:Micronesia, Federated States of Economy
Overview:
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.
Financial assistance from the US is the primary source of revenue, with the
US pledged to spend $1 billion in the islands in the l990s. Geographical
isolation and a poorly developed infrastructure are major impediments to
long-term growth.
GNP:
purchasing power equivalent - $150 million, per capita $1,500; real growth
rate NA% (1989 est.); note - GNP numbers reflect US spending
Inflation rate (consumer prices):
NA%
Unemployment rate:
NA
Budget:
revenues $165 million; expenditures $115 million, including capital
expenditures of $20 million (1988)
Exports:
$2.3 million (f.o.b., 1988)
commodities:
copra
partners:
NA
Imports:
$67.7 million (c.i.f., 1988)
commodities:
NA
partners:
NA
External debt:
$NA
Industrial production:
growth rate NA%
Electricity:
18,000 kW capacity; 40 million kWh produced, 380 kWh per capita (1990)
Industries:
tourism, construction, fish processing, craft items from shell, wood, and
pearls
Agriculture:
mainly a subsistence economy; copra, black pepper; tropical fruits and
vegetables, coconuts, cassava, sweet potatoes, pigs, chickens
Economic aid:
under terms of the Compact of Free Association, the US will provide $1.3
billion in grant aid during the period 1986-2001
Currency:
US currency is used
Exchange rates:
US currency is used
Fiscal year:
1 October - 30 September
:Micronesia, Federated States of Communications
Highways:
39 km of paved roads on major islands; also 187 km stone-, coral-, or
laterite-surfaced roads
Ports:
Colonia (Yap), Truk (Kosrae), Okat (Kosrae)
Airports:
6 total, 5 usable; 4 with permanent-surface runways; none with runways over
2,439 m; 4 with runways 1,220-2,439
Telecommunications:
telephone network - 960 telephone lines total at Kolonia and Truk; islands
interconnected by shortwave radio (used mostly for government purposes);
16,000 radio receivers, 1,125 TV sets (est. 1987); broadcast stations - 5
AM, 1 FM, 6 TV, 1 shortwave; 4 Pacific Ocean INTELSAT earth stations
:Micronesia, Federated States of Defense Forces
Note: defense is the responsibility of the US
:Midway Islands Geography
Total area:
5.2 km2
Land area:
5.2 km2; includes Eastern Island and Sand Island
Comparative area:
about nine times the size of the Mall in Washington, DC
Land boundaries:
none
Coastline:
15 km
Maritime claims:
Contiguous zone:
12 nm
Continental shelf:
200 m (depth)
Exclusive economic zone:
200 nm
Territorial sea:
12 nm
Disputes:
none
Climate:
tropical, but moderated by prevailing easterly winds
Terrain:
low, nearly level
Natural resources:
fish and wildlife
Land use:
arable land 0%; permanent crops 0%; meadows and pastures 0%; forest and
woodland 0%; other 100%
Environment:
coral atoll
Note:
located 2,350 km west-northwest of Honolulu at the western end of Hawaiian
Islands group, about one-third of the way between Honolulu and Tokyo; closed
to the public
:Midway Islands People
Population: 453 US military personnel (1992)