Northern Mariana Islands Economy 2008

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. 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 the employment of 17,500 mostly Chinese workers and sizable shipments to the US under duty and quota exemptions.

GDP (purchasing power parity):
$900 million
note: GDP estimate includes US subsidy (2000 est.)

GDP (official exchange rate):
$633.4 million (2000)

GDP - real growth rate:
NA%

GDP - per capita (PPP):
$12,500 (2000 est.)

GDP - composition by sector:
agriculture: NA%
industry: NA%
services: NA%

Labor force:
44,470 total indigenous labor force; 2,699 unemployed; 28,717 foreign workers (2000)

Labor force - by occupation:
agriculture: NA%
industry: NA%
services: NA%

Unemployment rate:
3.9% (2001)

Population below poverty line:
NA%

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices):
-0.8% (2000)

Budget:
revenues: $193 million
expenditures: $223 million (FY01/02 est.)

Agriculture - products:
coconuts, fruits, vegetables; cattle

Industries:
tourism, construction, garments, handicrafts

Industrial production growth rate:
NA%

Electricity - production:
NA kWh

Electricity - consumption:
NA kWh

Electricity - exports:
0 kWh (2007 est.)

Electricity - imports:
0 kWh (2007 est.)

Exports:
$NA

Exports - commodities:
garments

Exports - partners:
US (2006)

Imports:
$214.4 million (2001)

Imports - partners:
US, Japan (2006)

Economic aid - recipient:
extensive funding from US

Debt - external:
$NA

Currency (code):
US dollar (USD)

Exchange rates:
the US dollar is used