GeographyIQ.comGeographyIQ.com
  Home
  Rankings


A B C D E F
G H I J K L
M N O P Q R
S T U V W Y
Z          


Currency Converter

 


World > Oceania > Micronesia, Federated States of > Economy (Facts)

Micronesia, Federated States of - Economy (Facts)
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. 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 - real growth rate: 0.3% (2005 est.)
GDP (purchasing power parity): $277 million; note - supplemented by grant aid, averaging perhaps $100 million annually (2002 est.)
GDP (official exchange rate): $232 million (2005)
GDP - per capita (PPP): $2,300 (2005 est.)
GDP - composition by sector: agriculture: 28.9%
industry: 15.2%
services: 55.9% (2004 est.)
Population below poverty line: 26.7% (2000)
Household income or consumption by percentage share: lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices): 2.2% (2005)
Labor force: 37,410 (2000)
Labor force - by occupation: agriculture 0.9%, industry 34.4%, services 64.7%
note: two-thirds are government employees (FY05 est.)
Unemployment rate: 22% (2000 est.)
Budget: revenues: $127.3 million ($69 million less grants)
expenditures: $144.2 million; including capital expenditures of $17.9 million (FY05 est.)
Industries: tourism, construction; fish processing, specialized aquaculture; craft items from shell, wood, and pearls
Industrial production growth rate: NA
Electricity - production: 192 million kWh (2002)
Electricity - consumption: 178.6 million kWh (2002)
Electricity - exports: 0 kWh (2002)
Electricity - imports: 0 kWh (2002)
Agriculture - products: black pepper, tropical fruits and vegetables, coconuts, bananas, cassava (tapioca), sakau (kava), betel nuts, sweet potatoes; pigs, chickens; fish
Exports: $14 million (f.o.b.) (2004 est.)
Exports - commodities: fish, garments, bananas, black pepper, sakau (kava), betel nut
Exports - partners: Japan, US, Guam (2006)
Imports: $132.7 million f.o.b. (2004)
Imports - commodities: food, manufactured goods, machinery and equipment, beverages
Imports - partners: US, Japan, Hong Kong (2006)
Debt - external: $60.8 million (FY05 est.)
Economic aid - recipient: $86.3 million
note: under terms of the Compact of Free Association, the US pledged $1.3 billion in grant aid during the period 1986-2001; the level of aid has been subsequently reduced (2004)
Currency: US Dollar (USD)

Current US Dollar Exchange Rates
Historical US Dollar Exchange Rates
Chart US Dollar Exchange Rates
Currency code: USD
Exchange rates: the US dollar is used
Fiscal year: 1 October - 30 September


Facts at a Glance: Geography - People - Government - Economy - Communications - Transportation - Military - Climate - Current Time - Ranking Positions - US Dollar Exchange Rates
Notes and Commentary: People - Economy - Government and Political Conditions - Historical Highlights - Foreign Relations - Relations with U.S.



Facts at a Glance
Geography
People
Government
Economy
Communications
Transportation
Military
Climate
Current Time
Ranking Positions
US Dollar Exchange Rates


Notes and Commentary
People
Economy
Government and Political Conditions
Historical Highlights
Foreign Relations
Relations with U.S.





   Privacy Policy

   Portions of this site are based on public domain works from the U.S. Dept. of State and the CIA World Fact Book
   All original material copyright © 2002 - GeographyIQ.com. All Rights Reserved.
   For comments and feedback, write to us at info@GeographyIQ.com.