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ECONOMY OF THE MARSHALL ISLANDS
The Marshall Islands has an upper middle-income Pacific island economy; US aid reliance; large public sector workforce; produces coconut oil as a substitute to diesel fuel; becoming offshore banking locale; fishing rights seller; import-dependent. [Source: CIA World Factbook, 2023]
Sectors of the Economy Composition of GDP by Origin) agriculture: 4.4 percent (2013 estimate)
industry: 9.9 percent (2013 estimate)
services: 85.7 percent (2013 estimate)
comparison rankings: agriculture 132; industry 207; services 18. [Source: CIA World Factbook, 2023]
Sectors of the Economy Composition of GDP by End Use) government consumption: 50 percent (2016 estimate)
investment in fixed capital: 17.8 percent (2016 estimate)
investment in inventories: 0.2 percent (2016 estimate)
exports of goods and services: 52.9 percent (2016 estimate)
imports of goods and services: -102.3 percent (2016 estimate). [Source: CIA World Factbook, 2023]
Natural Resources: coconut products, marine products, deep seabed minerals
Industries: copra, tuna processing, tourism, craft items (from seashells, wood, and pearls). Industrial Production Growth -3.66 percent (2021 estimate) NA; ranking compared to other countries in the world: 182. [Source: CIA World Factbook, 2023]
Fiscal Year: 1 October: 30 September. [Source: CIA World Factbook, 2023]
Economic Statistics for the Marshall Islands
Gross Domestic Product (GDP) (purchasing power parity): $250.694 million (2021 estimate)
$247.93 million (2020 estimate)
$252.582 million (2019 estimate, data are in 2017 dollars; ranking compared to other countries in the world: 218. [Source: CIA World Factbook, 2023]
Growth: 1.11 percent (2021 estimate)
-1.84 percent (2020 estimate)
10.84 percent (2019 estimate); ranking compared to other countries in the world: 179. [Source: CIA World Factbook, 2023]
Per Capita GDP (data are in 2017 dollars): $6,000 (2021 estimate),
$5,700 (2020 estimate) note: data are in 2017 dollars
$5,600 (2019 estimate); ranking compared to other countries in the world: 162. [Source: CIA World Factbook, 2023]
GDP: (official exchange): $222 million (2017 estimate). [Source: CIA World Factbook, 2023]
Inflation (consumer prices): 0 percent (2017 estimate)
-1.5 percent (2016 estimate); ranking compared to other countries in the world: 214
Agriculture in the Marshall Islands
Agricultural Products: coconuts. [Source: CIA World Factbook, 2023]
Land Use: agricultural land: 50.7 percent (2018 estimate). Arable Land: 7.8 percent (2018 estimate); permanent crops: 31.2 percent (2018 estimate); permanent pasture: 11.7 percent (2018 estimate); forest: 49.3 percent (2018 estimate); other: 0 percent (2018 estimate). Irrigated Land: 0 square kilometers (2022). [Source: CIA World Factbook 2023]
Labor, Poverty and Unemployment
Labor Force: 10,670 (2013 estimate); ranking compared to other countries in the world: 217. [Source: CIA World Factbook, 2023]
Labor Force by Occupation: agriculture: 11 percent; industry: 16.3 percent; services: 72.7 percent (2011 estimate). [Source: CIA World Factbook, 2023]
Unemployment Rate: 36 percent (2006 estimate)
30.9 percent (2000 estimate); ranking compared to other countries in the world: 1. [Source: CIA World Factbook 2023]
Youth Unemployment Rate (ages 15-24): total: 26 percent; male: 31 percent; female: 14.2 percent (2019 estimate); ranking compared to other countries in the world: 60. [Source: CIA World Factbook 2023]
Population Below Poverty Line: NA. [Source: CIA World Factbook, 2023]
Gini Index Coefficient Distribution: 35.5 (2019 estimate); ranking compared to other countries in the world: 103. [Source: CIA World Factbook, 2023]
Trade in the Marshall Islands
Current Account Balance: -$1.182 million (2020 estimate)
$56.998 million (2019 estimate)
$53.031 million (2018 estimate); ranking compared to other countries in the world: 78. [Source: CIA World Factbook, 2023]
Exports (data in current year dollars): $76.734 million (2020 estimate); $54.987 million (2019 estimate); $128.904 million (2018 estimate); ranking compared to other countries in the world: 210. [Source: CIA World Factbook, 2023]
Main Exports: ships, recreational boats, skipjack, tuna, refined petroleum, broadcasting equipment (2021). Export Partners: Poland 28 percent, Denmark 19 percent, South Korea 13 percent, Indonesia 10 percent, Cyprus 6 percent (2019). [Source: CIA World Factbook, 2023]
Imports (data in current year dollars): $171.201 million (2020 estimate); $91.814 million (2019 estimate); $174.722 million (2018 estimate); ranking compared to other countries in the world: 214. [Source: CIA World Factbook, 2023]
Main Imports: ships, refined petroleum, centrifuges, recreational boats, boat propellers (2019). Import Partners: South Korea 39 percent, China 27 percent, Japan 15 percent (2019). [Source: CIA World Factbook, 2023]
Debt and Foreign Exchange
Currency Exchange Rates: the U.S. dollar is used
[Source: CIA World Factbook, 2023]
Debt (External): $97.96 million (2013 estimate)
$87 million (2008 estimate); ranking compared to other countries in the world: 193. [Source: CIA World Factbook, 2023]
Public Debt: 41.71 percent of GDP (2019 estimate)
44.14 percent of GDP (2018 estimate)
47.95 percent of GDP (2017 estimate); ranking compared to other countries in the world: 132. [Source: CIA World Factbook, 2023]
Image Sources:
Text Sources: CIA World Factbook, 2023; “Encyclopedia of World Cultures, Volume 2: Oceania,” edited by Terence E. Hays, 1991, Wikipedia, New York Times, Washington Post, Los Angeles Times, Times of London, Lonely Planet Guides, Library of Congress, The Guardian, National Geographic, Smithsonian magazine, The New Yorker, Reuters, Associated Press, AFP, BBC, CNN, and various books, websites and other publications.
Last updated August 2023