Economy of the Northern Mariana Islands
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The economy of the Northern Mariana Islands benefits substantially from financial assistance from the United States. 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 half 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 $1 billion to the United States in 1998 under duty and quota exemptions. This production is extremely controversial because goods produced in the North Marianas can be labelled "Made in the U.S.A.", although not all American labor laws apply to the commonwealth.
GDP:
purchasing power parity - $524 million (1996 est.)
note:
GDP numbers reflect US spending
GDP - real growth rate: NA%
GDP - per capita: purchasing power parity - $9,300 (1996 est.)
GDP - composition by sector:
agriculture:
NA%
industry:
NA%
services:
NA%
Population below poverty line: NA%
Household income or consumption by percentage share:
lowest 10%:
NA%
highest 10%:
NA%
Inflation rate (consumer prices): 6.5% (1994 est.)
Labor force: 6,006 total indigenous labor force; 2,699 unemployed; 28,717 foreign workers (1995)
Labor force - by occupation: managerial 20.5%, technical, sales 16.4%, services 19.3%, farming 3.1%, precision production 13.8%, operators, fabricators 26.9%
Unemployment rate: 14% (residents)
Budget:
revenues:
$221 million
expenditures:
$213 million, including capital expenditures of $17.7 million (1996)
Industries: tourism, construction, garments, handicrafts
Industrial production growth rate: NA%
Electricity - production: NA kWh
Electricity - production by source:
fossil fuel:
100%
hydro:
0%
nuclear:
0%
other:
0%
Electricity - consumption: NA kWh
Electricity - exports: NA kWh
Electricity - imports: NA kWh
Agriculture - products: coconuts, fruits, vegetables, cattle
Exports: $1 billion (1998)
Exports - commodities: garments
Exports - partners: US
Imports: $NA
Imports - commodities: food, construction equipment and materials, petroleum products
Imports - partners: US, Japan
Debt - external: $NA
Economic aid - recipient: $21.1 million (1995)
Currency: 1 United States dollar (US$) = 100 cents
Exchange rates: US currency is used
Fiscal year: 1 October - 30 September