Micronesia Federated States of Economy - 2023

Economic overview

lower middle-income Pacific island economy; US aid reliance, sunsetting in 2024; low entrepreneurship; mostly fishing and farming; US dollar user; no patent laws; tourism remains underdeveloped; significant corruption

Real GDP (purchasing power parity)

$375.055 million (2021 est.)

$387.407 million (2020 est.)

$394.369 million (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

-3.19% (2021 est.)

-1.77% (2020 est.)

1.17% (2019 est.)

Real GDP per capita

$3,300 (2021 est.) note: data are in 2017 dollars

$3,500 (2020 est.) note: data are in 2017 dollars

$3,500 (2019 est.)

GDP (official exchange rate)

$328 million (2017 est.)

Inflation rate (consumer prices)

0.55% (2020 est.)

1.54% (2019 est.)

1.79% (2018 est.)

GDP - composition, by sector of origin

agriculture: 26.3% (2013 est.)

industry: 18.9% (2013 est.)

services: 54.8% (2013 est.)

GDP - composition, by end use

household consumption: 83.5% (2013 est.)

government consumption: 48.4% (2016 est.)

investment in fixed capital: 29.5% (2016 est.)

investment in inventories: 1.9% (2016 est.)

exports of goods and services: 27.5% (2016 est.)

imports of goods and services: -77% (2016 est.)

Agricultural products

coconuts, cassava, vegetables, sweet potatoes, bananas, pork, plantains, fruit, eggs, beef

Industries

tourism, construction; specialized aquaculture, craft items (shell and wood)

Industrial production growth rate

-8.33% (2021 est.) NA

Labor force

37,920 (2010 est.)

Labor force - by occupation

agriculture: 0.9%

industry: 5.2%

services: 93.9% (2013 est.)

note: two-thirds of the labor force are government employees

Unemployment rate

16.2% (2010 est.)

Youth unemployment rate (ages 15-24)

total: 18.9%

male: 10.4%

female: 29.9% (2014)

Population below poverty line

41.2% (2013 est.)

Gini Index coefficient - distribution of family income

40.1 (2013 est.)

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Budget

revenues: $320 million (2018 est.)

expenditures: $223 million (2018 est.)

Budget surplus (+) or deficit (-)

6.6% (of GDP) (FY12/13 est.)

Public debt

25.4% of GDP (2020 est.)

23.1% of GDP (2019 est.)

23.11% of GDP (2018 est.)

Taxes and other revenues

6.43% (of GDP) (2020 est.)

Fiscal year

1 October - 30 September

Current account balance

$12 million (2017 est.)

$11 million (2016 est.)

Exports

$88.3 million (2013 est.)

Exports - partners

Thailand 73%, Japan 10%, China 9% (2019)

Exports - commodities

skipjack, tuna, fish fillets, aircraft, scrap iron (2021)

Imports

$167.8 million (2015 est.)

$258.5 million (2013 est.)

Imports - partners

United States 32%, China 16%, Japan 14%, Taiwan 9%, Philippines 6%, South Korea 6% (2019)

Imports - commodities

poultry meats, netting, broadcasting equipment, various meats, fish products (2019)

Reserves of foreign exchange and gold

$497,434,100 (31 December 2021 est.)

$451,912,600 (31 December 2020 est.)

$397,158,200 (31 December 2019 est.)

Debt - external

$93.6 million (2013 est.)

$93.5 million (2012 est.)

Exchange rates

1 (2021 est.)

1 (2020 est.)

1 (2019 est.)

1 (2018 est.)

1 (2017 est.)

the US dollar is used

NOTE: The information regarding Micronesia Federated States of on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Micronesia Federated States of 2023 information contained here. All suggestions for corrections of any errors about Micronesia Federated States of 2023 should be addressed to the CIA or the source cited on each page.