Business and Economy of Federated States of Micronesia

Micronesia Economy and Business serves as an indicator of the growth and development of the island nation. The Compact of Free Association with US signed in 1986 and amended later provides financial assistance to support the economy of Federated States of Micronesia.

Micronesia agriculture and fishing constitute the chief aspects of Micronesia Economy and Business. The GDP(purchasing power parity) of Micronesia added with grant aid stands at $277million. The GDP per capita of Micronesia is approximately $2,300.

Micronesia Industry comprises tourism, fish processing, construction, craft items, specialized aquaculture, etc. Steps are being taken to overcome the hindrances to the economic development of Micronesia and the US has extended its support to help the Micronesia economy and business.

Micronesia Export commodities include fish, bananas, garments, black pepper, sakau and betel nut. The export partners of Micronesia are US, Japan and Guam. Micronesia imports include food, machinery and equipment, manufactured goods and beverages.