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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:

        $106 million

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

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

        coconut oil, fish, live animals, trichus shells

        US, Japan, Australia

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

        foodstuffs, machinery and equipment, beverages and tobacco, fuels

        US, Japan, Australia

    • External debt:

    • Industrial production:
      growth rate NA%

    • Electricity:

        42,000 kW

        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:

        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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