| Economy | Marshall Islands |
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Economy - overview:
|
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):
|
$133.5 million (2008 est.)
$115 million (2001 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
|
$2,500 (2008 est.)
$2,900 (2005 est.) |
GDP (official exchange rate):
|
$161.7 million (2008 est.) |
GDP - real growth rate:
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-0.3% (2008 est.)
3.5% (2005 est.) |
GDP - composition by sector:
|
agriculture: 31.7%
industry: 14.9%
services: 53.4% (2004 est.) |
Investment (gross fixed):
|
void |
Population below poverty line:
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NA% |
Household income or consumption by percentage share:
|
lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
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12.9% (2008 est.)
3% (2005 est.) |
Central bank discount rate:
|
void |
Commercial bank prime lending rate:
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void |
Stock of money:
|
void |
Stock of money - per capita:
|
void |
Stock of quasi money:
|
void |
Stock of quasi money - per capita:
|
void |
Stock of domestic credit:
|
void |
Stock of domestic credit - per capita:
|
void |
Stock of narrow money:
|
void |
Stock of broad money:
|
void |
Labor force:
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14,680 (2000) |
Labor force participation rate:
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21.85 % of population |
Labor force - by occupation:
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agriculture: 21.4%
industry: 20.9%
services: 57.7% (2000) |
Unemployment rate:
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36% (2006 est.)
30.9% (2000 est.) |
Unemployment, youth ages 15-24:
|
void |
Budget:
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revenues: $123.3 million
expenditures: $NA (2008) |
Budget revenues per capita:
|
void |
Taxes and other revenues:
|
76.3% of GDP (2008) |
Budget surplus (+) or deficit (-):
|
NA% of GDP (2008) |
Public debt:
|
void |
Industries:
|
copra, tuna processing, tourism, craft items (from seashells, wood, and pearls) |
Industrial production growth rate:
|
NA% |
Electricity - production:
|
void |
Electricity - production per capita:
|
void |
Electricity - consumption:
|
void |
Electricity - consumption - per capita:
|
void |
Electricity - exports:
|
void |
Electricity - imports:
|
void |
Oil - production:
|
void |
Oil - production per capita:
|
void |
Oil - consumption:
|
void |
Oil - consumption - per capita:
|
void |
Oil - exports:
|
void |
Oil - imports:
|
void |
Oil - proved reserves:
|
void |
Natural gas - production:
|
void |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
void |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
void |
Natural gas - imports:
|
void |
Natural gas - proved reserves:
|
void |
Agriculture - products:
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coconuts, tomatoes, melons, taro, breadfruit, fruits; pigs, chickens |
Current account balance:
|
void |
Current account balance - per capita:
|
void |
Exports:
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$19.4 million (2008 est.)
$9.1 million (2000 est.) |
Exports per capita:
|
289 USD per capita |
Exports - commodities:
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copra cake, coconut oil, handicrafts, fish |
Exports - partners:
|
void |
Imports:
|
$79.4 million (2008 est.)
$54.7 million (2000 est.) |
Imports per capita:
|
1,182 USD per capita |
Imports - commodities:
|
foodstuffs, machinery and equipment, fuels, beverages and tobacco |
Imports - partners:
|
void |
Reserves of foreign exchange and gold:
|
void |
Reserves of foreign exchange and gold - per capita:
|
void |
Debt - external:
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$87 million (2008 est.)
$86.5 million (FY99/00 est.) |
Debt - external - per capita:
|
1,295 USD per capita |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
void |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
|
void |
Market value of publicly traded shares - per capita:
|
void |
Currency (code):
|
US dollar (USD) |
Exchange rates:
|
the US dollar is used |
Fiscal year:
|
1 October - 30 September |
|
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