Marshall Islands Economy

Is Marshall Islands a rich country?

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.

Marshall Islands Economy Data

What is the GDP of Marshall Islands?

GDP - Gross Domestic Product (PPP) $182,000,000 (USD)
GDP - official exchange rate $195,000,000 (USD)
GDP - real growth rate 1.7%
GDP Per Capita $3,400.00 (USD)
GDP by Sector- agriculture 4.4%
GDP by Sector- Industry 9.9%
GDP by Sector- services 85.7%
Inflation Rate 12.9%
Labor Force 14,680
Labor Force By Occupation- agriculture 11%
Labor Force By Occupation- industry 16.3%
Labor Force By Occupation- services 72.7%
Unemployment Rate 36%
Fiscal Year 1 October - 30 September
Annual Budget $123,300,000 (USD)
Budget Surplus or Deficit - percent of GDP 0.4%
Taxes and other revenues - percent of GDP 54.6%
Major Industries copra, fish, tourism, craft items from shell, wood, and pearls
Agriculture Products coconuts, tomatoes, melons, taro, breadfruit, fruits; pigs, chickens
Currency Code US dollar (USD)

Labor Force by Occupation- As reported by Marshall Islands

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