International organization participation: ACP, AsDB, ESCAP, G-77, IBRD,
ICAO, IDA, IFC, IFRCS (associate), IMF, IOC, ITU, OPCW, Sparteca, SPC,
SPF, UN, UNCTAD, UNESCO, WHO, WMO
Diplomatic representation in the US: chief of mission: Ambassador Jesse Bibiano MAREHALAU telephone: [1] Honolulu and Tamuning (Guam) FAX: Diplomatic representation from the US: chief of mission: Ambassador Larry DINGER embassy: address NA, Kolonia mailing address: P. O. Box 1286, Kolonia, Pohnpei, Federated States of Micronesia 96941 telephone: [691] 320-2187 FAX: [691] 320-2186
Flag description: light blue with four white five-pointed stars centered; the stars are arranged in a diamond pattern
Economy 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 remote location and a lack of adequate facilities hinder development. In 1996, the country experienced a 20% reduction in revenues from the Compact of Free Association - the agreement with the US in which Micronesia received $1.3 billion in financial and technical assistance over a 15-year period until 2001. Since these revenues accounted for 57% of consolidated government revenues, reduced Compact funding resulted in a severe depression. Economic activity recovered in 1999-2001. The country's medium-term economic outlook appears fragile due to likely further reductions in external grants made under the US Compact funding. Geographical isolation and a poorly developed infrastructure remain major impediments to long-term growth.
GDP: purchasing power parity - $269 million (2001 est.) note: GDP is supplemented by grant aid, averaging perhaps $100 million annually
GDP - real growth rate: 2% (2001 est.)
GDP - per capita: purchasing power parity - $2,000 (2001 est.)
GDP - composition by sector: agriculture: 50% industry: 4% services: 46% (2000 est.)
Population below poverty line: NA%