Economy

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 $1 billion to the US in 1998 under duty and quota exemptions.

GDP: purchasing power parity - $524 million (1996 est.)
note: GDP numbers reflect US spending

GDP - real growth rate: NA%

GDP - per capita: purchasing power parity - $9,300 (1996 est.)

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

Population below poverty line: NA%

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

Inflation rate (consumer prices): 6.5% (1994 est.)

Labor force: 6,006 total indigenous labor force; 2,699 unemployed; 28,717 foreign workers (1995)

Labor force - by occupation: managerial 20.5%, technical, sales 16.4%, services 19.3%, farming 3.1%, precision production 13.8%, operators, fabricators 26.9%

Unemployment rate: 14% (residents)

Budget:
revenues: $221 million
expenditures: $213 million, including capital expenditures of $17.7 million (1996)

Industries: tourism, construction, garments, handicrafts

Industrial production growth rate: NA%

Electricity - production: NA kWh

Electricity - production by source:
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0%

Electricity - consumption: NA kWh

Electricity - exports: NA kWh

Electricity - imports: NA kWh

Agriculture - products: coconuts, fruits, vegetables; cattle

Exports: $1 billion (1998)

Exports - commodities: garments

Exports - partners: US

Imports: $NA

Imports - commodities: food, construction equipment and materials, petroleum products

Imports - partners: US, Japan

Debt - external: $NA

Economic aid - recipient: $21.1 million (1995)

Currency: 1 United States dollar (US$) = 100 cents

Exchange rates: US currency is used