Economy - overview:
The economy consists primarily of tourism, subsistence agriculture,
and fishing. The government is the major employer of the work force,
relying heavily on financial assistance from the US. Business and
tourist arrivals numbered 63,000 in 2003. The population enjoys a
per capita income twice that of the Philippines and much of
Micronesia. Long-run prospects for the key tourist sector have been
greatly bolstered by the expansion of air travel in the Pacific, the
rising prosperity of leading East Asian countries, and the
willingness of foreigners to finance infrastructure development.
GDP (purchasing power parity):
$124.5 million; note - includes US subsidy (2004 est.)
GDP (official exchange rate):
$145 million
GDP - real growth rate:
5.5% (2005 est.)
GDP - per capita (PPP):
$7,600 (2005 est.)
GDP - composition by sector: agriculture: NA% 6.2% industry: NA% 12% services: NA% 81.8%
Labor force: 9,777 (2005)
Labor force - by occupation: agriculture: 20% industry: NA% services: NA% (1990)
Unemployment rate:
4.2% (2005 est.)
Population below poverty line:
NA%