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 |
|
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 |
|
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.