10 May 2010

Report details CNMI's declining GDP

10:26 am on 10 May 2010

A US report has confirmed that gross domestic product in the Northern Marianas has been shrinking in recent years.

The U.S. Department of Commerce's Bureau of Economic Analysis says the CNMI's real GDP decreased at an average annual rate of 4.2 percent between 2002 and 2007.

Its report shows the total amount of products and services produced in the CNMI in 2002 was 1.32 billion US dollars as measured in the inflation-adjusted GDP and steadily declined until it reached only 962 million in 2007.

The CNMI is the only of the four U.S. territories to see a drop.

Guam's GDP grew at an average of 1.8 percent, while American Samoa increased at an average of 0.4 percent.