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Marshall Islands Economy 1996

Overview:

Agriculture and tourism are the mainstays of the economy. Agricultural production is concentrated on small farms, and the most important commercial crops are coconuts, tomatoes, melons, and breadfruit. A few cattle ranches supply the domestic meat market. Small-scale industry is limited to handicrafts, fish processing, and copra. The tourist industry is the primary source of foreign exchange and employs about 10% of the labor force. The islands have few natural resources, and imports far exceed exports. The US Government provides about 70% of the budget.

National product:

GDP - purchasing power parity - $75 million (1992 est.)

National product real growth rate:

6% (1992)

National product per capita:

$1,500 (1992 est.)

Inflation rate (consumer prices):

7% (1992 est.)

Unemployment rate:

16% (1991 est.)

Budget:

revenues:

$106 million

expenditures:

$128.7 million, including capital expenditures of $NA (1993)

Exports:

$3.9 million (f.o.b., 1992 est.)

commodities:

coconut oil, fish, live animals, trichus shells

partners:

US, Japan, Australia

Imports:

$62.9 million (c.i.f., 1992 est.)

commodities:

foodstuffs, machinery and equipment, beverages and tobacco, fuels

partners:

US, Japan, Australia

External debt:

$NA

Industrial production:

growth rate NA%

Electricity:

capacity:

42,000 kW

production:

80 million kWh

consumption per capita:

1,840 kWh (1990)

Industries:

copra, fish, tourism; craft items from shell, wood, and pearls; offshore banking (embryonic)

Agriculture:

coconuts, cacao, taro, breadfruit, fruits, pigs, chickens

Economic aid:

recipient:

under the terms of the Compact of Free Association, the US is to provide approximately $40 million in aid annually

Currency:

1 United States dollar (US$) = 100 cents

Exchange rates:

US currency is used

Fiscal year:

1 October - 30 September

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