Asia Regional Integration Center
Tracking Asian Integration
GDP growth recovered to 3.0% in FY2019 on increased public investment and private sector activity following severe flooding in FY2018. Fishing license revenues remained high for the third consecutive year—at over $70 million accounting for 17.0% of GDP. Moreover, corporate income taxes from foreign insurance and investment companies bolstered the FSM Trust Fund, including $43 million contributed during the year and $12 million in investment returns. Economic growth is projected to slow to 1.6% in FY2020 as election-related stimulus wanes and construction delays affect ongoing projects because of restricted mobility for labor and imported capital equipment as a result of the COVID-19 pandemic. Resuming work on these projects should support higher growth in FY2021.
Latest | Month-Ago | Year-Ago | |
---|---|---|---|
Headline Inflation Rate 1 | 2.4 (Dec18) | 1.2 | |
Merchandise Export Growth 1 | 47.2 (Nov20) | 47.2 | 149.9 |
Exchange Rate Index 2 | 100.0 (Feb21) | 100.0 | 100.0 |
1 y-o-y, %. 2 Monthly average, January 2006 = 100, $/local currency. | |||
Source: . |
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