Micronesia Border Map

Yearbook 2003

Micronesia Federation. According to Countryaah.com, Micronesia Independence Day is November 3. President Leo Amy Falcam surprisingly lost his seat in Congress to opponent Resio Moses in the March 4 election, when five new senators were elected. On May 10, Congress appointed Joseph Urusemal from the island of Yap as new president. Senator Redley Killion of Chuuk was re-elected Vice President and Senator Peter Christian was elected Congress President.

In May, Micronesia signed a new agreement with the United States that would provide the country with $ 1.8 billion in support over the next 20 years. It is part of the association agreement with the United States and replaces a pact that actually expired in 2001 but which was extended.

Economy

Inflation rate 0.50%
Unemployment rate 16.2%
Gross domestic product (GDP) $ 348,000,000
GDP growth rate 2.00%
GDP per capita $ 3,400
GDP by sector
Agriculture 26.30%
Industry 18.90%
Service 54.80%
State budget
Revenue 127.3 million
Expenditure 144.2 million
Proportion of the population below the national poverty line 26.7%
Distribution of household income
Top 10% k. A.
Lower 10% k. A.
Industrial production growth rate
Investment volume
National debt 24.50% of GDP
Foreign exchange reserves $ 157,000,000
Tourism 2014
Visitors 35,000
Revenue $ 24,000,000

Micronesia Border Map

The two countries also agreed to create a capital fund to make Micronesia self-sufficiency ahead of a planned reduction of US support after 2004. There was concern in Micronesia that the new fund would not be able to replace the US grants. Before the agreement came into force, it was to be approved by the parliaments of both countries.