Countries
Micronesia
Key Economic Indicators
$491.89 million
$4,347
0.72%
5.41%
$471.425 million (2024 est.)
<b>note:</b> central government debt as a % of GDP
$22.408 million (2014 est.)
Economic Overview
lower middle-income Pacific island economy; US aid reliance, sunsetting in 2024; low entrepreneurship; mostly fishing and farming; US dollar user; no patent laws; tourism remains underdeveloped; significant corruption
All Economic Data
Agricultural products
coconuts, cassava, vegetables, sweet potatoes, bananas, pork, plantains, fruits, beef, eggs (2023)
note:
<b>note:</b> top ten agricultural products based on tonnage
Budget
Expenditures:
$111.963 million (2020 est.)
Note:
<b>note:</b> central government revenues and expenses (excluding grants/extrabudgetary units/social security funds) converted to US dollars at average official exchange rate for year indicated
Revenues:
$137.795 million (2020 est.)
Currency
code:
USD
name:
United States dollar (USD) [$]
Current account balance
Current account balance 2014:
$22.408 million (2014 est.)
Current account balance 2016:
$11 million (2016 est.)
Current account balance 2017:
$12 million (2017 est.)
Note:
<b>note:</b> balance of payments - net trade and primary/secondary income in current dollars
Exchange rates
<p>the US dollar is used</p>
Exports
$127 million
Exports 2022:
$90.466 million (2022 est.)
Exports 2023:
$125.789 million (2023 est.)
Exports 2024:
$129.5 million (2024 est.)
Note:
<strong>note:</strong> GDP expenditure basis - exports of goods and services in current dollars
Exports - commodities
fish, diamonds, garments (2023)
note:
<strong>note:</strong> top export commodities based on value in dollars over $500,000
Exports - partners
Thailand 64%, China 16%, Philippines 11%, Japan 5%, Ecuador 1% (2023)
note:
<b>note:</b> top five export partners based on percentage share of exports
GDP - composition, by sector of origin
Agriculture:
23.3% (2023 est.)
Industry:
5% (2023 est.)
Note:
<b>note:</b> figures may not total 100% due to non-allocated consumption not captured in sector-reported data
Services:
69.2% (2023 est.)
GDP (official exchange rate)
$471.425 million (2024 est.)
note:
<b>note:</b> data in current dollars at official exchange rate
GDP per capita (nominal)
$4,166
Gini Index coefficient - distribution of family income
40.1 (2013)
GNI (gross national income)
$508.73 million
GNI per capita
$4,240
Imports
$337 million
Imports 2022:
$274.334 million (2022 est.)
Imports 2023:
$310.669 million (2023 est.)
Imports 2024:
$325.9 million (2024 est.)
Note:
<strong>note:</strong> GDP expenditure basis - imports of goods and services in current dollars
Imports - commodities
poultry, fish, plastic products, cars, prepared meat (2023)
note:
<b>note:</b> top five import commodities based on value in dollars
Imports - partners
USA 35%, China 20%, Japan 13%, Taiwan 6%, Philippines 4% (2023)
note:
<b>note:</b> top five import partners based on percentage share of imports
Industrial production growth rate
0.8% (2023 est.)
note:
<strong>note:</strong> annual % change in industrial value added based on constant local currency
Industries
tourism, construction; specialized aquaculture, craft items (shell and wood)
Inflation rate (consumer prices)
5.41%
Inflation rate (consumer prices) 2020:
0.6% (2020 est.)
Inflation rate (consumer prices) 2021:
3.2% (2021 est.)
Inflation rate (consumer prices) 2022:
5.4% (2022 est.)
Note:
<b>note:</b> annual % change based on consumer prices
Public debt
Note:
<b>note:</b> central government debt as a % of GDP
Public debt 2020:
27.8% of GDP (2020 est.)
Real GDP (purchasing power parity)
$491.89 million
Note:
<b>note:</b> data in 2021 dollars
Real GDP (purchasing power parity) 2022:
$427.529 million (2022 est.)
Real GDP (purchasing power parity) 2023:
$429.59 million (2023 est.)
Real GDP (purchasing power parity) 2024:
$432.679 million (2024 est.)
Real GDP growth rate
0.72%
Note:
<b>note:</b> annual GDP % growth based on constant local currency
Real GDP growth rate 2022:
-2.9% (2022 est.)
Real GDP growth rate 2023:
0.5% (2023 est.)
Real GDP growth rate 2024:
0.7% (2024 est.)
Real GDP per capita
$4,347
Note:
<b>note:</b> data in 2021 dollars
Real GDP per capita 2022:
$3,800 (2022 est.)
Real GDP per capita 2023:
$3,800 (2023 est.)
Real GDP per capita 2024:
$3,800 (2024 est.)
Remittances
$23.34 million
Note:
<b>note:</b> personal transfers and compensation between resident and non-resident individuals/households/entities
Remittances 2021:
6% of GDP (2021 est.)
Remittances 2022:
5.6% of GDP (2022 est.)
Remittances 2023:
5.3% of GDP (2023 est.)
Reserves of foreign exchange and gold
$497.43 million
Note:
<b>note:</b> holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars
Reserves of foreign exchange and gold 2019:
$397.158 million (2019 est.)
Reserves of foreign exchange and gold 2020:
$451.913 million (2020 est.)
Reserves of foreign exchange and gold 2021:
$497.434 million (2021 est.)
Taxes and other revenues
7% (of GDP) (2020 est.)
note:
<b>note:</b> central government tax revenue as a % of GDP
World Bank Indicators
Currency
United States dollar (USD) $ (2025)
Gini Index
40.10 (2013)
Languages
English (2025)
Economic Rankings
Gini Index
#67
Inflation Rate
#154
Reserves
#159
GDP per Capita
#161
Imports
#186
GDP Growth Rate
#187
Exports
#187
GDP (Nominal)
#190
GDP (PPP)
#192
Quick Facts
Industries
tourism, construction; specialized aquaculture, craft items (shell and wood)
Agricultural products
coconuts, cassava, vegetables, sweet potatoes, bananas, pork, plantains, fruits, beef, eggs (2023)
Exports - partners
Thailand 64%, China 16%, Philippines 11%, Japan 5%, Ecuador 1% (2023)
Imports - partners
USA 35%, China 20%, Japan 13%, Taiwan 6%, Philippines 4% (2023)
Exchange rates
<p>the US dollar is used</p>
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