| Economy - overview | US assistance and lease payments for the use of Kwajalein Atoll as a US military base are the mainstay of this small island country. Agricultural production, primarily subsistence, is concentrated on small farms; the most important commercial crops are coconuts and breadfruit. Industry is limited to handicrafts, tuna processing, and copra. Tourism holds some potential. The islands and atolls have few natural resources, and imports exceed exports. The Marshall Islands received roughly $1 billion in aid from the US during the period 1986-2001 under the original Compact of Free Association (Compact). In 2002 and 2003, the US and the Marshall Islands renegotiated the Compact's financial package for a 20-year period, 2004 to 2024. Under the amended Compact, the Marshall Islands will receive roughly $1.5 billion in direct US assistance. Under the amended Compact, the US and Marshall Islands are also jointly funding a Trust Fund for the people of the Marshall Islands that will provide an income stream beyond 2024, when direct Compact aid ends. |
| GDP (purchasing power parity) | $227 million (2018 est.) $196 million (2017 est.) $219 million (2017 est.) note: data are in 2017 dollars |
| GDP (official exchange rate) | $222 million (2017 est.) |
| GDP - real growth rate | 2.5% (2017 est.) 3.6% (2016 est.) 2% (2015 est.) |
| GDP - per capita (PPP) | $3,889 (2018 est.) $3,600 (2017 est.) $3,776 (2017 est.) note: data are in 2017 dollars |
| Gross national saving | 17.2% of GDP (2018 est.) 18.3% of GDP (2017 est.) |
| GDP - composition, by end use | government consumption: 50% (2016 est.) investment in fixed capital: 17.8% (2016 est.) investment in inventories: 0.2% (2016 est.) exports of goods and services: 52.9% (2016 est.) imports of goods and services: -102.3% (2016 est.) |
| GDP - composition by sector | agriculture: 4.4% (2013 est.) industry: 9.9% (2013 est.) services: 85.7% (2013 est.) |
| Ease of Doing Business Index scores | Overall score: 50.9 (2020) Starting a Business score: 88.4 (2020) Trading score: 78.9 (2020) Enforcement score: 55.9 (2020) |
| Population below poverty line | NA |
| Labor force | 10,670 (2013 est.) |
| Labor force - by occupation | agriculture: 11% industry: 16.3% services: 72.7% (2011 est.) |
| Unemployment rate | 36% (2006 est.) 30.9% (2000 est.) |
| Unemployment, youth ages 15-24 | male: 12.2% female: 8.7% |
| Household income or consumption by percentage share | lowest 10%: NA highest 10%: NA |
| Budget | revenues: 116.7 million (2013 est.) expenditures: 113.9 million (2013 est.) |
| Taxes and other revenues | 52.6% (of GDP) (2013 est.) |
| Budget surplus (+) or deficit (-) | 1.3% (of GDP) (2013 est.) |
| Public debt | 25.5% of GDP (2017 est.) 30% of GDP (2016 est.) |
| Inflation rate (consumer prices) | 0% (2017 est.) -1.5% (2016 est.) |
| Agriculture - products | coconuts |
| Industries | copra, tuna processing, tourism, craft items (from seashells, wood, and pearls) |
| Industrial production growth rate | NA |
| Current Account Balance | -$1 million (2017 est.) $15 million (2016 est.) |
| Exports | $0 (2013 est.) |
| Exports - commodities | ships, fish, recreational boats, broadcasting equipment, coal tar oil (2019) |
| Exports - partners | Poland 28%, Denmark 19%, South Korea 13%, Indonesia 10%, Cyprus 6% (2019) |
| Imports | $103.8 million (2016 est.) $133.7 million (2013 est.) |
| Imports - commodities | ships, refined petroleum, centrifuges, recreational boats, boat propellers (2019) |
| Imports - partners | South Korea 39%, China 27%, Japan 15% (2019) |
| Debt - external | $97.96 million (2013 est.) $87 million (2008 est.) |
| Exchange rates | the US dollar is used |
| Fiscal year | 1 October - 30 September |
Source: CIA World Factbook
This page was last updated on September 18, 2021
