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Northern Mariana Islands Economy 1998 https://greekorthodoxchurch.org/wfb1998/northern_mariana_islands/northern_mariana_islands_economy.html SOURCE: 1998 CIA WORLD FACTBOOK Economy - overview The economy benefits substantially from financial assistance from the US. The rate of funding has declined as locally generated government revenues have grown. An agreement for the years 1986 to 1992 entitled the islands to $228 million for capital development, government operations, and special programs. Since 1992, funding has been extended one year at a time. The commonwealth received $27.7 million from FY93/94 through FY95/96. For FY96/97 through FY02/03, funding of $11 million will be provided for infrastructure, with an equal local match. A rapidly growing chief source of income is the tourist industry, which now employs about 50% of the work force. Japanese tourists predominate. The agricultural sector is of minor importance and is made up of cattle ranches and small farms producing coconuts, breadfruit, tomatoes, and melons. Garment production is the fastest growing industry with employment of 12,000 mostly Chinese workers and shipments of $800 million to the US in 1997 under duty and quota exemptions. GDP
purchasing power parity - $524 million (1994 est.)
GDP - real growth rate NA% GDP - per capita purchasing power parity - $10,500 (1994 est.) GDP - composition by sector
Inflation rate - consumer price index 6.5% (1994 est.) Labor force
Unemployment rate 14% (residents) Budget
Industries tourism, construction, garments, handicrafts Industrial production growth rate NA% Electricity - capacity NA kW Electricity - production NA kWh Electricity - consumption per capita NA kWh Agriculture - products coconuts, fruits, vegetables; cattle Exports
NA
Imports
NA
Debt - external $NA Economic aid none Currency 1 United States dollar (US$) = 100 cents Exchange rates US currency is used Fiscal year
1 October - 30 September
NOTE: The information regarding Northern Mariana Islands 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 Northern Mariana Islands Economy 1998 information contained here. All suggestions for corrections of any errors about Northern Mariana Islands Economy 1998 should be addressed to the CIA. |