World Factbook

Micronesia

Federated States of Micronesia

Last updated: 2026-03-28 (today)

Budget

note

note: central government revenues and expenses (excluding grants/extrabudgetary units/social security funds) converted to US dollars at average official exchange rate for year indicated

revenues

$137.795 million (2020 est.)

expenditures

$111.963 million (2020 est.)

Exports

note

note: GDP expenditure basis - exports of goods and services in current dollars

Exports 2022

$90.466 million (2022 est.)

Exports 2023

$125.789 million (2023 est.)

Exports 2024

$129.5 million (2024 est.)

Imports

note

note: GDP expenditure basis - imports of goods and services in current dollars

Imports 2022

$274.334 million (2022 est.)

Imports 2023

$310.669 million (2023 est.)

Imports 2024

$325.9 million (2024 est.)

Industries

tourism, construction; specialized aquaculture, craft items (shell and wood)

Public debt

note

note: central government debt as a % of GDP

Public debt 2020

27.8% of GDP (2020 est.)

Remittances

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note: personal transfers and compensation between resident and non-resident individuals/households/entities

Remittances 2021

6% of GDP (2021 est.)

Remittances 2022

5.6% of GDP (2022 est.)

Remittances 2023

5.3% of GDP (2023 est.)

Exchange rates

the US dollar is used

Economic overview

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

Exports - partners

Thailand 64%, China 16%, Philippines 11%, Japan 5%, Ecuador 1% (2023)

note: top five export partners based on percentage share of exports

Imports - partners

USA 35%, China 20%, Japan 13%, Taiwan 6%, Philippines 4% (2023)

note: top five import partners based on percentage share of imports

Real GDP per capita

note

note: data in 2021 dollars

Real GDP per capita 2022

$3,800 (2022 est.)

Real GDP per capita 2023

$3,800 (2023 est.)

Real GDP per capita 2024

$3,800 (2024 est.)

Real GDP growth rate

note

note: annual GDP % growth based on constant local currency

Real GDP growth rate 2022

-2.9% (2022 est.)

Real GDP growth rate 2023

0.5% (2023 est.)

Real GDP growth rate 2024

0.7% (2024 est.)

Agricultural products

coconuts, cassava, vegetables, sweet potatoes, bananas, pork, plantains, fruits, beef, eggs (2023)

note: top ten agricultural products based on tonnage

Exports - commodities

fish, diamonds, garments (2023)

note: top export commodities based on value in dollars over $500,000

Imports - commodities

poultry, fish, plastic products, cars, prepared meat (2023)

note: top five import commodities based on value in dollars

Current account balance

note

note: balance of payments - net trade and primary/secondary income in current dollars

Current account balance 2014

$22.408 million (2014 est.)

Current account balance 2016

$11 million (2016 est.)

Current account balance 2017

$12 million (2017 est.)

Taxes and other revenues

7% (of GDP) (2020 est.)

note: central government tax revenue as a % of GDP

GDP (official exchange rate)

$471.425 million (2024 est.)

note: data in current dollars at official exchange rate

Inflation rate (consumer prices)

note

note: annual % change based on consumer prices

Inflation rate (consumer prices) 2020

0.6% (2020 est.)

Inflation rate (consumer prices) 2021

3.2% (2021 est.)

Inflation rate (consumer prices) 2022

5.4% (2022 est.)

Industrial production growth rate

0.8% (2023 est.)

note: annual % change in industrial value added based on constant local currency

Real GDP (purchasing power parity)

note

note: data in 2021 dollars

Real GDP (purchasing power parity) 2022

$427.529 million (2022 est.)

Real GDP (purchasing power parity) 2023

$429.59 million (2023 est.)

Real GDP (purchasing power parity) 2024

$432.679 million (2024 est.)

Reserves of foreign exchange and gold

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note: holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars

Reserves of foreign exchange and gold 2019

$397.158 million (2019 est.)

Reserves of foreign exchange and gold 2020

$451.913 million (2020 est.)

Reserves of foreign exchange and gold 2021

$497.434 million (2021 est.)

GDP - composition, by sector of origin

note

note: figures may not total 100% due to non-allocated consumption not captured in sector-reported data

industry

5% (2023 est.)

services

69.2% (2023 est.)

agriculture

23.3% (2023 est.)