Micronesia - Economy
How is the economy of Micronesia? Based on the information we have, Micronesia has a lower middle-income Pacific island economy; US aid reliance, sunsetting in 2024; low entrepreneurship; mostly fishing and farming; US dollar user; no patent laws; tourism remains underdeveloped; significant corruption. Key agricultural products in this country include: coconuts, cassava, vegetables, sweet potatoes, bananas, pork, plantains, fruits, beef, eggs (2023).
More about the economy of Micronesia
Labor force
Industrial production growth rate 0.8% (2023 est.)
Industries tourism, construction; specialized aquaculture, craft items (shell and wood)
Population below poverty line
Taxes and other revenues 7% (of GDP) (2020 est.)
Fiscal year
Exchange rates
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 2021 $497.434 million (2021 est.)
Reserves of foreign exchange and gold 2020 $451.913 million (2020 est.)
Reserves of foreign exchange and gold 2019 $397.158 million (2019 est.)
Current account balance
Current account balance 2017 $12 million (2017 est.)
Current account balance 2016 $11 million (2016 est.)
Current account balance 2014 $22.408 million (2014 est.)
Public debt
Public debt 2020 27.8% of GDP (2020 est.)
Budget
Revenues $137.795 million (2020 est.)
Expenditures $87.355 million (2020 est.)
Budget surplus (+) or deficit (-)
Remittances
Remittances 2023 5.3% of GDP (2023 est.)
Remittances 2022 5.6% of GDP (2022 est.)
Remittances 2021 6% of GDP (2021 est.)
Imports
Imports 2024 $325.9 million (2024 est.)
Imports 2023 $310.669 million (2023 est.)
Imports 2022 $274.334 million (2022 est.)
Imports (partners) USA 35%, China 20%, Japan 13%, Taiwan 6%, Philippines 4% (2023)
Comodities Imports force poultry, fish, plastic products, cars, prepared meat (2023)
Exports
Imports 2024 $325.9 million (2024 est.)
Imports 2023 $310.669 million (2023 est.)
Imports 2022 $274.334 million (2022 est.)
Exports (partners) Thailand 64%, China 16%, Philippines 11%, Japan 5%, Ecuador 1% (2023)
Comodities Exports force fish, diamonds, garments (2023)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2024 $432.679 million (2024 est.)
Real GDP (purchasing power parity) 2023 $429.59 million (2023 est.)
Real GDP (purchasing power parity) 2022 $427.529 million (2022 est.)
GDP (official exchange rate) $471.425 million (2024 est.)
Real GDP Per capita
Real GDP per capita 2024 $3,800 (2024 est.)
Real GDP per capita 2023 $3,800 (2023 est.)
Real GDP per capita 2022 $3,800 (2022 est.)
GDP - composition, by sector of origin
Agriculture 23.3% (2023 est.)
Industry 5% (2023 est.)
Services 69.2% (2023 est.)
All Important Facts about Micronesia

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Micronesia is found in Micronesia