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    Northern Mariana Islands Economy 1997

      Economy - overview The economy benefits substantially from financial assistance from theUS. The rate of funding has declined as locally generated government revenueshave grown. An agreement for the years 1986 to 1992 entitled the islands to$228 million for capital development, government operations, and special programs.Since 1992, funding has been extended one year at a time. The commonwealthreceived $27.7 million from FY93/94 through FY95/96. For FY96/97 through FY02/03,funding of $11 million will be provided for infrastructure, with an equallocal match. A rapidly growing major source of income is the tourist industry,which now employs about 50% of the work force. Japanese tourists predominate.The agricultural sector is of minor importance and is made up of cattle ranchesand small farms producing coconuts, breadfruit, tomatoes, and melons. Industryis small scale, mostly handicrafts, light manufacturing, and garment production.

      GDP purchasing power parity - $524 million (1994 est.)
      note: GDP numbers reflect US spending

      GDP - real growth rate NA%

      GDP - per capita purchasing power parity - $10,500 (1994 est.)

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

      Inflation rate - consumer price index 6.5% (1994 est.)

      Labor force
      total: 7,476 total indigenous labor force; 2,699 unemployed; 22,560 foreignworkers (1995)
      by occupation: NA

      Unemployment rate 15% (residents)

      revenues: $190.4 million
      expenditures : $190.4 million, including capital expenditures of $19.1 million (FY94/95)

      Industries tourism, construction, garments, handicrafts

      Industrial production growth rate NA%

      Electricity - capacity NA kW

      Electricity - production NA kWh

      Electricity - consumption per capita NA kWh

      Agriculture - products coconuts, fruits, vegetables; cattle

      Exports NA
      commodities: garments
      partners : NA

      Imports NA
      commodities: food, construction equipment and materials, petroleum products
      partners : US, Japan

      Debt - external $NA

      Economic aid none

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

      Exchange rates US currency is used

      Fiscal year 1 October - 30 September

      NOTE: The information regarding Northern Mariana Islands on this page is re-published from the 1997 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Northern Mariana Islands Economy 1997 information contained here. All suggestions for corrections of any errors about Northern Mariana Islands Economy 1997 should be addressed to the CIA.

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    Revised 06-Mar-02
    Copyright © 2002 Photius Coutsoukis (all rights reserved)