North Pacific economies continued to expand in FY2012 (ended
30 September 2012 for all), but growth was generally more moderate than
in previous years (Figure 3.36.1). In the RMI and the FSM, growth w...
determined largely by movements in government spending, particularly
on infrastructure projects. Economic growth in the FSM declined to 1.4%
from 2.1% in FY2011 as infrastructure projects neared completion. In the
RMI, a delay in the ongoing airport upgrade had held growth in FY2011
at only 0.8%, lower than expected, but resumed activity helped restore
growth to 1.9% the following year. Another important contributor to
growth in these economies has been earnings from fisheries. These rose
as El Niño drove fish into colder, deeper waters such as those found in the
exclusive economic zones of the RMI and the FSM.
Sources: International Monetary Fund. Republic of Marshall Islands, 2012 Staff Visit Preliminary Conclusions;
Federated States of Micronesia, 2012 Article IV Consultation
Staff Report; Republic of Palau, 2012 Article IV Consultation
Staff Report. http://www.imf.org; ADB estimates
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