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Real gross home merchandise (GDP) for nan Commonwealth of nan Northern Mariana Islands (CNMI) decreased 29.7 percent successful 2020 aft decreasing 11.3 percent successful 2019 (table 1.3), according to statistic released coming by nan U.S. Bureau of Economic Analysis (BEA). These statistic were developed nether nan Statistical Improvement Program funded by nan Office of Insular Affairs (OIA) of nan U.S. Department of nan Interior.
GDP for 2020
The alteration successful existent GDP reflected decreases successful exports of equipment and services, backstage fixed investment, individual depletion expenditures, and authorities spending (table 1.4). Imports, a subtraction point successful nan calculation of GDP, besides decreased.
Coronavirus (COVID–19) Impact connected nan 2020 CNMI GDP Estimate
The CNMI system was substantially affected by nan COVID–19 pandemic owed to its effects connected spending by consumers, visitors, businesses, and governments. The U.S. authorities passed respective laws to support and prolong businesses and individuals done nan pandemic. Expenditures funded by nan various national grants and transportation payments are reflected successful nan GDP estimates. However, nan afloat effects of nan pandemic cannot beryllium quantified successful BEA’s statistic for nan CNMI, because nan impacts are mostly embedded successful root information and cannot beryllium separately identified.
Exports of equipment and services decreased 74.4 percent (table 1.3). The alteration successful exports was mostly accounted for by exports of services, which consists chiefly of visitant spending, including connected casino gambling. Statistics published by nan CNMI authorities showed that nan number of visitant arrivals to nan CNMI decreased 81.7 percent, reflecting effects of nan COVID–19 pandemic. According to publically disposable financial statements, revenues from casino gambling decreased complete 95 percent.
Private fixed investment decreased 42.7 percent (table 1.3), reflecting a diminution successful spending connected structures and equipment. Private assemblage building activity, including nan improvement of a casino edifice connected Saipan, decreased substantially successful 2020.
Personal depletion expenditures decreased 6.2 percent (table 1.3), reflecting declines successful spending connected some equipment and services. Businesses passim nan CNMI operated astatine a reduced capacity owed to nan COVID–19 pandemic.
Government spending decreased 6.0 percent (table 1.3), reflecting a diminution successful national authorities spending. Federal authorities spending decreased 43.0 percent (table 1.3) aft being elevated successful 2019 to support betterment activities pursuing Typhoon Yutu.
GDP by manufacture and compensation by manufacture for 2019
In 2019, existent GDP decreased 11.3 percent. The recently disposable GDP by manufacture data, which are released connected a 1-year lag, uncover that nan backstage assemblage was nan superior root of diminution successful existent GDP successful 2019 (table 2.5).
The private sector decreased 12.4 percent (table 2.4), reflecting a diminution successful accommodations, nutrient services, and amusements. According to publically disposable financial statements, revenues from casino gambling dropped complete 80 percent successful 2019. Additionally, information from nan CNMI government show that visitant arrivals declined successful 2019.
The government sector decreased 7.2 percent (table 2.4), reflecting a diminution successful territorial authorities owed chiefly to higher operating losses of authorities utilities successful nan aftermath of Typhoon Yutu.
Total compensation decreased from $721 cardinal successful 2018 to $700 cardinal successful 2019 (table 2.6). The $21 cardinal alteration reflected a diminution successful private-sector compensation. The largest contributor to nan diminution was accommodations, nutrient services, and amusements.
Updates to CNMI GDP and Its Components
Estimates for 2018–2019 that were released connected April 6, 2021, person been revised to incorporated updates to root data, including nan following:
- Tabulations of business revenues information provided by nan CNMI Department of Finance,
- Data for gross tonnage of exports from nan CNMI Central Statistics Division,
- Financial statements for nan CNMI authorities and its independent agencies, and
- Federal authorities statement obligations information from nan U.S. General Services Administration Federal Procurement Data System.
The revised estimates grounds a shape of inflation-adjusted GDP maturation akin to nan antecedently published estimates (table 1.7).
Due to lags successful nan readiness of information for various components of GDP, nan statistic presented coming for 2020 are preliminary estimates. For example, arsenic of mid-January 2023, nan CNMI government’s fiscal twelvemonth 2020 audited financial statements were unavailable. BEA utilized draught versions of these financial statements to hole estimates of authorities spending. As further root information go available, BEA will incorporated nan accusation and will merchandise updated estimates erstwhile a year.
For much accusation connected nan information sources underlying these estimates, spot Summary of Methodologies: Gross Domestic Product for American Samoa, nan Commonwealth of nan Northern Mariana Islands, Guam, and nan U.S. Virgin Islands.
Next release: autumn 2023
Gross Domestic Product for nan Commonwealth of nan Northern Mariana Islands, 2021
CNMI GDP by Industry and Compensation by Industry, 2020
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