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In 1979 the Federated States of Micronesia, a UN Trust Territory under US administration, adopted a constitution. In 1986 independence was attained under a Compact of Free Association with the US, which was amended and renewed in 2004. Present concerns include large-scale unemployment, overfishing, and overdependence on US aid.


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Economy

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.

Gdp (purchasing power parity) World Ranking: 213
$238.1 million (2008 est.)
$277 million (2002 est.)
Note Data are in 2008 US dollars
GDP supplemented by grant aid, averaging perhaps $100 million annually

Gdp (official exchange rate)
$238.1 million (2008)

Gdp - real growth rate World Ranking: 192
0.3% (2005 est.)

Gdp - per capita (ppp) World Ranking: 188
$2,200 (2008 est.)
$2,300 (2005 est.)
Note Data are in 2008 US dollars

Gdp - composition by sector
Agriculture 28.9%
Industry 15.2%
Services 55.9% (2004 est.)

Labor force World Ranking: 211
16,360 (2008)

Labor force - by occupation
Agriculture 0.9%
Industry 34.4%
Services 64.7%
Note
Two-thirds of the labor force are government employees (FY05 est.)

Unemployment rate World Ranking: 168
22% (2000 est.)

Population below poverty line
26.7% (2000)

Household income or consumption by percentage share
Lowest 10% NA%
Highest 10% NA%

Budget
Revenues $166 million (FY07 est.)
Expenditures $152.7 million (FY07 est.)

Taxes and other revenues World Ranking: 5
69.7% of GDP (FY07 est.)

Budget surplus (+) or deficit (-) World Ranking: 17
5.6% of GDP (FY07 est.)

Inflation rate (consumer prices) World Ranking: 27
2.2% (2005)

Commercial bank prime lending rate World Ranking: 38
14.35% (31 December 2011 est.)
15.38% (31 December 2009 est.)

Stock of narrow money World Ranking: 187
$27.22 million (31 December 2011 est.)
$21.21 million (31 December 2008)

Stock of broad money World Ranking: 188
$118.4 million (31 December 2011 est.)
$98 million (31 December 2008 est.)

Stock of domestic credit World Ranking: 188
$65.68 million (31 December 2009)
$43.75 million (31 December 2008)

Agriculture - products
Black pepper, tropical fruits and vegetables, coconuts, bananas, cassava (tapioca), sakau (kava), Kosraen citrus, betel nuts, sweet potatoes; pigs, chickens; fish

Industries
Tourism, construction; fish processing, specialized aquaculture; craft items (from shell, wood, and pearls)

Industrial production growth rate
NA%

Electricity - production World Ranking: 178
192 million kWh (2002)

Electricity - consumption World Ranking: 183
178.6 million kWh (2002)

Electricity - exports
0 kWh (2002)

Electricity - imports
0 kWh (2002)

Current account balance World Ranking: 64
-$34.3 million (FY05 est.)

Exports World Ranking: 211
$14 million (2004 est.)

Exports - commodities
Fish, garments, bananas, black pepper, sakau (kava), betel nut

Imports World Ranking: 208
$132.7 million (2004)

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

Debt - external World Ranking: 192
$60.8 million (FY05 est.)

Exchange rates
The US dollar is used

Fiscal year
1 October - 30 September


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  Federated States Of Micronesia (Palikir):


  GPS points from Federated States Of Micronesia (Palikir)

Talolay Yap

Fomseng Kosrae

Ono Chuuk

Diadi Pohnpei

Chukuchap Chuuk

Woconuuk Chuuk






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