Washington, D.C. – The Marianas economy grew at the rate of 3.5 percent in 2015, reflecting increased private sector construction and investment activity, government spending, and tourism. Real Gross Domestic Product, the net value of goods and services for the Marianas, was $814 million for the year. The U.S. Bureau of Economic Analysis released the 2015 GDP analysis today.
Congressman Gregorio Kilili Camacho Sablan expressed his optimism about the Commonwealth’s economy. “This is our fourth year of increased economic activity; and I look forward to continuing the federal spending and immigration policies that are major contributors to this growth.”
In today’s release the Bureau of Economic Analysis reported that the largest source of growth in 2015 was investment by the gaming industry in a training facility and an integrated casino resort on Saipan.
Government spending also increased. Federal expenditures jumped 28.5 percent as tens of millions of dollars in relief funds poured in after Typhoon Soudelor.
And the continued growth in tourism from China and Korea was also identified as a principal driver of the Marianas economy.
The Commonwealth’s rate of growth compares favorably with the national GDP, which expanded at an annual rate of 2.6 percent in 2015 and at 3.2 percent in the third quarter of 2016, according to a Bureau of Economic Analysis report also released on Tuesday.
The Bureau’s work in the Marianas is conducted in partnership with the Department of the Interior’s Office of Insular Affairs. The U.S. Congress provides technical assistance funds for this purpose to Interior each year.
The Bureau of Economic Analysis release is available at http://www.bea.gov/newsreleases/general/terr/2016/CNMIGDP_112916.pdf