14 Jul 2011

CNMI figures confirm massive economic decline

12:56 pm on 14 July 2011

New figures for the Northern Marianas economy in 2008 and 2009 show a massive decline.

The figures have been presented to CNMI leaders in Washington, showing a gross domestic product in decline in 2008 by 12 percent and by nearly 20 percent in 2009.

The decline reflects the demise of the CNMI's garment manufacturing industry, whose last factory closed during the first quarter of 2009.

While exports of goods began their steady decline in 2005, the steepest decline occurred in the surveyed years 2008 and 2009.