GDP up again in 2013

Nov 21, 2014

The primary measure of economic growth, Gross Domestic Product, rose 4.4 percent in 2013 in the Northern Marianas, according to analysis released this week by the Bureau of Economic Analysis. It was the second consecutive year of growth for our islands. The primary drivers were increased consumer spending, particularly for automobiles, and increased tourism. Consumer spending was up 12.3 percent. Tourism, reflected in the export of services category, was up 8.8 percent. GDP is the sum of all spending by consumers, government, and business, and increased from $665 million in 2012 to $682 million in 2013. The Bureau of Economic Analysis, part of the U.S. Department of Commerce, compiles GDP data for the Northern Mariana Islands and other U.S. insular areas with funding from the U.S. Department of Interior’s Office of Insular Affairs. The next release of GDP data – for 2014 – is planned for the summer of 2015.

Gross Domestic Product in the Northern Marianas increased 4.4 percent in 2013, the best rate of growth in a decade and the second straight year of increase. The Bureau of Economic Analysis released the 2013 data on November 17, 2014.