Federated States of Micronesia: Recent Economic Developments

September 23, 1998

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Federated States of Micronesia: Recent Economic Developments, (USA: International Monetary Fund, 1998) accessed November 22, 2024

Summary

This paper reviews economic developments in the Federated States of Micronesia during 1994–97. Real GDP growth, which has been sluggish in recent years, contracted by 4 percent in FY1997. This mainly reflects a sharp reduction in government expenditures under the reform program implemented by the national and state governments since FY1996, the cornerstone of which is the reduction in workforce and wage levels of government employees. The 1996 official GDP data indicated that government services accounted for 42 percent of GDP, wholesale and retail trade for 22 percent, and agriculture, hunting, and forestry for 17 percent.

Subject: Agroindustries, Current spending, Economic sectors, Expenditure, Financial institutions, Income, Labor, Loans, National accounts, Wages

Keywords: Agroindustries, CR, Current spending, General government finance, Government, Government workforce, Income, ISCR, Kosraen authorities, Loans, Micronesian authorities, National government, Pacific Islands, State government, Wages

Publication Details

Pages:

39
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 1998/086
Stock No:

1FSMEA0011998
ISBN:

9781451813760
ISSN:

1934-7685

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