| Economy | Federated States of Micronesia |
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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. Under the original terms of the Compact of Free Association, the US provided $1.3 billion in grant aid during the period 1986-2001; the level of aid has been subsequently reduced. 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 (purchasing power parity):
|
$238.1 million (2008 est.)
$277 million (2002)
note: supplemented by grant aid, averaging perhaps $100 million annually
note: data are in 2008 US dollars |
GDP - per capita (PPP):
|
$2,200 (2008 est.)
$2,300 (2005 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
|
$238.1 million (2008) |
GDP - real growth rate:
|
NA
0.3% (2005 est.) |
GDP - composition by sector:
|
agriculture: 28.9%
industry: 15.2%
services: 55.9% (2004 est.) |
Investment (gross fixed):
|
void |
Population below poverty line:
|
26.7% (2000) |
Household income or consumption by percentage share:
|
lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
|
2.2% (2005) |
Central bank discount rate:
|
void |
Commercial bank prime lending rate:
|
14.03% (31 December 2007) |
Stock of money:
|
$22.45 million (31 December 2007) |
Stock of money - per capita:
|
209 USD per capita |
Stock of quasi money:
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$72.49 million (31 December 2007) |
Stock of quasi money - per capita:
|
675 USD per capita |
Stock of domestic credit:
|
NA |
Stock of domestic credit - per capita:
|
void |
Labor force:
|
16,360 (2008) |
Labor force participation rate:
|
15.23 % of population |
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: $166 million ($69 million less grants)
expenditures: $152.7 million (FY07 est.) |
Budget revenues per capita:
|
1,546 USD per capita |
Public debt:
|
void |
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 - production per capita:
|
1,788 kWh per capita |
Electricity - consumption:
|
178.6 million kWh (2002) |
Electricity - consumption - per capita:
|
1,663 kWh per capita |
Electricity - exports:
|
0 kWh (2002) |
Electricity - imports:
|
0 kWh (2002) |
Oil - production:
|
void |
Oil - production per capita:
|
void |
Oil - consumption:
|
void |
Oil - consumption - per capita:
|
void |
Oil - exports:
|
void |
Oil - imports:
|
void |
Oil - proved reserves:
|
void |
Natural gas - production:
|
void |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
void |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
void |
Natural gas - imports:
|
void |
Natural gas - proved reserves:
|
void |
Agriculture - products:
|
black pepper, tropical fruits and vegetables, coconuts, bananas, cassava (tapioca), sakau (kava), betel nuts, sweet potatoes; pigs, chickens; fish; Kosraen citrus |
Current account balance:
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-$34.3 million (FY05 est.) |
Current account balance - per capita:
|
-319 USD per capita |
Exports:
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$14 million (f.o.b.) (2004 est.) |
Exports per capita:
|
131 USD per capita |
Exports - commodities:
|
fish, garments, bananas, black pepper, sakau (kava), betel nut |
Exports - partners:
|
void |
Imports:
|
$132.7 million f.o.b. (2004) |
Imports per capita:
|
1,236 USD per capita |
Imports - commodities:
|
food, manufactured goods, machinery and equipment, beverages |
Imports - partners:
|
void |
Reserves of foreign exchange and gold:
|
void |
Reserves of foreign exchange and gold - per capita:
|
void |
Debt - external:
|
$60.8 million (FY05 est.) |
Debt - external - per capita:
|
566 USD per capita |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
void |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
|
$NA |
Market value of publicly traded shares - per capita:
|
void |
Economic aid - donor:
|
void |
Economic aid - recipient:
|
$106.4 million (2005) |
Economic aid - recipient per capita:
|
991 USD per capita |
Currency (code):
|
US dollar (USD) |
Exchange rates:
|
the US dollar is used |
Fiscal year:
|
1 October - 30 September |
|
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