International organization participation: ESCAP (associate), SPC
Flag description: blue with a white five-pointed star superimposed on the gray silhouette of a latte stone (a traditional foundation stone used in building) in the center, surrounded by a wreath
Economy
Economy - 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. Since 1992, funding has been extended one year at a time. The commonwealth received $27.7 million from FY93/94 through FY95/96. For FY96/97 through FY02/03, funding of $11 million will be provided for infrastructure, with an equal local match. 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.
GDP: purchasing power parity - $524 million (1994 est.) note: GDP numbers reflect US spending
GDP - real growth rate: NA%
GDP - per capita: purchasing power parity - $10,500 (1994 est.)
GDP - composition by sector: agriculture: NA% industry: NA% services: NA%
Inflation rate - consumer price index: 6.5% (1994 est.)
Labor force: total: 7,476 total indigenous labor force; 2,699 unemployed; 22,560 foreign workers (1995) by occupation: NA