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Northern Mariana Islands Economy 2019

SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES











Northern Mariana Islands Economy 2019
SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 08, 2019

Economy - overview:
The economy of the Commonwealth of the Northern Mariana Islands(CNMI) has been on the rebound in the last few years, mainly on the strength of its tourism industry. In 2016, the CNMI’s real GDP increased 28.6% over the previous year, following two years of relatively rapid growth in 2014 and 2015. Chinese and Korean tourists have supplanted Japanese tourists in the last few years. The Commonwealth is making a concerted effort to broaden its tourism by extending casino gambling from the small Islands of Tinian and Rota to the main Island of Saipan, its political and commercial center. Investment is concentrated on hotels and casinos in Saipan, the CNMI’s largest island and home to about 90% of its population.

Federal grants have also contributed to economic growth and stability. In 2016, federal grants amounted to $101.4 billion which made up 26% of the CNMI government’s total revenues. A small agriculture sector consists of cattle ranches and small farms producing coconuts, breadfruit, tomatoes, and melons.

Legislation is pending in the US Congress to extend the transition period to allow foreign workers to work in the CNMI on temporary visas.

GDP (purchasing power parity):
$1.242 billion (2016 est.)
$933 million (2015 est.)
$845 million (2014 est.)
note: GDP estimate includes US subsidy; data are in 2013 dollars
country comparison to the world: 203
[see also: GDP country ranks ]

GDP (official exchange rate):
$1.242 billion (2016 est.) (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
28.6% (2016 est.)
3.8% (2015 est.)
3.5% (2014 est.)
country comparison to the world: 2
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$24,500 (2016 est.)
$18,400 (2015 est.)
$16,600 (2014 est.)
country comparison to the world: 84
[see also: GDP - per capita country ranks ]

GDP - composition, by end use:
household consumption: 43.1% (2016 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 28.9% (2016 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 26.3% (2016 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: NA (2016 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 73.6% (2016 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -71.9% (2016 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 1.7% (2016)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 58.1% (2016 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 40.2% (2016)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
vegetables and melons, fruits and nuts; ornamental plants; livestock, poultry, eggs; fish and aquaculture products

Industries:
tourism, banking, construction, fishing, handicrafts, other services

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

Labor force:
27,970 (2010 est.)
note: includes foreign workers
country comparison to the world: 205
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 1.9%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 10%
[see also: Labor force - by occupation - industry country ranks ]
services: 88.1% (2010 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
11.2% (2010 est.)
8% (2005 est.)
country comparison to the world: 152
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA
[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: 389.6 million (2016 est.)
[see also: Budget - revenues country ranks ]
expenditures: 344 million (2015 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
31.4% (of GDP) (2016 est.)
country comparison to the world: 72
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
3.7% (of GDP) (2016 est.)
country comparison to the world: 11
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
7.1% of GDP (2017 est.)
country comparison to the world: 201
[see also: Public debt country ranks ]

Fiscal year:
1 October - 30 September

Inflation rate (consumer prices):
0.3% (2016 est.)
0.1% (2015 est.)
country comparison to the world: 21
[see also: Inflation rate (consumer prices) country ranks ]

Exports:
$914 million (2016 est.)
$520 million (2015 est.)
country comparison to the world: 163
[see also: Exports country ranks ]

Exports - commodities:
garments

Imports:
$893 million (2016 est.)
$638 million (2015 est.)
country comparison to the world: 186
[see also: Imports country ranks ]

Imports - commodities:
food, construction equipment and materials, petroleum products

Debt - external:
NA
[see also: Debt - external country ranks ]

Exchange rates:

the US dollar is used

NOTE: 1) The information regarding Northern Mariana Islands on this page is re-published from the 2019 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Northern Mariana Islands Economy 2019 information contained here. All suggestions for corrections of any errors about Northern Mariana Islands Economy 2019 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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