Marshall Islands Economy - 2024

GEOGRAPHICAL NAMES 

Economic overview

upper middle-income Pacific island economy; US aid reliance; large public sector; coconut oil production as diesel fuel substitute; growing offshore banking locale; fishing rights seller; import-dependent

Real GDP (purchasing power parity)

$250.694 million (2021 est.)
$247.93 million (2020 est.)
$252.582 million (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

1.11% (2021 est.)
-1.84% (2020 est.)
10.84% (2019 est.)

Real GDP per capita

$6,000 (2021 est.) note: data are in 2017 dollars
$5,700 (2020 est.) note: data are in 2017 dollars
$5,600 (2019 est.)

GDP (official exchange rate)

$222 million (2017 est.)

Inflation rate (consumer prices)

0% (2017 est.)
-1.5% (2016 est.)

GDP - composition, by sector of origin

agriculture: 4.4% (2013 est.)

industry: 9.9% (2013 est.)

services: 85.7% (2013 est.)

GDP - composition, by end use

government consumption: 50% (2016 est.)

investment in fixed capital: 17.8% (2016 est.)

investment in inventories: 0.2% (2016 est.)

exports of goods and services: 52.9% (2016 est.)

imports of goods and services: -102.3% (2016 est.)

Agricultural products

coconuts

Industries

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

Industrial production growth rate

-3.66% (2021 est.) NA

Labor force

10,670 (2013 est.)

Unemployment rate

36% (2006 est.)
30.9% (2000 est.)

Youth unemployment rate (ages 15-24)

total: 26% (2019 est.)

male: 31%

female: 14.2%

Population below poverty line

N/A

Gini Index coefficient - distribution of family income

35.5 (2019 est.)

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Remittances

12.82% of GDP (2020 est.)
13.55% of GDP (2019 est.)
14.34% of GDP (2018 est.)

Budget

revenues: $148 million (2019 est.)

expenditures: $153 million (2019 est.)

Budget surplus (+) or deficit (-)

1.3% (of GDP) (2013 est.)

Public debt

41.71% of GDP (2019 est.)
44.14% of GDP (2018 est.)
47.95% of GDP (2017 est.)

Taxes and other revenues

17.16% (of GDP) (2020 est.)

Fiscal year

1 October - 30 September

Current account balance

-$1.182 million (2020 est.)
$56.998 million (2019 est.)
$53.031 million (2018 est.)

Exports

$1.37 billion (2021 est.)
$773 million (2020 est.)
$1.17 billion (2019 est.)

note: data are in current year dollars

Exports - partners

Denmark 33%, South Korea 20%, Germany 15%, Poland 9%, Cyprus 4% (2021)

Exports - commodities

ships, recreational boats, skipjack, tuna, refined petroleum, broadcasting equipment (2021)

Imports

$10.7 billion (2021 est.)
$12 billion (2020 est.)
$9.1 billion (2019 est.)

note: data are in current year dollars

Imports - partners

South Korea 33%, China 30%, Japan 11%, Greece 3%, Cyprus 3% (2021)

Imports - commodities

ships, refined petroleum, centrifuges, recreational boats, boat propellers (2019)

Debt - external

$97.96 million (2013 est.)
$87 million (2008 est.)

Exchange rates

the US dollar is used

NOTE: The information regarding Marshall Islands on this page is re-published from the 2024 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Marshall Islands 2024 information contained here. All suggestions for corrections of any errors about Marshall Islands 2024 should be addressed to the CIA or the source cited on each page.