Finance of Northern Mariana Islands

The minimum monthly wage in Northern Mariana Islands is 1128 USD. Northern Mariana Islands has a government debt of 21% of the country's Gross Domestic Product (GDP), as assessed in 2012. With regard to consumer prices, the inflation rate in Northern Mariana Islands is -2.7%. 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. Personal income tax ranges from 10% to 30%, depending on your specific situation and income level. VAT in Northern Mariana Islands is 5%.

Gross Domestic Product

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Northern Mariana Islands is $1 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Northern Mariana Islands was last recorded at $13,280. PPP in Northern Mariana Islands is considered to be fair when compared to other countries. Fair PPP indicates that citizens in this country occasionally 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 fair PPP are relatively risky 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 $11,469. The average citizen in Northern Mariana Islands has high wealth. Countries with high wealth per capita employ a highly skilled workforce with competitive wages. Labor in countries with high wealth is expensive when compared with countries with lower GDP per capita. However, it is easy to find highly skilled employees in Northern Mariana Islands. 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.