Australia-Oceania :: Micronesia, Federated States of
Introduction ::Micronesia, Federated States of
Background:
In 1979 the Federated States of
Micronesia, a UN Trust Territory under US administration, adopted a
constitution. In 1986 independence was attained under a Compact of Free
Association with the US, which was amended and renewed in 2004. Present
concerns include large-scale unemployment, overfishing, and
overdependence on US aid.
Geography ::Micronesia, Federated States of
Location:
Oceania, island group in the North Pacific Ocean, about three-quarters of the way from Hawaii to Indonesia
English (official and common language), Chuukese, Kosrean, Pohnpeian, Yapese, Ulithian, Woleaian, Nukuoro, Kapingamarangi
Literacy:
definition: age 15 and over can read and write
total population:
89%
male:
91%
female:
88% (1980 est.)
Education expenditures:
7.3% of GDP (2000)
country comparison to the world: 18
Government ::Micronesia, Federated States of
Country name:
conventional long form: Federated States of Micronesia
conventional short form:
none
local long form:
Federated States of Micronesia
local short form:
none
former:
Trust Territory of the Pacific Islands, Ponape, Truk, and Yap Districts
abbreviation:
FSM
Government type:
constitutional government
in free association with the US; the Compact of Free Association
entered into force on 3 November 1986 and the Amended Compact entered
into force in May 2004
Capital:
name: Palikir
geographic coordinates:
6 55 N, 158 09 E
time difference:
UTC+11 (16 hours ahead of Washington, DC during Standard Time)
3 November 1986 (from the US-administered UN trusteeship)
National holiday:
Constitution Day, 10 May (1979)
Constitution:
10 May 1979
Legal system:
based on adapted Trust
Territory laws, acts of the legislature, municipal, common, and
customary laws; has not accepted compulsory ICJ jurisdiction
Suffrage:
18 years of age; universal
Executive branch:
chief of state: President
Emanuel MORI (since 11 May 2007); Vice President Alik L. ALIK (since 11
May 2007); note - the president is both the chief of state and head of
government
head of government:
President Emanuel MORI (since 11 May 2007); Vice President Alik L. ALIK (since 11 May 2007)
cabinet:
Cabinet includes the vice president and the heads of the 8 executive departments
elections:
president
and vice president elected by Congress from among the four senators at
large for a four-year term (eligible for a second term); election last
held on 11 May 2007 (next to be held in May 2011); note - a proposed
constitutional amendment to establish popular elections for president
and vice president failed
election results:
Emanuel
MORI elected president; percent of Congress vote - NA; Alik L. ALIK
elected vice president; percent of Congress vote - NA
Legislative branch:
unicameral Congress (14
seats; 4 - one elected from each state to serve four-year terms and 10 -
elected from single-member districts delineated by population to serve
two-year terms; members elected by popular vote)
elections:
last held on 3 March 2009 (next to be held in March 2011)
mailing address:
P. O. Box 1286, Kolonia, Pohnpei, 96941
telephone:
[691] 320-2187
FAX:
[691] 320-2186
Flag description:
light blue with four
white five-pointed stars centered; the stars are arranged in a diamond
pattern; blue symbolizes the Pacific Ocean, the stars represent the four
island groups of Chuuk, Kosrae, Pohnpei, and Yap
Economy ::Micronesia, Federated States of
Economy - overview:
Economic activity consists
primarily of subsistence farming and fishing. The islands have few
mineral deposits worth exploiting, except for high-grade phosphate. The
potential for a tourist industry exists, but the remote location, a lack
of adequate facilities, and limited air connections hinder development.
Under the original terms of the Compact of Free Association, the US
provided $1.3 billion in grant aid during the period 1986-2001; the
level of aid has been subsequently reduced. The Amended Compact of Free
Association with the US guarantees the Federated States of Micronesia
(FSM) millions of dollars in annual aid through 2023, and establishes a
Trust Fund into which the US and the FSM make annual contributions in
order to provide annual payouts to the FSM in perpetuity after 2023. The
country's medium-term economic outlook appears fragile due not only to
the reduction in US assistance but also to the current slow growth of
the private sector.
GDP (purchasing power parity):
$238.1 million (2008 est.)
country comparison to the world: 213
$277 million (2002 est.)
note:
GDP supplemented by grant aid, averaging perhaps $100 million annually
GDP (official exchange rate):
$238.1 million (2008)
GDP - real growth rate:
NA%
0.3% (2005 est.)
GDP - per capita (PPP):
$2,200 (2008 est.)
country comparison to the world: 183
$2,300 (2005 est.)
GDP - composition by sector:
agriculture: 28.9%
industry:
15.2%
services:
55.9% (2004 est.)
Labor force:
16,360 (2008)
country comparison to the world: 210
Labor force - by occupation:
agriculture: 0.9%
industry:
34.4%
services:
64.7%
note:two-thirds are government employees (FY05 est.)
Unemployment rate:
22% (2000 est.)
country comparison to the world: 171
Population below poverty line:
26.7% (2000)
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%:
NA%
Budget:
revenues: $166 million (FY07 est.)
expenditures:
$152.7 million (FY07 est.)
Inflation rate (consumer prices):
2.2% (2005)
Commercial bank prime lending rate:
14.38% (31 December 2008)
country comparison to the world: 57
14.03% (31 December 2007)
Stock of money:
$21.21 million (31 December 2008)
country comparison to the world: 161
$22.45 million (31 December 2007)
Stock of quasi money:
$76.8 million (31 December 2008)
country comparison to the world: 158
$72.49 million (31 December 2007)
Stock of domestic credit:
$NA
Agriculture - products:
black pepper, tropical
fruits and vegetables, coconuts, bananas, cassava (tapioca), sakau
(kava), Kosraen citrus, betel nuts, sweet potatoes; pigs, chickens; fish
Industries:
tourism, construction; fish processing, specialized aquaculture; craft items (from shell, wood, and pearls)
Industrial production growth rate:
NA%
Electricity - production:
192 million kWh (2002)
country comparison to the world: 177
Electricity - consumption:
178.6 million kWh (2002)
country comparison to the world: 180
Electricity - exports:
0 kWh (2002)
Electricity - imports:
0 kWh (2002)
Current account balance:
-$34.3 million (FY05 est.)
country comparison to the world: 66
Exports:
$14 million (2004 est.)
country comparison to the world: 209
Exports - commodities:
fish, garments, bananas, black pepper, sakau (kava), betel nut
Imports:
$132.7 million (2004)
country comparison to the world: 207
Imports - commodities:
food, manufactured goods, machinery and equipment, beverages
Debt - external:
$60.8 million (FY05 est.)
country comparison to the world: 186
Exchange rates:
the US dollar is used
Communications ::Micronesia, Federated States of
Telephones - main lines in use:
8,700 (2008)
country comparison to the world: 206
Telephones - mobile cellular:
34,000 (2008)
country comparison to the world: 201
Telephone system:
general assessment: adequate system
domestic:
islands
interconnected by shortwave radiotelephone (used mostly for government
purposes), satellite (Intelsat) ground stations, and some coaxial and
fiber-optic cable; mobile-cellular service available on Kosrae, Pohnpei,
and Yap
