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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.
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$238.1 million (2008 est.)
country comparison to the world: 212
$277 million (2002 est.)
note:
GDP supplemented by grant aid, averaging perhaps $100 million annually
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$238.1 million (2008)
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NA%
0.3% (2005 est.)
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$2,200 (2008 est.)
country comparison to the world: 184
$2,300 (2005 est.)
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agriculture: 28.9%
industry:
15.2%
services:
55.9% (2004 est.)
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16,360 (2008)
country comparison to the world: 209
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agriculture: 0.9%
industry:
34.4%
services:
64.7%
note:
two-thirds are government employees (FY05 est.)
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22% (2000 est.)
country comparison to the world: 170
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26.7% (2000)
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lowest 10%: NA%
highest 10%:
NA%
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revenues: $166 million (FY07 est.)
expenditures:
$152.7 million (FY07 est.)
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2.2% (2005)
country comparison to the world: 80
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14.38% (31 December 2008)
country comparison to the world: 57
14.03% (31 December 2007)
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$21.21 million (31 December 2008)
country comparison to the world: 161
$22.45 million (31 December 2007)
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$76.8 million (31 December 2008)
country comparison to the world: 158
$72.49 million (31 December 2007)
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$NA
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black pepper, tropical fruits and vegetables, coconuts, bananas, cassava (tapioca), sakau (kava), Kosraen citrus, betel nuts, sweet potatoes; pigs, chickens; fish
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tourism, construction; fish processing, specialized aquaculture; craft items (from shell, wood, and pearls)
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NA%
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192 million kWh (2002)
country comparison to the world: 177
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178.6 million kWh (2002)
country comparison to the world: 180
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0 kWh (2002)
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0 kWh (2002)
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-$34.3 million (FY05 est.)
country comparison to the world: 66
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$14 million (2004 est.)
country comparison to the world: 209
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fish, garments, bananas, black pepper, sakau (kava), betel nut
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$132.7 million (2004)
country comparison to the world: 207
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food, manufactured goods, machinery and equipment, beverages
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$60.8 million (FY05 est.)
country comparison to the world: 186
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the US dollar is used
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