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    Marshall Islands Index 2006

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    Marshall Islands Economy - 2006

      Economy - overview:
      US Government assistance is the mainstay of this tiny island economy. Agricultural production, primarily subsistence, is concentrated on small farms; the most important commercial crops are coconuts and breadfruit. Small-scale industry is limited to handicrafts, tuna 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 Amended Compact of Free Association, the US will provide millions of dollars per year to the Marshall Islands (RMI) through 2023, at which time a Trust Fund made up of US and RMI contributions will begin perpetual annual payouts. Government downsizing, drought, a drop in construction, the decline in tourism and foreign investment due to the Asian financial difficulties, and less income from the renewal of fishing vessel licenses have held GDP growth to an average of 1% over the past decade.

      GDP (purchasing power parity):
      $115 million (2001 est.)

      GDP (official exchange rate):

      GDP - real growth rate:
      1% (2001 est.)

      GDP - per capita (PPP):
      $1,600 (2001 est.)

      GDP - composition by sector:
      agriculture: 14%
      industry: 16%
      services: 70% (2000 est.)

      Labor force:
      28,700 (1996 est.)

      Labor force - by occupation:
      agriculture: 21.4%
      industry: 20.9%
      services: 57.7%

      Unemployment rate:
      30.9% (1999 est.)

      Population below poverty line:

      Household income or consumption by percentage share:
      lowest 10%: NA%
      highest 10%: NA%

      Inflation rate (consumer prices):
      2% (2001 est.)

      revenues: $42 million
      expenditures: $40 million; including capital expenditures of $NA (1999)

      Agriculture - products:
      coconuts, tomatoes, melons, taro, breadfruit, fruits; pigs, chickens

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

      Industrial production growth rate:

      $9 million f.o.b. (2000)

      Exports - commodities:
      copra cake, coconut oil, handicrafts, fish

      Exports - partners:
      US, Japan, Australia, China (2004)

      $54 million f.o.b. (2000)

      Imports - commodities:
      foodstuffs, machinery and equipment, fuels, beverages and tobacco

      Imports - partners:
      US, Japan, Australia, NZ, Singapore, Fiji, China, Philippines (2004)

      Debt - external:
      $86.5 million (FY99/00 est.)

      Economic aid - recipient:
      more than $1 billion from the US, 1986-2002

      Currency (code):
      US dollar (USD)

      Exchange rates:
      the US dollar is used

      Fiscal year:
      1 October - 30 September

      NOTE: The information regarding Marshall Islands on this page is re-published from the 2006 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Marshall Islands Economy 2006 information contained here. All suggestions for corrections of any errors about Marshall Islands Economy 2006 should be addressed to the CIA.

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    Revised 06-Jun-06
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