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Micronesia, Federated States of Economy

    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 remoteness of the location and a lack of adequate facilities hinder development. Financial assistance from the US is the primary source of revenue, with the US pledged to spend $1 billion in the islands in the 1990s. Geographical isolation and a poorly developed infrastructure are major impediments to long-term growth.

    GDP: purchasing power parity—$220 million (1996 est.)
    note: GDP is supplemented by grant aid, averaging perhaps $100 million annually

    GDP—real growth rate: 1% (1996 est.)

    GDP—per capita: purchasing power parity—$1,760 (1996 est.)

    GDP—composition by sector:
    agriculture: NA%
    industry: NA%
    services: NA%

    Population below poverty line: NA%

    Household income or consumption by percentage share:
    lowest 10%: NA%
    highest 10%: NA%

    Inflation rate (consumer prices): 4% (1996 est.)

    Labor force: NA

    Labor force—by occupation: two-thirds are government employees

    Unemployment rate: 27% (1989)

    Budget:
    revenues: $58 million
    expenditures: $52 million, including capital expenditures of $4.7 million (FY95/96 est.)

    Industries: tourism, construction, fish processing, craft items from shell, wood, and pearls

    Industrial production growth rate: NA%

    Electricity—production: NA kWh

    Electricity—production by source:
    fossil fuel: NA%
    hydro: NA%
    nuclear: NA%
    other: NA%

    Electricity—consumption: NA kWh

    Electricity—exports: NA kWh

    Electricity—imports: NA kWh

    Agriculture—products: black pepper, tropical fruits and vegetables, coconuts, cassava (tapioca), sweet potatoes; pigs, chickens

    Exports: $73 million (f.o.b., 1996 est.)

    Exports—commodities: fish, garments, bananas, black pepper

    Exports—partners: Japan, US, Guam

    Imports: $168 million (c.i.f., 1996 est.)

    Imports—commodities: food, manufactured goods, machinery and equipment, beverages

    Imports—partners: US, Japan, Australia

    Debt—external: $129 million

    Economic aid—recipient: $77.4 million (1995); note—under terms of the Compact of Free Association, the US will provide $1.3 billion in grant aid during the period 1986-2001

    Currency: 1 United States dollar (US$) = 100 cents

    Exchange rates: US currency is used

    Fiscal year: 1 October—30 September

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Revised 1-Mar-99
Copyright © 1999 Photius Coutsoukis (all rights reserved)