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%.
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.
Micronesia GDP from 1995 to 2024
The total market value of goods and services produced annually in Micronesia.
Data Source: International Monetary Fund
Image Source: Freepik from www.flaticon.com
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 | Nominal GDP | GDP per Capita | PPP per Capita | PPP GDP | GDP Growth | Current Account | Savings | Fiscal Balance | Population |
|---|---|---|---|---|---|---|---|---|---|
1995 | $ 220M | $ 2,079.64 | $ 2,043.79 | $ 216M | 0 % | -9.243 % | 0 % | 2.621 % | 106,000 people |
1996 | $ 217M | $ 2,042.84 | $ 2,006.99 | $ 213M | -3.339 % | -19.516 % | 0 % | 5.011 % | 106,000 people |
1997 | $ 204M | $ 1,923.70 | $ 1,910.29 | $ 203M | -6.211 % | -31.544 % | 0 % | 5.021 % | 106,000 people |
1998 | $ 217M | $ 2,033 | $ 1,981.89 | $ 211M | 2.837 % | -25.498 % | 0 % | -1.654 % | 107,000 people |
1999 | $ 217M | $ 2,034.56 | $ 2,027.82 | $ 216M | 1.129 % | -21.368 % | 0 % | -3.93 % | 107,000 people |
2000 | $ 230M | $ 2,145.79 | $ 2,164.53 | $ 232M | 4.625 % | -14.915 % | 0 % | -2.727 % | 107,000 people |
2001 | $ 236M | $ 2,215.08 | $ 2,259.68 | $ 241M | 1.82 % | -17.816 % | 0 % | -5.289 % | 107,000 people |
2002 | $ 238M | $ 2,233.03 | $ 2,311.26 | $ 246M | 0.443 % | -10.259 % | 0 % | 7.512 % | 106,000 people |
2003 | $ 241M | $ 2,270.19 | $ 2,405 | $ 255M | 1.763 % | -6.102 % | 0 % | 2.846 % | 106,000 people |
2004 | $ 236M | $ 2,225.29 | $ 2,397.44 | $ 254M | -3.19 % | -18.833 % | 0 % | -15.403 % | 106,000 people |
2005 | $ 246M | $ 2,329.63 | $ 2,536.80 | $ 268M | 2.314 % | -10.279 % | 0 % | -5.478 % | 106,000 people |
2006 | $ 249M | $ 2,367.17 | $ 2,623.31 | $ 275M | -0.199 % | -15.801 % | 0 % | -5.29 % | 105,000 people |
2007 | $ 252M | $ 2,412.27 | $ 2,661.70 | $ 278M | -1.724 % | -10.889 % | 0 % | -3.378 % | 104,000 people |
2008 | $ 258M | $ 2,483.69 | $ 2,656.68 | $ 276M | -2.583 % | -19.287 % | 0 % | -1.334 % | 104,000 people |
2009 | $ 275M | $ 2,656.61 | $ 2,716.61 | $ 281M | 1.098 % | -21.578 % | 0 % | 2.19 % | 103,000 people |
2010 | $ 291M | $ 2,826.04 | $ 2,821.24 | $ 290M | 2.066 % | -17.922 % | 0 % | 0.749 % | 103,000 people |
2011 | $ 307M | $ 2,960.26 | $ 2,965.43 | $ 307M | 3.784 % | -19.547 % | 0 % | -0.243 % | 104,000 people |
2012 | $ 323M | $ 3,107.84 | $ 2,962.63 | $ 308M | -1.694 % | -13.747 % | 0 % | 1.229 % | 104,000 people |
2013 | $ 313M | $ 3,012.69 | $ 2,903.64 | $ 301M | -3.676 % | -10.081 % | 0 % | 3.323 % | 104,000 people |
2014 | $ 314M | $ 3,033.93 | $ 2,887.16 | $ 299M | -2.586 % | 6.212 % | 0 % | 11.686 % | 103,000 people |
