Economy - overview:
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.
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 Friday, November 27, 2020