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Marshall Islands:
Economy

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Marshall Islands Page


Other pages in this profile of the Marshall Islands:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
Economy - overview
Definition
US Government assistance is the mainstay of this tiny island economy. The Marshall Islands received more than $1 billion in aid from the US from 1986-2002. Agricultural production, primarily subsistence, is concentrated on small farms; the most important commercial crops are coconuts and breadfruit. Small-scale industry is limited to handicrafts, tuna processing, and copra. The tourist industry, now a small source of foreign exchange employing less than 10% of the labor force, remains the best hope for future added income. The islands have few natural resources, and imports far exceed exports. Under the terms of the Amended Compact of Free Association, the US will provide millions of dollars per year to the Marshall Islands (RMI) through 2023, at which time a Trust Fund made up of US and RMI contributions will begin perpetual annual payouts. Government downsizing, drought, a drop in construction, the decline in tourism, and less income from the renewal of fishing vessel licenses have held GDP growth to an average of 1% over the past decade.
GDP (purchasing power parity)
Definition - World rank and map
$115 million (2001 est.)
GDP (official exchange rate)
Definition
$144 million (2005)
GDP - real growth rate
Definition - World rank and map
3.5% (2005 est.)
GDP - per capita
Definition - World rank and map
$2,900 (2005 est.)
GDP - composition by sector
Definition
agriculture: 31.7%
industry: 14.9%
services: 53.4% (2004 est.)
Labor force
Definition
14,680 (2000)
Labor force - by occupation
Definition
agriculture: 21.4%
industry: 20.9%
services: 57.7% (2000)
Unemployment rate
Definition - World rank and map
30.9% (2000 est.)
Population below poverty line
Definition
NA%
Household income or consumption by percentage share
Definition
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices)
Definition - World rank and map
3% (2005 est.)
Budget
Definition
revenues: $42 million
expenditures: $40 million (1999)
Agriculture - products
Definition
coconuts, tomatoes, melons, taro, breadfruit, fruits; pigs, chickens
Industries
Definition
copra, tuna processing, tourism, craft items (from seashells, wood, and pearls)
Industrial production growth rate
Definition - World rank and map
NA%
Exports
Definition - World rank and map
$9.1 million f.o.b. (2000)
Exports - commodities
Definition
copra cake, coconut oil, handicrafts, fish
Exports - partners
Definition
US, Japan, Australia, China (2006)
Imports
Definition - World rank and map
$54.7 million f.o.b. (2000)
Imports - commodities
Definition
foodstuffs, machinery and equipment, fuels, beverages and tobacco
Imports - partners
Definition
US, Japan, Australia, NZ, Singapore, Fiji, China, Philippines (2006)
Debt - external
Definition - World rank and map
$86.5 million (FY99/00 est.)
Economic aid - recipient
Definition
$56.56 million (2005)
Currency (code)
Definition
US dollar (USD)
Exchange rates
Definition
the US dollar is used
Fiscal year
Definition
1 October - 30 September


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