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Micronesia, Federated States of Economy 2013
http://www.theodora.com/wfbcurrent/micronesia_federated_states_of/micronesia_federated_states_of_economy.html
SOURCE: 2013 CIA WORLD FACTBOOK AND OTHER SOURCES
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Page last updated on February 5, 2013

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.)
country comparison to the world: 215

$277 million (2002 est.)
note: data are in 2008 US dollars
GDP supplemented by grant aid, averaging perhaps $100 million annually
[see also: GDP country ranks ]

GDP (official exchange rate):
$238.1 million (2008)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
0.3% (2005 est.)
country comparison to the world: 179
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$2,200 (2008 est.)
country comparison to the world: 188

$2,300 (2005 est.)
note: data are in 2008 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 28.9%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 15.2%
services: 55.9% (2004 est.)

Labor force:
16,360 (2008)
country comparison to the world: 212
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 0.9%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 34.4%
services: 64.7%
note: two-thirds of the labor force are government employees (FY05 est.)

Unemployment rate:
22% (2000 est.)
country comparison to the world: 165
[see also: Unemployment rate country ranks ]

Population below poverty line:
26.7% (2000)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%

Budget:
revenues: $166 million (FY07 est.)
[see also: Budget revenues country ranks ]
expenditures: $152.7 million (FY07 est.)

Taxes and other revenues:
69.7% of GDP (FY07 est.)
country comparison to the world: 7
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
5.6% of GDP (FY07 est.)
country comparison to the world: 12
[see also: Budget surplus (+) or deficit (-) country ranks ]

Inflation rate (consumer prices):
3.4% (2011 est.)
country comparison to the world: 93

3.5% (2010 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Commercial bank prime lending rate:
14.35% (31 December 2011 est.)
country comparison to the world: 41

15.13% (31 December 2010 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$27.22 million (31 December 2011 est.)
country comparison to the world: 188

$27.22 million (31 December 2011 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$118.4 million (31 December 2011 est.)
country comparison to the world: 189

$113.9 million (31 December 2010 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$56.77 million (31 December 2011 est.)
country comparison to the world: 188

$43.72 million (31 December 2010 est.)
[see also: Stock of domestic credit country ranks ]

Agriculture - products:
black pepper, tropical fruits and vegetables, coconuts, bananas, cassava (tapioca), sakau (kava), Kosraen citrus, 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%
[see also: Industrial production growth rate country ranks ]

Current account balance:
-$34.3 million (FY05 est.)
country comparison to the world: 62
[see also: Current account balance country ranks ]

Exports:
$24.9 million (2009 est.)
country comparison to the world: 206

$14 million (2004 est.)
[see also: Exports country ranks ]

Exports - commodities:
fish, garments, bananas, black pepper, sakau (kava), betel nut

Imports:
$132.7 million (2004)
country comparison to the world: 208
[see also: Imports country ranks ]

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

Reserves of foreign exchange and gold:
$75.06 million (31 December 2011 est.)
country comparison to the world: 163

$55.76 million (2010 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$60.8 million (FY05 est.)
country comparison to the world: 193
[see also: Debt - external country ranks ]

Exchange rates:
the US dollar is used, 1 (2012 est.)

Fiscal year:
1 October - 30 September


NOTE: The information regarding Micronesia, Federated States of on this page is re-published from the 2013 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Micronesia, Federated States of Economy 2013 information contained here. All suggestions for corrections of any errors about Micronesia, Federated States of Economy 2013 should be addressed to the CIA.


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