| People | 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):
|
$115 million (2001 est.) |
GDP (official exchange rate):
|
$144 million (2005) |
GDP - real growth rate:
|
3.5% (2005 est.) |
GDP - per capita (PPP):
|
$2,900 (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:
|
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):
|
3% (2005 est.) |
Labor force:
|
14,680 (2000) |
Labor force participation rate:
|
23.24 % of population |
Labor force - by occupation:
|
agriculture: 21.4%
industry: 20.9%
services: 57.7% (2000) |
Unemployment rate:
|
30.9% (2000 est.) |
Budget:
|
revenues: $42 million
expenditures: $40 million (1999) |
Budget revenues per capita:
|
665 USD per capita |
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:
|
coconuts, tomatoes, melons, taro, breadfruit, fruits; pigs, chickens |
Current account balance:
|
void |
Current account balance - per capita:
|
void |
Exports:
|
$9.1 million f.o.b. (2000) |
Exports per capita:
|
145 USD per capita |
Exports - commodities:
|
copra cake, coconut oil, handicrafts, fish |
Exports - partners:
|
US, Japan, Australia, China (2006) |
Imports:
|
$54.7 million f.o.b. (2000) |
Imports per capita:
|
866 USD per capita |
Imports - commodities:
|
foodstuffs, machinery and equipment, fuels, beverages and tobacco |
Imports - partners:
|
US, Japan, Australia, NZ, Singapore, Fiji, China, Philippines (2006) |
Reserves of foreign exchange and gold:
|
void |
Reserves of foreign exchange and gold - per capita:
|
void |
Debt - external:
|
$86.5 million (FY99/00 est.) |
Debt - external - per capita:
|
1,370 USD per capita |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - abroad:
|
void |
Market value of publicly traded shares:
|
void |
Economic aid - donor:
|
void |
Economic aid - recipient:
|
$56.56 million (2005) |
Economic aid - recipient per capita:
|
896 USD per capita |
Currency (code):
|
US dollar (USD) |
Exchange rates:
|
the US dollar is used |
Fiscal year:
|
1 October - 30 September |
|
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