Northern Mariana Islands Economy - overview

Factbook > Countries > Northern Mariana Islands > Economy

Economy - overview: The Northern Mariana Islands' economy benefits substantially from financial assistance from the US. In fiscal year 2013, federal grants accounted for 35.4% of the Commonwealth’s total revenues. A small agriculture sector is made up of cattle ranches and small farms producing coconuts, breadfruit, tomatoes, and melons.

The Commonwealth’s economy continued to recover in 2013. Real GDP increased 4.4%, following a 2.1% gain in 2012. Economic growth in 2013 reflected increases in consumer spending and exports of services, mainly spending by foreign tourists.

Tourism continued to grow in 2013, after posting double-digit growth in 2012. The tourist industry employs approximately a quarter of the work force and accounts for roughly one-fourth of GDP. 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.

Definition: This entry briefly describes the type of economy, including the degree of market orientation, the level of economic development, the most important natural resources, and the unique areas of specialization. It also characterizes major economic events and policy changes in the most recent 12 months and may include a statement about one or two key future macroeconomic trends.

Source: CIA World Factbook - This page was last updated on July 9, 2017

© 2017 IndexMundi. All rights reserved.