Micronesia's GDP changed from approximately $220M in 1995 to $484M in 2024, showing an overall 120.0% sharply increased during the period.
The lowest GDP was recorded in 1997 at $204M, and the highest in 2024 at $484M.
Over the 29-year span, the GDP showed a overall increase with some decline trend, with an average annual growth rate of 2.8%.
For comparison, the average annual growth rate of Marshall Islands was 3.8%, and that of Palau was 3.0%.
Micronesia GDP from 1995 to 2024
The total market value of goods and services produced annually in Micronesia.
Overview of Micronesia's GDP (1995–2024)
The Gross Domestic Product (GDP) of Micronesia recorded a 120.0% sharply increased from 1995 to 2024.
The average GDP during this period was $300M, and the median was $283M.
GDP fluctuated within a range of $280M, with a standard deviation of $78M 582K.
The average annual change was $8M 491K.
Highest and Lowest GDP Records
- Lowest GDP: 1997, $204M
- Highest GDP: 2024, $484M
- Most Recent GDP: 2024, $484M
Notable Annual GDP Changes
- 2022: Significant increase in GDP
- 2020: Noticeable drop in GDP
Overall pattern: overall increase with some decline
Global Economic Events and Micronesia's GDP
COVID-19 Pandemic (2020)
- Period: From 2019 to 2020
- GDP Change: $394M → $372M
- Outcome: declined
2008 Global Financial Crisis
- Period: From 2007 to 2009
- GDP Change: $252M → $275M
- Outcome: increased
2001 Dot-com Bubble Burst
- Period: From 2000 to 2001
- GDP Change: $230M → $236M
- Outcome: increased
1998 Asian Financial Crisis
- Period: From 1997 to 1998
- GDP Change: $204M → $217M
- Outcome: increased
Key Economic Indicators of Micronesia (1995–2024)
| year | GDP Growth | Nominal GDP | PPP GDP | GDP per Capita | PPP per Capita | Savings | Population | Current Account | Fiscal Balance |
|---|---|---|---|---|---|---|---|---|---|
1995 | 0 % | $ 220M | $ 216M | $ 2,079.64 | $ 2,043.79 | 0 % | 106,000 people | -9.243 % | 2.621 % |
1996 | -3.339 % | $ 217M | $ 213M | $ 2,042.84 | $ 2,006.99 | 0 % | 106,000 people | -19.516 % | 5.011 % |
1997 | -6.211 % | $ 204M | $ 203M | $ 1,923.70 | $ 1,910.29 | 0 % | 106,000 people | -31.544 % | 5.021 % |
1998 | 2.837 % | $ 217M | $ 211M | $ 2,033 | $ 1,981.89 | 0 % | 107,000 people | -25.498 % | -1.654 % |
1999 | 1.129 % | $ 217M | $ 216M | $ 2,034.56 | $ 2,027.82 | 0 % | 107,000 people | -21.368 % | -3.93 % |
2000 | 4.625 % | $ 230M | $ 232M | $ 2,145.79 | $ 2,164.53 | 0 % | 107,000 people | -14.915 % | -2.727 % |
2001 | 1.82 % | $ 236M | $ 241M | $ 2,215.08 | $ 2,259.68 | 0 % | 107,000 people | -17.816 % | -5.289 % |
2002 | 0.443 % | $ 238M | $ 246M | $ 2,233.03 | $ 2,311.26 | 0 % | 106,000 people | -10.259 % | 7.512 % |
2003 | 1.763 % | $ 241M | $ 255M | $ 2,270.19 | $ 2,405 | 0 % | 106,000 people | -6.102 % | 2.846 % |
2004 | -3.19 % | $ 236M | $ 254M | $ 2,225.29 | $ 2,397.44 | 0 % | 106,000 people | -18.833 % | -15.403 % |
2005 | 2.314 % | $ 246M | $ 268M | $ 2,329.63 | $ 2,536.80 | 0 % | 106,000 people | -10.279 % | -5.478 % |
2006 | -0.199 % | $ 249M | $ 275M | $ 2,367.17 | $ 2,623.31 | 0 % | 105,000 people | -15.801 % | -5.29 % |
2007 | -1.724 % | $ 252M | $ 278M | $ 2,412.27 | $ 2,661.70 | 0 % | 104,000 people | -10.889 % | -3.378 % |
2008 | -2.583 % | $ 258M | $ 276M | $ 2,483.69 | $ 2,656.68 | 0 % | 104,000 people | -19.287 % | -1.334 % |
2009 | 1.098 % | $ 275M | $ 281M | $ 2,656.61 | $ 2,716.61 | 0 % | 103,000 people | -21.578 % | 2.19 % |
2010 | 2.066 % | $ 291M | $ 290M | $ 2,826.04 | $ 2,821.24 | 0 % | 103,000 people | -17.922 % | 0.749 % |
2011 | 3.784 % | $ 307M | $ 307M | $ 2,960.26 | $ 2,965.43 | 0 % | 104,000 people | -19.547 % | -0.243 % |
2012 | -1.694 % | $ 323M | $ 308M | $ 3,107.84 | $ 2,962.63 | 0 % | 104,000 people | -13.747 % | 1.229 % |
2013 | -3.676 % | $ 313M | $ 301M | $ 3,012.69 | $ 2,903.64 | 0 % | 104,000 people | -10.081 % | 3.323 % |
2014 | -2.586 % | $ 314M | $ 299M | $ 3,033.93 | $ 2,887.16 | 0 % | 103,000 people | 6.212 % | 11.686 % |