Member of: SPF, ESCAP (associate)
Diplomatic representation: Deputy Representative Jesse B. MAREHALAN; Representative Office at 706 G Street SE, Washington DC 20003; telephone (202) 544-2640; US—Representative Michael G. WYGANT; US Office at address NA, Kolonia (mailing address is P. O. Box 1286, Pohnpei, Federated States of Micronesia 96941); telephone 691-320-2187
Flag: light blue with four white five-pointed stars centered; the stars are arranged in a diamond pattern
- Economy Overview: Financial assistance from the US is the primary source of revenue, with the US pledged to spend $1 billion in the islands in the 1990s. Micronesia also earns about $4 million a year in fees from foreign commercial fishing concerns. 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 remoteness of the location and a lack of adequate facilities hinder development; note—GNP numbers reflect US spending.
GNP: $150 million, per capita $1,500; real growth rate NA% (1989 est.)
Inflation rate (consumer prices): NA%
Unemployment rate: 80%
Budget: revenues $110.8 million; expenditures NA, including capital expenditures of NA (1987 est.)
Exports: $1.6 million (f.o.b., 1983); commodities—copra; partners—NA
Imports: $48.9 million (c.i.f., 1983); commodities—NA; partners—NA