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Economy of The Federated States of Micronesia
Economy of The Federated States of Micronesia
Statistics
(2017 est.)[2]
Inflation (CPI) 1.5% (2018)[1]
Population below poverty line 26.7% (2000)[3]
agriculture: 5.2%
industry: 0.9%
(2013 est.)[6]
Unemployment 16.2% (2010)[7]
External
Public finances
Public debt 24.5% of GDP (2017 est.)[11]
Contents
1Industries
2Taxation and trade
3Statistics
4References
5External links
Industries[edit]
The fishing industry is highly important. Foreign commercial fishing fleets pay over $20
million annually for the right to operate in FSM territorial waters. These licensing fees
account for nearly 30% of domestic budgetary revenue. Additionally, exports of marine
products, mainly reexports of fish to Japan, account for nearly 85% of export revenue.
The tourist industry is present but has been hampered by a lack of infrastructure. Visitor
attractions include scuba diving in each state, World War II battle sites, and the ancient
ruined city of Nan Madol on Pohnpei. Some 15,000 tourists visit the islands each year.
The Asian Development Bank has identified tourism as one of FSM's highest potential
growth industries.
Farming is mainly subsistence, and its importance is declining. The principal crops are
coconuts, bananas, betel nuts, cassava, and sweet potatoes. Less than 10% of the
formal labor force and less than 7% of export revenue come from the agriculture sector.
Manufacturing activity is modest, consisting mainly of the export of betel nut in Yap and
production of buttons from trochus shells.
Statistics[edit]
GDP: purchasing power parity - $277 million (2002 est.)
note: GDP is supplemented by grant aid, averaging perhaps $100 million annually
GDP - real growth rate: 1% (2002 est.)
GDP - per capita: purchasing power parity - $3 900 (2002 est.)
GDP - composition by sector:
agriculture: 47%
industry: 10%
services: 43% (2010 est.)
Population below poverty line: 22.3%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices): 2% (2012 est.)
Labor force: 37,410 (2000)
Labor force - by occupation: two-thirds are government employees
Unemployment rate: 15% (2010 estimate)
Budget:
revenues: $157.5 million ($74 million less grants
expenditures: $134 million; including capital expenditures of $17.9 million (FY05 est.)
Industries: tourism, construction, fish processing, craft items from shell, wood,
and pearls
Industrial production growth rate: NA%
Electricity - production: 261 million kWh (2010)
Electricity - consumption: 222 million kWh (2010)
Electricity - exports: 0 kWh (2010)
Electricity - imports: 0 kWh (2010)
Agriculture - products: black pepper, tropical fruits and
vegetables, coconuts, cassava (tapioca), sweet potatoes; pigs, chickens
Exports: $123 million (f.o.b., 2000 est.)
Exports - commodities: fish, garments, bananas, black pepper
Exports - partners: Japan, United States, Guam, China (2010)
Imports: $82.5 million f.o.b. (2010 est.)
Imports - commodities: food, manufactured goods, machinery and equipment,
beverages
Imports - partners: US, Australia, Japan (2010)
Debt - external: $44 million (2010 est.)
Economic aid - recipient: $64 million (2010); note - under terms of the Compact of
Free Association, the US will provide $1.3 billion in grant aid during the period 1986-
2001
Currency: 1 United States dollar (US$) = 100 cents
Exchange rates: US currency is used
Fiscal year: 1 October - 30 September