Economy of Micronesia

Imports

Imports commoditiesfood, manufactured goods, machinery and equipment, beverages

Exports

Exports commoditiesfish, garments, bananas, black pepper, sakau (kava), betel nuts

Economy sectors

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

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

Economy

Inflation2.20 % (2005)

Unemployment22.0 % (2000)16.0 % (1999)

GDP - Official Exchange Rate339 Million $ (2013)322 Million $ (2012)310 Million $ (2011)

GDP - Official Exchange Rate of Micronesia

GDP growth rate0.60 % (2013)0.40 % (2012)2.05 % (2011)

GDP per Capita (PPP)7,300 $ (2013)7,100 $ (2012)3,412 $ (2011)

GDP - Purchasing Power Parity368 Million $ (2013)361 Million $ (2012)353 Million $ (2011)

GDP - Purchasing Power Parity of Micronesia

GDP PPP per land area525 Thousand $ per square kilometer (2013)514 Thousand $ per square kilometer (2012)503 Thousand $ per square kilometer (2011)

Banking

Commercial bank prime lending rate14.4 % (2013)14.4 % (2012)14.4 % (2011)

Commercial bank prime lending rate of Micronesia

GDP decomposition by sector

Agriculture % of GDP14.0 % (2011)

Industry % of GDP12.0 % (2011)

Services % of GDP74.0 % (2011)

Tourism

International tourism, number of arrivals26,000 (2008)21,000 (2007)19,000 (2006)

Yearly Tourist arrivals to residents ratio24.9 % (2008)20.0 % (2007)18.0 % (2006)

Yearly Tourist arrivals to residents ratio of Micronesia

Debt, Current Account Balance and Budget Deficit

Budget surplus (+) or deficit (-)1.60 % of GDP

External Debt (Total)53.1 Million $ (1970)

External Debt (Percentage of GDP)49.9 % of GDP (1970)

External Debt per Capita864 $ (1970)