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Marshall Islands Economy
Marshall Islands Economy: A summary of information about Marshall Islands Economy, from government research data as well as independent research and other sources.
Marshall Islands: Economy
Economy - overview
US Government assistance is the mainstay of this tiny island economy. Agricultural production is concentrated on small farms, and the most important commercial crops are coconuts, tomatoes, melons, and breadfruit. Small-scale industry is limited to handicrafts, fish 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 Compact of Free Association, the US provides roughly $65 million in annual aid. Negotiations were underway in 1999 for an extended agreement. Government downsizing, drought, a drop in construction, and the decline in tourism and foreign investment due to the Asian financial difficulties caused GDP to fall in 1996-98.
GDP
purchasing power parity - $105 million (1998 est.), supplemented by approximately $65 million annual US aid
GDP - real growth rate
-5% (1998 est.)
GDP - per capita
purchasing power parity - $1,670 (1998 est.)
GDP - composition by sector
agriculture: 15% industry: 13% services: 72% (1995)
Population below poverty line
NA%
Household income or consumption by percentage share
lowest 10%: NA% highest 10%: NA%
Inflation rate (consumer prices)
5% (1997)
Labor force
NA
Labor force - by occupation
agriculture NA%, industry NA%, services NA%
Unemployment rate
16% (1991 est.)
Budget
revenues: $80.1 million expenditures: $77.4 million, including capital expenditures of $19.5 million (FY95/96 est.)
Industries
copra, fish, tourism, craft items from shell, wood, and pearls, offshore banking (embryonic)
Industrial production growth rate
NA%
Electricity - production
57 million kWh (1994)
Electricity - production by source
fossil fuel: NA% hydro: NA% nuclear: NA% other: NA%
Electricity - consumption
57 million kWh (1994)
Electricity - exports
0 kWh (1994)
Electricity - imports
0 kWh (1994)
Agriculture - products
coconuts, cacao, taro, breadfruit, fruits; pigs, chickens
Exports
$28 million (f.o.b., 1997 est.)
Exports - commodities
fish, coconut oil, fish, trochus shells
Exports - partners
US, Japan, Australia
Imports
$58 million (f.o.b., 1997 est.)
Imports - commodities
foodstuffs, machinery and equipment, fuels, beverages and tobacco
Imports - partners
US, Japan, Australia, NZ, Guam, Singapore
Debt - external
$125 million (FY96/97 est.)
Economic aid - recipient
approximately $65 million annually from the US
Currency
1 United States dollar (US$) = 100 cents
Exchange rates
US currency is used
Fiscal year
1 October - 30 September
