Economy of Northern Mariana Islands
Northern Mariana Islands is considered to be a developed nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developed nation, Northern Mariana Islands is able to provide its citizens with social services like public education, healthcare, and law enforcement. Citizens of developed nations enjoy a high standard of living and longer life expectancies than citizens of developing nations. Each year, Northern Mariana Islands exports around $0.1 billion and imports roughly $0.21 billion. 10.5% of population in the country are unemployed. The total number of unemployed people in Northern Mariana Islands is 5,795. The Gini Index of the country is 38.57. Northern Mariana Islands is experiencing good equality. The majority of citizens in Northern Mariana Islands fall within a narrow range of income, although some cases may show significant differences.
The currency of Northern Mariana Islands is United States dollar. The United States dollar is one of the most significant currencies in the world, and is used in several territories besides The United States including Puerto Rico, Guam, and The US Virgin Islands. The United States dollar is a stable currency that can be relied upon for investment opportunities. The plural form of the word United States dollar is dollars. The symbol used for this currency is $, and it is abbreviated as USD. The United States dollar is divided into Cent; there are 100 in one dollar.
Credit rating is the extent to which international investors trust a country in paying debts and upholding the country's obligations in terms of crediting. There is no information on the credit rating of Northern Mariana Islands.
Northern Mariana Islands has a government debt of 21% of the country's Gross Domestic Product (GDP), as assessed in 2012.
Personal income tax ranges from 10% to 30%, depending on your specific situation and income level. VAT in Northern Mariana Islands is 5%.
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Northern Mariana Islands is $0.733 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Northern Mariana Islands was last recorded at $0 million. PPP in Northern Mariana Islands is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Northern Mariana Islands is 1 billion. Based on this statistic, Northern Mariana Islands is considered to have a small economy. Countries with small economies generally support less industries and opportunities for investment. However, worthwhile investment opportunities may be found. The Gross Domestic Product (GDP) per capita in Northern Mariana Islands was last recorded at $0 million. The average citizen in Northern Mariana Islands has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Northern Mariana Islands averaged 0% in 2014. According to this percentage, Northern Mariana Islands is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly. To read more about financial information click on finances of Northern Mariana Islands.
Major industries in the country are tourism, banking, construction, fishing, handicrafts, other services. The total labor force of Northern Mariana Islands is 28,000 people, wherein 10.5% of population in the country are unemployed. The total number of unemployed people in Northern Mariana Islands is 5,795. To read more about industrial information within Northern Mariana Islands click on industry of Northern Mariana Islands.
There are 62 km2 of arable land in Northern Mariana Islands, and it comprises 13% of the country's total territory. There are 83 km2 of cultivated land in Northern Mariana Islands. The country's major agricultural crops and products are vegetables and melons, fruits and nuts, ornamental plants, livestock, poultry and eggs, fish and aquaculture products.To read more about agriculture click on agriculture of Northern Mariana Islands.