Micronesia, Federated States of
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| Introduction - Micronesia, Federated States of: | | Location - Micronesia, Federated States of: | | People - Micronesia, Federated States of: | | Government - Micronesia, Federated States of: | | Economy - Micronesia, Federated States of: | 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 countrys 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 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 real growth rate | 0.3% (2005 est.) | | Gdp per capita ppp | $2,300 (2005 est.) | | Gdp composition by sector | agriculture: 28.9%
industry: 15.2%
services: 55.9% (2004 est.) | | 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.) | | 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) | | Budget | revenues: $127.3 million ($69 million less grants)
expenditures: $144.2 million; including capital expenditures of $17.9 million (FY05 est.) | | Agriculture products | black pepper, tropical fruits and vegetables, coconuts, bananas, cassava (tapioca), sakau (kava), betel nuts, sweet potatoes; pigs, chickens; fish | | 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) | | Current account balance | -$34.3 million (FY05 est.) | | 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 code | US dollar (USD) | | Exchange rates | the US dollar is used | |
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This page was last updated on 16 September, 2007
Source: CIA >>> |
