GDP
Gross
domestic product (GDP) is one of the primary indicators used to assess the
health of a country's economy. It represents the total dollar value of all
goods and services produced over a specific time period; you can think of it as
the size of the economy.
In FY 2014,
FSM’s GDP dropped by 3.4 percent since last year. This resulted from a major
decline in the construction industry at -2.7 percent and transport, storage,
and communication industry at -0.6 percent.
Visitors
In third
quarter of 2015, the number of arrivals into the FSM was 8,387; indicating an
increase of 8.6 percent compared with the first quarter. The average monthly arrival for 2015 is
2,000. The main destination of arrival
is Pohnpei State recording slightly over 50 percent compared with the other
states.
The three
top reasons for visiting are seamen and crew (42%), tourism and visitors (36%),
and business and employment (19%).
US citizens
continue to dominate the number of arrival into the FSM in 2015 at (22%), followed
by Asia (20%), Philippines (17%), and Japan (11%).
Trade
International
merchandise trade for FSM saw a drop in both exports and imports. The value for
exports in FY 2014 decreased by 20.4 percent compared to FY 2013, mainly due to
the drop in the export of tuna. The
value for imports, during the same period, had also decreased by 13.7 percent.
There were less construction materials and fuels being imported during that
period.
Consumer Price Iindex
FSM is
comprised of four states, Kosrae, Chuuk, Pohnpei and Yap and home to 102,843
people. The CPI measures the rate of price change of goods and services
purchased by households in each of the four states.
The annual
inflation rate for third quarter of 2015 showed a negative 1.0 percent compared
with the same quarter in 2014; indicating a slight decrease in the prices of
goods and services. This is attributed
mainly to the decrease in the price of electricity. The other contributing items to the decline
are imported food items, services and etc.
By contrast, the prices of clothing and tobacco went up by 6.8 and 0.09
respectively.
Employment
In fiscal
year 2014, the total number of employed persons in the FSM was 14,817. This is a decline in employment by 2.3
percent compared with fiscal year 2013.
This is due mainly to the decrease of employment in the construction and
the public administration sectors.
Agriculture Census
The
Department of Resources and Development in collaboration with its counterparts
in the states is finalizing the preparation and planning to conduct a
nation-wide census in agriculture. Like
the census of population and housing
where every household in the FSM were visited and the people in the FSM were
counted, the agriculture census will do the same except that what will be
counted or estimated are the livestock, poultry, plants, fish and area of
arable lands. This will be the first
agriculture census in the FSM to let us know what land and sea resources we
have, how they are being used and what could still be potentially developed. Not knowing this information, policies on the
utilization and development of these resources will be at best
ill-informed. In July 2016, around 500
contracted workers or enumerators will be visiting every home throughout the
states, including the outer islands, to conduct the census. The Department of Resources & Development
is finalizing the public awareness programs for the census but in the meantime,
it is seeking the assistance and cooperation of the people in the FSM to help
in the implementation of this important exercise.
Further information on the reported statistics, please contact the following:
Department of Resource & Development
Secretary: Hon. Marion Henry
PS12, Palikir, Pohnpei State, FM 96941
Phone: (691) 320-2646
Fax: (691) 320-5854
Email: fsmrd@dea.fm
Division of Statistics: fsmnso@mail.fm
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