Northern Mariana Islands’ Economy Grows for Third Straight Year

The economy of the Northern Mariana Islands expanded in 2014, marking the third consecutive year of growth.

Real gross domestic product, adjusted to remove price changes, increased 3 percent in 2014. For comparison, real GDP for the United States (excluding the territories) increased 2.4 percent during the same period.

The growth in the Northern Mariana Islands’ economy reflected increases in private fixed investment, consumer spending and exports of services.

These increases were partly offset by an increase in imports of goods and services, which is a subtraction item in the calculation of GDP.

Private fixed investment was the largest contributor to economic growth in 2014, increasing more than 50 percent. This reflected growth in business purchases of equipment and in private sector construction activity.

Consumer spending increased 9.1 percent, reflecting widespread growth in household purchases of goods and services, including a continued increase in purchases of motor vehicles.

Exports of services, which consists mostly of spending by tourists, increased 2.6 percent in 2014. The growth in tourism spending reflected an increase in visitor arrivals to the islands.

In 2013, the economy of the Northern Mariana Islands grew 2.6 percent, following a 0.6 percent increase in 2012.

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