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The Caroline Islands are a widely scattered archipelago in the western Pacific Ocean; they became part of a UN Trust Territory under US administration following World War II. The eastern four island groups adopted a constitution in 1979 and chose to become the Federated States of Micronesia. (The westernmost island group became Palau.) Independence came in 1986 under a Compact of Free Association with the US, which was amended and renewed in 2004. Present concerns include large-scale unemployment, overfishing, overdependence on US foreign aid, and state perception of inequitable allocation of US aid.

Location

Oceania, island group in the North Pacific Ocean, about three-quarters of the way from Hawaii to Indonesia

Natural Resources

timber, marine products, deep-seabed minerals, phosphate

Population - distribution

107708
English (official and common language), Chuukese, Kosrean, Pohnpeian, Yapese, Ulithian, Woleaian, Nukuoro, Kapingamarangi
PALIKIR (capital) 7,000 (2014)
Conventional long form
Federated States of Micronesia
Conventional short form
none
Local long form
Federated States of Micronesia
Local short form
none
federal republic in free association with the US
Name
Palikir
Geographic coordinates
6 55 N, 158 09 E
Time difference
UTC+11 (16 hours ahead of Washington, DC, during Standard Time)
has not submitted an ICJ jurisdiction declaration; non-party state to the ICCt
Economic activity consists largely of subsistence farming and fishing, and government, which employs two-thirds of the adult working population and receives funding largely - 58% in 2013 – from Compact of Free Association assistance provided by the US. The islands have few commercially valuable mineral deposits. The potential for tourism is limited by isolation, lack of adequate facilities, and limited internal air and water transportation.
Inflation
None%
Total tax rate (% of commercial profits)
60.5%
Real Interest Rate
15.313%
Manufacturing, value added (% of GDP)
0.447%
Current Account Balance
US$ 22,407,600
Labor Force, Total
Employment in Agriculture
%
Employment in Industry
%
Employment in Services
%
Unemployment Rate
%
Imports of goods and services
US$ 89,800,000
Exports of goods and services
US$ 3,600,000
Total Merchandise Trade
91.62%
FDI, net inflows
US$ 800,000
Commercial Service Exports
US$ 33,420,500
taro, yams, coconuts, bananas, cassava (manioc, tapioca), sakau (kava), Kosraen citrus, betel nuts, black pepper, fish, pigs, chickens
tourism, construction; specialized aquaculture, craft items (shell and wood)
Commodities
fish, sakau (kava), betel nuts, black pepper
Partners
Commodities
food, beverages, clothing, computers, household electronics, appliances, manufactured goods, automobiles, machinery and equipment, furniture, tools
Partners
Country Risk Rating
Business Climate Rating

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