Oceania > Micronesia, Federated States of > Economy

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Agriculture > products black pepper, tropical fruits and vegetables, coconuts, cassava, betel nuts, sweet potatoes; pigs, chickens
Budget > Revenues	$127,300,000.00		[10th of 166]
Current account balance	-$34,300,000.00		[70th of 181]
Debt > External	$53,100,000.00		[120th of 136]
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.
Exchange rates	the US dollar is used
Exports	$14,000,000.00		[52nd of 189]
Exports to US	$3,700,000.00		[148th of 224]
GDP	$244,700,000.00		[166th of 203]
GDP (purchasing power parity)	$277,000,000.00		[14th of 187]
GDP > Composition by sector > Industry	15.2%		[28th of 146]
GDP > Real growth rate	0.3%		[188th of 198]
GDP growth > annual %	0.3 annual %		[164th of 187]
GDP per capita, PPP > current international $	7,241.86 PPP $		[70th of 169]
Inflation rate (consumer prices)	2.2%		[145th of 192]
Population below poverty line	26.7%		[10th of 46]
Total reserves minus gold > current US$	49,953,320 $		[168th of 178]
Tourist arrivals	11,000		[146th of 152]
Tourist arrivals by region of origin > Europe	2,019		[172nd of 195]
Trade balance with US	$1,900,000.00		[80th of 224]

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