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    Micronesia, Federated States of Economy - 2002

      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 and a lack of adequate facilities hinder development. In 1996, the country experienced a 20% reduction in revenues from the Compact of Free Association - the agreement with the US in which Micronesia received $1.3 billion in financial and technical assistance over a 15-year period until 2001. Since these revenues accounted for 57% of consolidated government revenues, reduced Compact funding resulted in a severe depression. Economic activity recovered in 1999-2001. The country's medium-term economic outlook appears fragile due to likely further reductions in external grants made under the US Compact funding. Geographical isolation and a poorly developed infrastructure remain major impediments to long-term growth.

      GDP purchasing power parity - $269 million (2001 est.)
      note: GDP is supplemented by grant aid, averaging perhaps $100 million annually

      GDP - real growth rate 2% (2001 est.)

      GDP - per capita purchasing power parity - $2,000 (2001 est.)

      GDP - composition by sector
      agriculture: 50%
      industry: 4%
      services: 46% (2000 est.)

      Population below poverty line NA%

      Household income or consumption by percentage share
      lowest 10%: NA%
      highest 10%: NA%

      Inflation rate (consumer prices) 2.5% (2001 est.)

      Labor force NA

      Labor force - by occupation two-thirds are government employees

      Unemployment rate 16% (1999 est.)

      revenues: $161 million ($69 million less grants)
      expenditures: $160 million, including capital expenditures of $NA (1998 est.)

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

      Industrial production growth rate NA%

      Electricity - production NA kWh

      Electricity - production by source
      fossil fuel: NA%
      nuclear: NA%
      other: NA%
      hydro: NA%

      Electricity - consumption NA kWh

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

      Exports $22 million (f.o.b., FY99/00 est.)

      Exports - commodities fish, garments, bananas, black pepper

      Exports - partners Japan, US, Guam

      Imports $149 million (f.o.b., FY99/00 est.)

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

      Imports - partners US, Australia, Japan

      Debt - external $66.5 million (FY99/00 est.)

      Economic aid - recipient under terms of the Compact of Free Association, the US pledged $1.3 billion in grant aid during the period 1986-2001

      Currency US dollar (USD)

      Currency code USD

      Exchange rates the US dollar is used

      Fiscal year 1 October - 30 September

      NOTE: The information regarding Micronesia, Federated States of on this page is re-published from the 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Micronesia, Federated States of Economy 2002 information contained here. All suggestions for corrections of any errors about Micronesia, Federated States of Economy 2002 should be addressed to the CIA.

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    Revised 30-Jan-03
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