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Economy - overview:
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The economy benefits substantially from financial assistance from the US. The rate of funding has declined as locally generated government revenues have grown. The key tourist industry employs about 50% of the work force and accounts for roughly one-fourth of GDP. Japanese tourists predominate. Annual tourist entries have exceeded one-half million in recent years, but financial difficulties in Japan have caused a temporary slowdown. The agricultural sector is made up of cattle ranches and small farms producing coconuts, breadfruit, tomatoes, and melons. Garment production is by far the most important industry with employment of 17,500 mostly Chinese workers and sizable shipments to the US under duty and quota exemptions.
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GDP:
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purchasing power parity - $900 million
note: $900 million $900 million GDP estimate includes US subsidy (2000 est.)
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GDP - real growth rate:
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NA%
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GDP - per capita:
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purchasing power parity - $12,500 (2000 est.)
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GDP - composition by sector:
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agriculture: NA%
industry: NA%
services: NA%
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Population below poverty line:
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NA%
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Household income or consumption by percentage share:
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lowest 10%: NA%
highest 10%: NA%
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Inflation rate (consumer prices):
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1.2% (1997 est.)
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Labor force:
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6,006 total indigenous labor force; 2,699 unemployed; 28,717 foreign workers
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Labor force - by occupation:
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NA
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Unemployment rate:
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NA%
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Budget:
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revenues: $193 million
expenditures: $223 million, including capital expenditures of NA (FY 01/02 est.)
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Industries:
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tourism, construction, garments, handicrafts
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Industrial production growth rate:
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NA%
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Electricity - production:
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NA kWh
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Electricity - consumption:
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NA kWh
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Electricity - exports:
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0 kWh
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Electricity - imports:
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0 kWh
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Agriculture - products:
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coconuts, fruits, vegetables; cattle
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Exports:
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$NA
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Exports - commodities:
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garments
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Exports - partners:
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US (2000)
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Imports:
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$NA
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Imports - commodities:
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food, construction equipment and materials, petroleum products
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Imports - partners:
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US, Japan (2000)
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Debt - external:
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$NA
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Economic aid - recipient:
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extensive funding from US
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Currency:
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US dollar (USD)
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Currency code:
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USD
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Exchange rates:
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the US dollar is used
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Fiscal year:
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1 October - 30 September
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