21.21 million (31 December 2008)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$114 million (31 December 2009 est.)

$98 million (31 December 2008 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$65.68 million (31 December 2009)
country comparison to the world: 181

$43.75 million (31 December 2008)
[see also: Stock of domestic credit country ranks ]

Agriculture - products:
black pepper, tropical fruits and vegetables, coconuts, bananas, cassava (tapioca), sakau (kava), Kosraen citrus, betel nuts, sweet potatoes; pigs, chickens; fish

Industries:
tourism, construction; fish processing, specialized aquaculture; craft items (from shell, wood, and pearls)

Industrial production growth rate:
NA%
[see also: Industrial production growth rate country ranks ]

Electricity - production:
192 million kWh (2002)
country comparison to the world: 178
[see also: Electricity - production country ranks ]

Electricity - consumption:
178.6 million kWh (2002)
country comparison to the world: 180
[see also: Electricity - consumption country ranks ]

Electricity - exports:
0 kWh (2002)
[see also: Electricity - exports country ranks ]

Electricity - imports:
0 kWh (2002)
[see also: Electricity - imports country ranks ]

Current account balance:
-$34.3 million (FY05 est.)
country comparison to the world: 67
[see also: Current account balance country ranks ]

Exports:
$14 million (2004 est.)
country comparison to the world: 210
[see also: Exports country ranks ]

Exports - commodities:
fish, garments, bananas, black pepper, sakau (kava), betel nut

Imports:
$132.7 million (2004)
country comparison to the world: 208
[see also: Imports country ranks ]

Imports - commodities:
food, manufactured goods, machinery and equipment, beverages

Debt - external:
$60.8 million (FY05 est.)
country comparison to the world: 187
[see also: Debt - external country ranks ]

Exchange rates:
the US dollar is used


NOTE: The information regarding Micronesia, Federated States of on this page is re-published from the 2011 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Micronesia, Federated States of Economy 2011 information contained here. All suggestions for corrections of any errors about Micronesia, Federated States of Economy 2011 should be addressed to the CIA.



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