Economy - overview The economy benefits substantially from financial assistance from theUS. The rate of funding has declined as locally generated government revenueshave 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 commonwealthreceived $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 equallocal match. A rapidly growing major 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 ranchesand small farms producing coconuts, breadfruit, tomatoes, and melons. Industryis small scale, mostly handicrafts, light manufacturing, and garment production.

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 foreignworkers (1995)
by occupation: NA

Unemployment rate 15% (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 1997 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Northern Mariana Islands Economy 1997 information contained here. All suggestions for corrections of any errors about Northern Mariana Islands Economy 1997 should be addressed to the CIA.