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. The key tourist industry employs
about 50% of the work force and accounts for roughly one-fourth of
GDP. Japanese tourists predominate. Annual tourist entries have
exceeded one-half million in recent years, but financial
difficulties in Japan have caused a temporary slowdown. The
agricultural sector is made up of cattle ranches and small farms
producing coconuts, breadfruit, tomatoes, and melons. Garment
production is by far the most important industry with employment of
17,500 mostly Chinese workers and sizable shipments to the US under
duty and quota exemptions.
GDP:
purchasing power parity - $900 million
note: $900 million $900 million GDP estimate includes US subsidy
(2000 est.)
GDP - real growth rate:
NA%
GDP - per capita:
purchasing power parity - $12,500 (2000 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):
1.2% (1997 est.)
Labor force:
6,006 total indigenous labor force; 2,699 unemployed; 28,717
foreign workers
Labor force - by occupation:
NA
Unemployment rate:
NA%
Budget:
revenues: $193 million
expenditures: $223 million, including capital expenditures of NA (FY
01/02 est.)
Industries:
tourism, construction, garments, handicrafts
Industrial production growth rate:
NA%
Electricity - production:
NA kWh
Electricity - consumption:
NA kWh
Electricity - exports:
0 kWh
Electricity - imports:
0 kWh
Agriculture - products:
coconuts, fruits, vegetables; cattle
Exports:
$NA
Exports - commodities:
garments
Exports - partners:
US (2000)
Imports:
$NA
Imports - commodities:
food, construction equipment and materials, petroleum products
Imports - partners:
US, Japan (2000)
Debt - external:
$NA
Economic aid - recipient:
extensive funding from US
Currency:
US dollar (USD)
Currency code:
USD
Exchange rates:
the US dollar is used
Fiscal year:
1 October - 30 September