Marshall Islands Economy - 2023

Economic overview

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

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

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Real GDP growth rate

1.11% (2021 est.)

-1.84% (2020 est.)

10.84% (2019 est.)

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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.)

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GDP (official exchange rate)

$222 million (2017 est.)

Inflation rate (consumer prices)

0% (2017 est.)

-1.5% (2016 est.)

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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

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Labor force

10,670 (2013 est.)

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Labor force - by occupation

agriculture: 11%

industry: 16.3%

services: 72.7% (2011 est.)

Unemployment rate

36% (2006 est.)

30.9% (2000 est.)

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Youth unemployment rate (ages 15-24)

total: 26%

male: 31%

female: 14.2% (2019 est.)

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Population below poverty line

NA

Gini Index coefficient - distribution of family income

35.5 (2019 est.)

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Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Budget

revenues: $148 million (2019 est.)

expenditures: $153 million (2019 est.)

Budget surplus (+) or deficit (-)

1.3% (of GDP) (2013 est.)

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Public debt

41.71% of GDP (2019 est.)

44.14% of GDP (2018 est.)

47.95% of GDP (2017 est.)

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Taxes and other revenues

17.16% (of GDP) (2020 est.)

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Fiscal year

1 October - 30 September

Current account balance

-$1.182 million (2020 est.)

$56.998 million (2019 est.)

$53.031 million (2018 est.)

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Exports

$76.734 million (2020 est.) note: data are in current year dollars

$54.987 million (2019 est.)

$128.904 million (2018 est.)

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Exports - partners

Poland 28%, Denmark 19%, South Korea 13%, Indonesia 10%, Cyprus 6% (2019)

Exports - commodities

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

Imports

$171.201 million (2020 est.) note: data are in current year dollars

$91.814 million (2019 est.)

$174.722 million (2018 est.)

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Imports - partners

South Korea 39%, China 27%, Japan 15% (2019)

Imports - commodities

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

Debt - external

$97.96 million (2013 est.)

$87 million (2008 est.)

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Exchange rates

the US dollar is used

NOTE: The information regarding Marshall Islands on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Marshall Islands 2023 information contained here. All suggestions for corrections of any errors about Marshall Islands 2023 should be addressed to the CIA or the source cited on each page.