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    Micronesia, Federated States of Economy 1998

      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 remoteness of the location and a lack of adequate facilities hinder development. Financial assistance from the US is the primary source of revenue, with the US pledged to spend $1 billion in the islands in the 1990s. Geographical isolation and a poorly developed infrastructure are major impediments to long-term growth.

      GDP purchasing power parity - $220 million (1996 est.)
      note: GDP is supplemented by grant aid, averaging perhaps $100 million annually

      GDP - real growth rate 1% (1996 est.)

      GDP - per capita purchasing power parity - $1,760 (1996 est.)

      GDP - composition by sector
      agriculture: NA%
      industry: NA%
      services: NA%

      Inflation rate - consumer price index 4% (1996 est.)

      Labor force NA
      by occupation: two-thirds are government employees

      Unemployment rate 27% (1989)

      revenues : $58 million
      expenditures: $52 million, including capital expenditures of $4.7 million (FY95/96 est.)

      Industries tourism, construction, fish processing, craft items from shell, wood, and pearls

      Industrial production growth rate NA%

      Electricity - capacity 38,500 kW (1995)

      Electricity - production NA kWh

      Electricity - consumption per capita NA kWh

      Agriculture - products black pepper, tropical fruits and vegetables, coconuts, cassava (tapioca), sweet potatoes; pigs, chickens

      total value: $73 million (f.o.b., 1996 est.)
      commodities: fish, garments, bananas, black pepper
      partners: Japan, US, Guam

      total value: $168 million (c.i.f., 1996 est.)
      commodities: food, manufactured goods, machinery and equipment, beverages
      partners: US, Japan, Australia

      Debt - external $129 million

      Economic aid
      recipient: 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

      NOTE: The information regarding Micronesia, Federated States of on this page is re-published from the 1998 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Micronesia, Federated States of Economy 1998 information contained here. All suggestions for corrections of any errors about Micronesia, Federated States of Economy 1998 should be addressed to the CIA.

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    Revised 21-Dec-01
    Copyright © 2001 Photius Coutsoukis (all rights reserved)