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 chief 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. Garment production is the fastest growing industry with employment of 12,000 mostly Chinese workers and shipments of $800 million to the US in 1997 under duty and quota exemptions.

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

Unemployment rate 14% (residents)

Budget
revenues: $190.4 million
expenditures: $190.4 million, including capital expenditures of $19.1 million (FY94/95)

Industries tourism, construction, garments, handicrafts

Industrial production growth rate NA%

Electricity - capacity NA kW

Electricity - production NA kWh

Electricity - consumption per capita NA kWh

Agriculture - products coconuts, fruits, vegetables; cattle

Exports NA
commodities: garments
partners: NA

Imports NA
commodities: food, construction equipment and materials, petroleum products
partners: US, Japan

Debt - external $NA

Economic aid none

Currency 1 United States dollar (US$) = 100 cents

Exchange rates US currency is used

Fiscal year 1 October - 30 September

NOTE: The information regarding Northern Mariana Islands on this page is re-published from the 1998 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Northern Mariana Islands Economy 1998 information contained here. All suggestions for corrections of any errors about Northern Mariana Islands Economy 1998 should be addressed to the CIA.