Is Northern Mariana Islands a rich country?
The economy of the Commonwealth of the Northern Mariana Islands(CNMI) has been on the rebound in the last few years, mainly on the strength of its tourism industry. In 2016, the CNMI’s real GDP increased 28.6% over the previous year, following two years of relatively rapid growth in 2014 and 2015. Chinese and Korean tourists have supplanted Japanese tourists in the last few years. The Commonwealth is making a concerted effort to broaden its tourism by extending casino gambling from the small Islands of Tinian and Rota to the main Island of Saipan, its political and commercial center. Investment is concentrated on hotels and casinos in Saipan, the CNMI’s largest island and home to about 90% of its population.
Federal grants have also contributed to economic growth and stability. In 2016, federal grants amounted to $101.4 billion which made up 26% of the CNMI government’s total revenues. A small agriculture sector consists of cattle ranches and small farms producing coconuts, breadfruit, tomatoes, and melons.
Legislation is pending in the US Congress to extend the transition period to allow foreign workers to work in the CNMI on temporary visas.
What is the GDP of Northern Mariana Islands?
|GDP - Gross Domestic Product (PPP)||$682,000,000 (USD)|
|GDP - note||GDP estimate includes US subsidy|
|GDP - official exchange rate||$1,232,000,000 (USD)|
|GDP - real growth rate||4.5%|
|GDP Per Capita||$13,300.00 (USD)|
|GDP by Sector- agriculture||1.7%|
|GDP by Sector- Industry||2.9%|
|GDP by Sector- services||95.4%|
|GDP - composition, by end use||
household consumption: 91.3%
government consumption: 51.5%
investment in fixed assets: 3.8%
exports of goods and services: 42.2%
imports of goods and services: 42.2%
|Labor Force By Occupation- agriculture||1.9%|
|Labor Force By Occupation- industry||10%|
|Labor Force By Occupation- services||88.1%|
|Fiscal Year||1 October - 30 September|
|Annual Budget||$193,000,000 (USD)|
|Budget Surplus or Deficit - percent of GDP||-7.9%|
|Taxes and other revenues - percent of GDP||35.5%|
|Major Industries||tourism, construction, garments, handicrafts|
|Agriculture Products||coconuts, fruits, vegetables; cattle|
|Currency Code||US dollar (USD)|