Economy - overview:
Economic activity consists of subsistence farming and fishing and government which is funded largely by Compact of Free Association (Compact) assistance provided by the US. The islands have few known mineral deposits worth commercial exploration. The potential for tourism is also limited by isolation, lack of adequate facilities, and limited air and water connections hinder development. Under the terms of the original Compact, the US provided $1.3 billion in grants and aid in 1986-2001. The US and the Federated States of Micronesia (FSM) negotiated a second (amended) Compact agreement in 2002-2003 that took effect in 2004. The amended Compact runs for a 20-year period to 2024; during which the US will provide roughly $2.1 billion to the FSM. The amended Compact also includes a Trust Fund for the people of the FSM which is to provide an income stream beyond 2024 when Compact grants are to end. The country's medium-term economic outlook appears fragile because of reduced US assistance and lackluster performance of its small and stagnant private sector.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): GDP - composition, by sector of origin:
Agriculture - products: Industries: Industrial production growth rate: Labor force: Labor force - by occupation:
Unemployment rate: Population below poverty line: Household income or consumption by percentage share:
Budget:
Taxes and other revenues: Budget surplus (+) or deficit (-): Fiscal year: Inflation rate (consumer prices): Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Current account balance: Exports: Exports - commodities: Imports: Imports - commodities: Reserves of foreign exchange and gold: Debt - external: Exchange rates:
$754 million (2013 est.)
country comparison to the world: 210
$749.1 million (2012 est.)
$746.8 million (2011 est.)
note:
data are in 2013 US dollars; GDP supplemented by grant aid, averaging perhaps $100 million annually
[see also: GDP country ranks ]
$339 million (2013 est.)
[see also: GDP (official exchange rate) country ranks ]
0.6% (2013 est.)
country comparison to the world: 182
2.1% (2011 est.)
[see also: GDP - real growth rate country ranks ]
$7,300 (2013 est.)
country comparison to the world: 140
$7,200 (2012 est.)
$7,200 (2011 est.)
note:
data are in 2013 US dollars
[see also: GDP - per capita country ranks ]
agriculture:
14%
industry:
12%
services:
74% (2011 est.)
black pepper, tropical fruits and vegetables, coconuts, bananas, cassava (manioc, tapioca), sakau (kava), Kosraen citrus, betel nuts, sweet potatoes; pigs, chickens; fish
tourism, construction; fish processing, specialized aquaculture; craft items (from shell, wood, and pearls)
NA%
[see also: Industrial production growth rate country ranks ]
15,920 (2011)
country comparison to the world: 213
[see also: Labor force country ranks ]
agriculture:
0.9%
industry:
20.6%
services:
78.5%
note:
two-thirds of the labor force are government employees (2011 est.)
22% (2000 est.)
country comparison to the world: 167
[see also: Unemployment rate country ranks ]
26.7% (2000)
[see also: Population below poverty line country ranks ]
lowest 10%:
NA%
highest 10%:
NA%
revenues:
$107 million
expenditures:
$102 million (FY10/11 est.)
31.6% of GDP (FY10/11 est.)
country comparison to the world: 83
[see also: Taxes and other revenues country ranks ]
1.5% of GDP (FY10/11 est.)
country comparison to the world: 22
[see also: Budget surplus (+) or deficit (-) country ranks ]
1 October - 30 September
3.4% (2011 est.)
country comparison to the world: 122
3.5% (2010 est.)
[see also: Inflation rate (consumer prices) country ranks ]
14.35% (31 December 2013 est.)
country comparison to the world: 45
14.35% (31 December 2012 est.)
[see also: Commercial bank prime lending rate country ranks ]
$27.22 million (31 December 2011 est.)
country comparison to the world: 187
$27.22 million
[see also: Stock of narrow money country ranks ]
$118.4 million (31 December 2011 est.)
country comparison to the world: 190
$113.9 million (31 December 2010 est.)
[see also: Stock of broad money country ranks ]
$-56.77 million (31 December 2011 est.)
country comparison to the world: 181
$56.77 million
[see also: Stock of domestic credit country ranks ]
-$34.3 million (FY05 est.)
country comparison to the world: 65
[see also: Current account balance country ranks ]
$24.9 million (2009 est.)
country comparison to the world: 204
$14 million (2004 est.)
[see also: Exports country ranks ]
fish, garments, bananas, black pepper, sakau (kava), betel nuts
$132.7 million (2004)
country comparison to the world: 208
[see also: Imports country ranks ]
food, manufactured goods, machinery and equipment, beverages
$75.06 million (31 December 2011 est.)
country comparison to the world: 167
$75.06 million
[see also: Reserves of foreign exchange and gold country ranks ]
$60.8 million (FY05 est.)
country comparison to the world: 192
[see also: Debt - external country ranks ]
the US dollar is used