Micronesia Federated States of Economy - 2024

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.)

Unemployment rate

16.2% (2010 est.)

Youth unemployment rate (ages 15-24)

total: 18.9% (2014)

male: 10.4%

female: 29.9%

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

Remittances

5.72% of GDP (2020 est.)
5.66% of GDP (2019 est.)
5.81% of GDP (2018 est.)

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

$179 million (2021 est.)
$122 million (2020 est.)
$130 million (2019 est.)

Exports - partners

Thailand 81%, China 9%, Japan 4%, Philippines 4%, United States 1% (2021)

Exports - commodities

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

Imports

$126 million (2021 est.)
$133 million (2020 est.)
$121 million (2019 est.)

Imports - partners

United States 34%, China 16%, Japan 11%, Taiwan 7%, South Korea 6% (2021)

Imports - commodities

poultry meats, broadcasting equipment, other meats, cars, fish products, rice, lumber (2021)

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