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): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): GDP - composition, by sector of origin:
Agriculture - products: Industries: Industrial production growth rate: Labor force: Labor force - by occupation:
Unemployment rate: Population below poverty line: Household income or consumption by percentage share:
Budget:
Taxes and other revenues: Budget surplus (+) or deficit (-): Fiscal year: Inflation rate (consumer prices): Exports: Exports - commodities: Imports: Imports - commodities: Debt - external: Exchange rates:
$486 million (2013 est.)
country comparison to the world: 216
$475.4 million (2012 est.)
$467.2 million (2011 est.)
note:
data are in 2013 US dollars
[see also: GDP country ranks ]
$193 million (2013 est.)
[see also: GDP (official exchange rate) country ranks ]
2.3% (2013 est.)
country comparison to the world: 136
1.9% (2012 est.)
0.8% (2011 est.)
[see also: GDP - real growth rate country ranks ]
$8,700 (2013 est.)
country comparison to the world: 128
$8,700 (2012 est.)
$8,800 (2011 est.)
note:
data are in 2013 US dollars
[see also: GDP - per capita country ranks ]
agriculture:
14.3%
industry:
13.9%
services:
71.8% (2011 est.)
coconuts, tomatoes, melons, taro, breadfruit, fruits; pigs, chickens
copra, tuna processing, tourism, craft items (from seashells, wood, and pearls)
NA%
[see also: Industrial production growth rate country ranks ]
10,480 (2011 est.)
country comparison to the world: 216
[see also: Labor force country ranks ]
agriculture:
11%
industry:
16.3%
services:
72.7% (2011 est.)
36% (2006 est.)
country comparison to the world: 189
30.9% (2000 est.)
[see also: Unemployment rate country ranks ]
NA%
[see also: Population below poverty line country ranks ]
lowest 10%:
NA%
highest 10%:
NA%
revenues:
$105.4 million
expenditures:
$104.7 million (FY09 est.)
54.6% of GDP (FY09 est.)
country comparison to the world: 9
[see also: Taxes and other revenues country ranks ]
0.4% of GDP (FY09 est.)
country comparison to the world: 35
[see also: Budget surplus (+) or deficit (-) country ranks ]
1 October - 30 September
12.9% (2008 est.)
country comparison to the world: 215
3% (2005 est.)
[see also: Inflation rate (consumer prices) country ranks ]
$50.14 million (2011 est.)
country comparison to the world: 196
$9.1 million (2000 est.)
[see also: Exports country ranks ]
copra cake, coconut oil, handicrafts, fish
$118.7 million (2011 est.)
country comparison to the world: 210
$54.7 million (2000 est.)
[see also: Imports country ranks ]
foodstuffs, machinery and equipment, fuels, beverages, tobacco
$87 million (2008 est.)
country comparison to the world: 190
$86.5 million (FY99/00 est.)
[see also: Debt - external country ranks ]
the US dollar is used