Northern Mariana Islands Economy - 2024

Economic overview

US Pacific island commonwealth economy; growing Chinese and Korean tourist destination; hit hard by 2018 typhoon; dependent on energy imports; exempt from some US labor and immigration laws; longstanding garment production

Real 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

Real GDP growth rate

-11.14% (2019 est.)
-19.35% (2018 est.)
23.17% (2017 est.)

Real GDP per capita

$24,500 (2016 est.)
$18,400 (2015 est.)
$16,600 (2014 est.)

GDP (official exchange rate)

$1.242 billion (2016 est.)

Inflation rate (consumer prices)

0.3% (2016 est.)
0.1% (2015 est.)

GDP - composition, by sector of origin

agriculture: 1.7% (2016)

industry: 58.1% (2016 est.)

services: 40.2% (2016)

GDP - composition, by end use

household consumption: 43.1% (2016 est.)

government consumption: 28.9% (2016 est.)

investment in fixed capital: 26.3% (2016 est.)

investment in inventories: (2016 est.) NA

exports of goods and services: 73.6% (2016 est.)

imports of goods and services: -71.9% (2016 est.)

Agricultural 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

N/A

Labor force

27,970 (2010 est.)

note: includes foreign workers

Unemployment rate

11.2% (2010 est.)
8% (2005 est.)

Population below poverty line

N/A

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Budget

revenues: $389.6 million (2016 est.)

expenditures: $344 million (2015 est.)

Budget surplus (+) or deficit (-)

3.7% (of GDP) (2016 est.)

Public debt

7.1% of GDP (2017 est.)

Taxes and other revenues

31.4% (of GDP) (2016 est.)

Fiscal year

1 October - 30 September

Exports

$914 million (2016 est.)
$520 million (2015 est.)

Exports - partners

South Korea 73%, Peru 5% (2019)

Exports - commodities

scrap iron, refined petroleum, scrap copper, hydraulic engines, integrated circuits, peas, scrap aluminum (2021)

Imports

$893 million (2016 est.)
$638 million (2015 est.)

Imports - partners

Hong Kong 29%, Japan 29%, Singapore 16%, South Korea 9% (2019)

Imports - commodities

refined petroleum, trunks/cases, cars, watches, jewelry (2019)

Debt - external

N/A

Exchange rates

the US dollar is used