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. 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: 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 (June 1995)
Labor force - by occupation:
NA
Unemployment rate:
NA
Budget:
revenues: $193 million
expenditures: $223 million, including capital expenditures of
NA (FY01/02 est.)
Agriculture - products:
coconuts, fruits, vegetables; cattle
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
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
