IMF Staff Country Reports

Federated States of Micronesia: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Federated States of Micronesia

Publication Date:

September 15, 2017

Electronic Access:

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Summary:

This 2017 Article IV Consultation highlights that the Micronesian economy continued its gradual recovery in fiscal year 2016 (ending September 30), after three years of contraction during 2012–14. Real GDP is estimated to have grown by 3.0 percent in 2016, driven by increased construction activity related to infrastructure projects. Consumer prices remained broadly stable. The fiscal balance recorded an estimated surplus of 9 percent of GDP, after another year of strong revenues from fishing license fees. 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.

Series:

Country Report No. 2017/280

Subject:

Climate change Environment External debt Extra-budgetary funds Natural disasters Public debt Public financial management (PFM)