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Marshall Islands Economy 2014

SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES











Marshall Islands Economy 2014
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 28, 2014

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. The Marshall Islands received roughly $1 billion in aid from the US during 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, from 2004 to 2024. Under the amended Compact, the Marshall Islands will receive roughly $1.5 billion in direct US assistance. 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. Under the amended Compact, the US is also funding, jointly with the Marshall Islands, a Trust Fund for the people of the Marshall Islands that will provide an income stream beyond 2024 when direct Compact aid is to end.

GDP (purchasing power parity):
$469 million (2012 est.)
country comparison to the world: 216

$460.9 million (2011 est.)
$456.5 million (2010 est.)
[see also: GDP country ranks ]

GDP (official exchange rate):
$179.5 million (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
1.9% (2012 est.)
country comparison to the world: 141

0.8% (2011 est.)
5.6% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$8,600 (2012 est.)
country comparison to the world: 126

$8,700 (2011 est.)
$8,600 (2010 est.)
[see also: GDP - per capita country ranks ]

GDP - composition, by sector of origin:
agriculture: 14.3%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 13.9%
services: 71.8% (2011 est.)

Agriculture - products:
coconuts, tomatoes, melons, taro, breadfruit, fruits; pigs, chickens

Industries:
copra, tuna processing, tourism, craft items (from seashells, wood, and pearls)

Industrial production growth rate:
NA%
[see also: Industrial production growth rate country ranks ]

Labor force:
10,480 (2011 est.)
country comparison to the world: 216
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 11%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 16.3%
services: 72.7% (2011 est.)

Unemployment rate:
36% (2006 est.)
country comparison to the world: 186

30.9% (2000 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%

Budget:
revenues: $105.4 million
[see also: Budget revenues country ranks ]
expenditures: $104.7 million (FY09 est.)

Taxes and other revenues:
58.7% of GDP (FY09 est.)
country comparison to the world: 6
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
0.4% of GDP (FY09 est.)
country comparison to the world: 40
[see also: Budget surplus (+) or deficit (-) country ranks ]

Fiscal year:
1 October - 30 September

Inflation rate (consumer prices):
12.9% (2008 est.)
country comparison to the world: 209

3% (2005 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Exports:
$50.14 million (2011 est.)
country comparison to the world: 196

$9.1 million (2000 est.)
[see also: Exports country ranks ]

Exports - commodities:
copra cake, coconut oil, handicrafts, fish

Imports:
$118.7 million (2011 est.)
country comparison to the world: 210

$54.7 million (2000 est.)
[see also: Imports country ranks ]

Imports - commodities:
foodstuffs, machinery and equipment, fuels, beverages, tobacco

Debt - external:
$87 million (2008 est.)
country comparison to the world: 191

$86.5 million (FY99/00 est.)
[see also: Debt - external country ranks ]

Exchange rates:
the US dollar is used


NOTE: 1) The information regarding Marshall Islands on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Marshall Islands Economy 2014 information contained here. All suggestions for corrections of any errors about Marshall Islands Economy 2014 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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