Overview: The economy benefits substantially from financial assistance from the US. The rate of funding has declined as locally generated government revenues have grown. An agreement for the years 1986 to 1992 entitled the islands to $228 million for capital development, government operations, and special programs. A rapidly growing major source of income is the tourist industry, which now employs about 50% of the work force. Japanese tourists predominate. The agricultural sector is of minor importance and is made up of cattle ranches and small farms producing coconuts, breadfruit, tomatoes, and melons. Industry is small scale, mostly handicrafts, light manufacturing, and garment production.
National product: GDP - purchasing power parity - $524 million (1994
est.)
note: GDP numbers reflect US spending
National product real growth rate: NA%
National product per capita: $10,500 (1994 est.)
Inflation rate (consumer prices): 6.5% (1994 est.)
Unemployment rate: NA%
Budget:
revenues: $190.4 million
expenditures: $190.4 million, including capital expenditures of $19.1
million (FY94/95)
Exports: $263.4 million (f.o.b. 1991 est.)
commodities: garments
partners: NA
Imports: $392.4 million (c.i.f. 1991 est.)
commodities: food, construction equipment and materials, petroleum
products
partners: US, Japan
External debt: $NA