Federated States of Micronesia: Economy

When the Government of the Federated States of Micronesia updated its Infrastructure Development Plan in Fiscal Year 2015, infrastructure grants through the Compact of Free Association with the United States became available after a hiatus of 4 years. The resumption of public investments has helped the economy attain 1.4% growth in FY2015, following 3 years of economic contraction. Stimulus from construction under compact infrastructure grants will support growth in the near term. Read more from Asian Development Outlook 2016 Update


Economic forecasts for Pacific countries

Country 2016 2017
Cook Islands 4.2 4.0
Fiji 2.4 4.5
Kiribati 1.8 1.5
Marshall Islands 1.5 2.0
Micronesia, Federated States of 2.0 2.5
Nauru 3.0 15.0
Palau 2.0 5.0
Papua New Guinea 2.2 3.0
Samoa 5.0 2.0
Solomon Islands 2.7 2.5
Timor-Leste 5.0 5.5
Tonga 3.1 2.6
Tuvalu 3.0 3.0
Vanuatu 3.5 3.8
Average 2.7 3.5
Country 2016 2017
Cook Islands 0.7 2.0
Fiji 3.5 3.0
Kiribati 0.7 2.0
Marshall Islands -1.3 1.0
Micronesia, Federated States of -0.3 1.5
Nauru 6.6 1.7
Palau 1.5 2.5
Papua New Guinea 6.5 7.5
Samoa 0.1 2.0
Solomon Islands 3.3 4.5
Timor-Leste 1.2 3.0
Tonga 2.0 1.9
Tuvalu 2.0 2.0
Vanuatu 1.9 2.4
Average 4.7 5.5
Country 2016 2017
Cook Islands 37.3 41.3
Fiji -7.0 -1.2
Kiribati -7.0 -2.6
Marshall Islands 10.0 8.9
Micronesia, Federated States of 3.8 2.0
Nauru ... ...
Palau -2.3 -1.3
Papua New Guinea 7.9 9.0
Samoa -3.9 -5.3
Solomon Islands -4.4 -6.1
Timor-Leste 36.1 10.2
Tonga -6.0 -7.6
Tuvalu -1.2 -18.7
Vanuatu -15.0 -13.5
Average 7.2 5.8

… = no data available.

Source: Asian Development Outlook 2016 Update