Gov. Benigno R. Fitial and Lt. Gov. Eloy Inos, through the Department of Commerce, welcomed the Bureau of Economic Analysis’ release of the CNMI’s Gross Domestic Product report for 2010. Fitial was elated to learn that the CNMI's real GDP, adjusted to remove price changes, increased by 2.3 percent compared to the revised -18.8 percent decrease just a year ago. In comparison, the United States overall real GDP, excluding the territories, increased by 2.4 percent.
BEA deputy director Dr. Brian Moyer, economist and program manager Aya Hamano, and Nicole Mayerhauser, chief of the National Income and Wealth Division, were on hand Tuesday morning to personally present the latest GDP report to Fitial.
GDP measures the output of goods and services produced by the private and public sectors. It is the primary indicator with which to measure the state of the economy at a certain period in time. For the first time, the CNMI’s report includes GDP figures by industry, compensation by industry, and detailed consumer spending.
"With the new additions to the CNMI GDP report, we are able to hone down a bit more on the source of increases within the GDP," said Fitial. "This positive increase largely reflects increases in consumer spending, export of services, the tourism sector, and territorial government consumption, expenditures and gross investments."
After declining for six consecutive years, largely due to declines in the garment manufacturing industry, Fitial is extremely pleased that the CNMI's economy saw much improvement in 2010.
"Lt. Governor Inos and I are proud that our administration has worked hard to find ways to rebound from the economic crisis in the region. Today, we are truly delighted to see that under our watch, we have delivered promising results for our economy and our people," added Fitial. "Even tourism services increased because of the number of visitors to the islands, offsetting continued declines in exports of goods."
Commerce Secretary Sixto Igisomar, who joined BEA officials in the briefing with the governor, lauded the BEA for its continued support and efforts to effectively track the CNMI’s GDP on an annual basis.
“We appreciate the timely release of the GDP report and we continue to work with the BEA and the Department of Interior to assist the CNMI with necessary technical assistance and/or guidance to speed up future report releases to within a year, if not less,” stated Igisomar.
To access the full report, refer to the department's website: http://commerce.gov.mp. (Office of the Governor)