Marshall Islands Economy - 2024

Economic overview

upper middle-income Pacific island economy; US aid reliance; large public sector; coconut oil production as diesel fuel substitute; growing 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

Real GDP growth rate

1.11% (2021 est.)
-1.84% (2020 est.)
10.84% (2019 est.)

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.)

GDP (official exchange rate)

$222 million (2017 est.)

Inflation rate (consumer prices)

0% (2017 est.)
-1.5% (2016 est.)

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

Labor force

10,670 (2013 est.)

Unemployment rate

36% (2006 est.)
30.9% (2000 est.)

Youth unemployment rate (ages 15-24)

total: 26% (2019 est.)

male: 31%

female: 14.2%

Population below poverty line

N/A

Gini Index coefficient - distribution of family income

35.5 (2019 est.)

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Remittances

12.82% of GDP (2020 est.)
13.55% of GDP (2019 est.)
14.34% of GDP (2018 est.)

Budget

revenues: $148 million (2019 est.)

expenditures: $153 million (2019 est.)

Budget surplus (+) or deficit (-)

1.3% (of GDP) (2013 est.)

Public debt

41.71% of GDP (2019 est.)
44.14% of GDP (2018 est.)
47.95% of GDP (2017 est.)

Taxes and other revenues

17.16% (of GDP) (2020 est.)

Fiscal year

1 October - 30 September

Current account balance

-$1.182 million (2020 est.)
$56.998 million (2019 est.)
$53.031 million (2018 est.)

Exports

$1.37 billion (2021 est.)
$773 million (2020 est.)
$1.17 billion (2019 est.)

note: data are in current year dollars

Exports - partners

Denmark 33%, South Korea 20%, Germany 15%, Poland 9%, Cyprus 4% (2021)

Exports - commodities

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

Imports

$10.7 billion (2021 est.)
$12 billion (2020 est.)
$9.1 billion (2019 est.)

note: data are in current year dollars

Imports - partners

South Korea 33%, China 30%, Japan 11%, Greece 3%, Cyprus 3% (2021)

Imports - commodities

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

Debt - external

$97.96 million (2013 est.)
$87 million (2008 est.)

Exchange rates

the US dollar is used