Federated States of Micronesia: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Federated States of Micronesia
IMF Staff Country Reports, September 15, 2017
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- Federated States of Micronesia: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Federated States of Micronesia
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Bibliographic details
- Published: September 15, 2017
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484319642.002
Economic performance and drivers (fiscal year 2016; period ending September 30)
- Real GDP is estimated to have grown by 3.0 percent in 2016.
- The growth was driven by increased construction activity related to infrastructure projects.
- The economy continued a gradual recovery in fiscal year 2016 after three years of contraction during 2012–14.
- Consumer prices remained broadly stable.
Fiscal balance and revenue developments
- The fiscal balance recorded an estimated surplus of 9 percent of GDP in 2016.
- The surplus followed another year of strong revenues from fishing license fees.
Outlook and risks (2017 and beyond)
- In 2017, growth is expected to moderate to 2 percent, as the recovery continues at a slower pace.
- Despite the recovery, risks are tilted to the downside beyond the near term.
Scope, subjects, and keywords covered
- Subject: Climate change, Environment, External debt, Extra-budgetary funds, Natural disasters, Public debt, Public financial management (PFM)
- Keywords: Climate change, CR, Extra-budgetary funds, FSM authorities, Global, government finance, IMF quota, IMF staff estimate, ISCR, Micronesia, Natural disasters, Pacific Islands, state, State tourism
IMF Staff Country Report No. 2017/280 (65 pages), DOI: https://doi.org/10.5089/9781484319642.002
Content in this bundle
- Country Report