7 Surprising Ways the Northern Mariana Islands GDP Affects You
The Northern Mariana Islands (NMI) is a small US commonwealth located in the western Pacific Ocean.
While its economy is relatively small, the NMI’s Gross Domestic Product (GDP) has a surprising impact on various aspects of our lives.
We will explore the top 7 surprising ways the Northern Mariana Islands GDP affects you.
What is GDP?
Gross Domestic Product or GDP is the total value of goods and services produced within a country’s borders over a particular period. It’s an essential indicator of a country’s economic performance and is often used to compare economic growth and development between different countries. GDP includes consumer spending, government spending, investment, and net exports.
The Northern Mariana Islands GDP Economy
The Northern Mariana Islands is a small US commonwealth with a population of approximately 57,000 people. The NMI’s economy relies heavily on tourism, garment manufacturing, and agriculture. It’s worth noting that the NMI’s economy is highly dependent on federal grants and subsidies from the US government.
The Impact of the Northern Mariana Islands GDP on You
1. Tourism and Travel
Tourism is the NMI’s largest industry, and it contributes significantly to the island’s GDP.
The beautiful beaches, tropical climate, and unique culture of the Northern Mariana Islands attract visitors from all over the world.
If you’ve ever visited the NMI or plan to do so, your travel and tourism dollars contribute to the island’s GDP.
2. Garment Industry
The garment manufacturing industry in the Northern Mariana Islands has a unique history.
In the past, the NMI was a significant producer of clothing for the US market. However, competition from other countries led to the decline of the industry.
Despite this, the garment industry still plays a vital role in the NMI’s economy. If you’ve ever purchased clothing labeled “Made in the Northern Mariana Islands,” you’ve contributed to the island’s GDP.
3. Minimum Wage
The Northern Mariana Islands has a unique relationship with the US federal government regarding the minimum wage.
The NMI’s minimum wage is currently lower than the federal minimum wage in the US.
However, the NMI has been gradually increasing its minimum wage to match the federal level.
This increase has had a positive impact on the islands’ GDP and the living standards of the people who live there.
4. Taxes
The Northern Mariana Islands has its tax system, and its economy benefits from tax revenue.
The NMI’s tax system includes a sales tax, hotel tax, and business gross revenue tax.
If you’ve ever purchased goods or services in the NMI, you’ve contributed to the islands’ tax revenue and GDP.
5. National Security
The Northern Mariana Islands’ strategic location in the western Pacific makes it a critical location for US military presence.
The US military has a significant presence on the islands and this presence contributes to the island’s GDP.
The US military brings in revenue and creates jobs, and the infrastructure required to support the military is also beneficial for the islands’ economy.
6. Energy production
The Northern Mariana Islands are working to become more energy-independent by developing renewable energy sources.
The country is investing in solar and wind energy projects, which will help to reduce its dependence on fossil fuels.
This investment in renewable energy not only benefits the Northern Mariana Islands’ economy but also contributes to global efforts to combat climate change.
7. International relations: Know about Northern Mariana Islands GDP
As a US commonwealth, the Northern Mariana Islands’ economy is closely linked to the US economy. Any changes to the US economy can affect the Northern Mariana Islands’ GDP.
Additionally, the Northern Mariana Islands’ economy is linked to the economies of its neighboring countries in the Pacific.
The Northern Mariana Islands’ relationship with other countries in the region is important for maintaining stability and promoting economic growth in the Pacific.
| GDP nominal (2017) | GDP growth rate (2017) |
|---|---|
$1,593,000,000 |
25.14% |
- Nominal (current) Gross Domestic Product (GDP) of the Northern Mariana Islands is $1,593,000,000 (USD) as of 2017.
- Real GDP (constant, inflation-adjusted) of the Commonwealth of the Northern Mariana Islands reached $1,307,544,665 in 2017.
- GDP Growth Rate in 2017 was 25.14%, representing a change of 262,698,511 US$ over 2016, when Real GDP was $1,044,846,154.
- GDP per Capita in the Commonwealth of the Northern Mariana Islands (with a population of 56,562 people in 2017) was $23,117, an increase of $4,521 from $18,596 in 2016; this represents a change of 24.3% in GDP per capita.
Northern Mariana Islands Gross Domestic Product (GDP)
| Year | GDP Nominal (Current USD) |
GDP Real (Inflation adj.) |
GDP change |
GDP per capita | Pop. change |
Population |
|---|---|---|---|---|---|---|
| 2017 | $1,593,000,000 | $1,307,544,665 | 25.14% | $23,117 | 0.67 % | 56,562 |
| 2016 | $1,250,000,000 | $1,044,846,154 | 28.22% | $18,596 | 0.73 % | 56,188 |
| 2015 | $931,000,000 | $814,861,042 | 3.40% | $14,608 | 0.86 % | 55,780 |
| 2014 | $845,000,000 | $788,095,533 | 3.79% | $14,250 | 0.95 % | 55,305 |
| 2013 | $782,000,000 | $759,347,395 | 2.41% | $13,861 | 0.87 % | 54,784 |
| 2012 | $751,000,000 | $741,503,722 | 0.54% | $13,653 | 0.55 % | 54,311 |
| 2011 | $733,000,000 | $737,538,462 | -7.69% | $13,655 | 0.08 % | 54,012 |
| 2010 | $799,000,000 | $799,000,000 | 1.38% | $14,804 | -0.41 % | 53,971 |
| 2009 | $795,000,000 | $788,095,533 | -17.53% | $14,542 | -0.79 % | 54,193 |
| 2008 | $939,000,000 | $955,627,792 | -11.07% | $17,494 | -1.08 % | 54,625 |
| 2007 | $938,000,000 | $1,074,585,608 | -6.71% | $19,460 | -1.19 % | 55,219 |
| 2006 | $990,000,000 | $1,151,908,189 | -6.89% | $20,613 | -1.17 % | 55,882 |
| 2005 | $1,061,000,000 | $1,237,161,290 | -12.67% | $21,880 | -1.23 % | 56,542 |
| 2004 | $1,210,000,000 | $1,416,589,330 | -3.12% | $24,746 | -1.21 % | 57,246 |
5 FAQs About Northern Mariana Islands GDP
- What is the current GDP of the Northern Mariana Islands? The current GDP of the Northern Mariana Islands is approximately $1.2 billion.
- What is the primary industry in the Northern Mariana Islands? The primary industry in the Northern Mariana Islands is tourism.
- How does the Northern Mariana Islands benefit from its tax system? The Northern Mariana Islands benefit from its tax system through tax revenue, which contributes to the island’s GDP.
- Why are the Northern Mariana Islands important for national security? The Northern Mariana Islands’ strategic location in the western Pacific makes it an essential location for US military presence.
- How has the minimum wage increase affected the Northern Mariana Islands’ economy? The minimum wage increase has had a positive impact on the Northern Mariana Islands’ economy and the living standards of its people.
Related Topics: Northern Mariana Islands GDP
- Demographics of Europe
- Demographics of Asia
- Demographics of Northern America
- Demographics OF Latin America and the Caribbean
- GDP of Maldives
- GDP of Mauritania
- GDP of Fiji
Sources: Northern Mariana Islands GDP
- World Population Prospects: The 2019 Revision – United Nations Population Division
- World Urbanization Prospects – Population Division – United Nations
- GeoNames
- United Nations Statistics Division
- World Bank
- Organisation for Economic Co-operation and Development (OECD)
Northern Mariana Islands GDP