Micronesia, Federated States of [+]Compare [E]dit [H]istory

Aliases: and Yap Districts, Federated States of Micronesia, New Philippines; Caroline Islands; Trust Territory of the Pacific Islands, Ponape, Truk

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Object «Micronesia, Federated States of» has attributes

Attribute Value
Geography
Area 702 km²
Continent Australia
Land area 702 km²
Water area 0 km²
Land boundaries 0 km
Border countries Add
Coastline 6,112 km
Mean elevation Add
Lowest point 0 m
Highest point 782 m
People
Population 102,436
Official languages
  • English
Religion Roman Catholic
Government
Long country name Federated States of Micronesia
Short country name Add
Long local name Federated States of Micronesia
Short local name Add
Former name
  • New Philippines; Caroline Islands; Trust Territory of the Pacific Islands
  • Ponape
  • Truk
  • and Yap Districts
Government type Federal republic in free association with the US
Capital Palikir
Economy
GDP (PPP) 348,000,000 USD
GDP (OER) 328,000,000 USD
GDP (real growth rate) 2 %
GDP - per capita (PPP) 3,400 USD
Gross national saving Add
Labor force 37,920
Unemployment rate 16.2 %
Population below poverty line 26.7 %
Budget revenues 213,800,000 USD
Budget expenditures 192,100,000 USD
Military expenditures Add
Taxes and other revenues 65.2 % of GDP
Budget surplus or deficit 6.6 % of GDP
Public debt 24.5 % of GDP
Inflation rate 0.5 %
Central bank discount rate Add
Commercial bank prime lending rate 15.73 %
Stock of narrow money Add
Stock of broad money 178,300,000 USD
Stock of domestic credit 56,980,000 USD
Market value of publicly traded shares Add
Current account balance 12,000,000 USD
Exports 88,300,000 USD
Imports 167,800,000 USD
Reserves of foreign exchange and gold 203,700,000 USD
External debt 93,600,000 USD
National currency US Dollar
National currency (code) USD
National currency (symbol) $
National currency rate to USD Add

The Caroline Islands are a widely scattered archipelago in the western Pacific Ocean; they became part of a UN Trust Territory under US administration following World War II. The eastern four island groups adopted a constitution in 1979 and chose to become the Federated States of Micronesia (FSM). (The westernmost island group became Palau.) Independence came in 1986 under a Compact of Free Association (COFA) with the US, which was amended in 2004. The COFA has been a force for stability and democracy in the FSM since it came into force in 1986. Present concerns include economic uncertainty after 2023 when direct US economic assistance is scheduled to end, large-scale unemployment, overfishing, overdependence on US foreign aid, and state perceptions of inequitable allocation of US aid. As a signatory to the COFA with the US, eligible Micronesians can live, work, and study in any part of the US and its territories without a visa - this privilege reduces stresses on the island economy and the environment. Micronesians serve in the US armed forces and military recruiting from the Federated States of Micronesia, per capita, is higher than many US states.

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