Marshallese Economy, Marshall Islands Economy
Advertisement
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: NA
GDP - real growth rate: 1% (2001 est.)
GDP - per capita: Purchasing power parity - $1,600 (2001 est.)
GDP - composition by sector: Agriculture: 14% industry: 16% services: 70% (2000 est.)
Population below poverty line: NA
Household income or consumption by percentage share: Lowest 10%: NA highest 10%: NA
Distribution of family income - Gini index:
Inflation rate (consumer prices):
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.)
Budget: Revenues: $42 million expenditures: $40 million, including capital expenditures of NA (1999)
Industries: Copra, tuna processing, tourism, craft items from shell, wood, and pearls
Industrial production growth rate: NA
Electricity - production:
Electricity - production by source:
Electricity - consumption:
Electricity - exports:
Electricity - imports:
Oil - production:
Oil - consumption:
Oil - exports:
Oil - imports:
Oil - proved reserves:
Natural gas - production:
Natural gas - consumption:
Natural gas - exports:
Natural gas - imports:
Natural gas - proved reserves:
Agriculture - products: Coconuts, tomatoes, melons, taro, breadfruit, fruits; pigs, chickens
Exports: $9 million f.o.b. (2000)
Exports - commodities: Copra cake, coconut oil, handicrafts, fish
Exports - partners: US, Japan, Australia, China (2000)
Imports: $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 (2000)
Debt - external: $86.5 million (FY99/00 est.)
Economic aid - recipient: More than $1 billion from the US, 1986-2002
Currency:
Currency code:
Exchange rates: The US dollar is the legal tender
Fiscal year: 1 October - 30 September
Advertisement
The information here has been derived from Public Domain Sources such as the CIA World Factbook. No liability can be taken for any inaccuracies.
Tot: 0.063s; Tpl: 0.012s; cc: 2; qc: 11; dbt: 0.0231s; 1; m:domysql w:travelblog (10.17.0.13); sld: 1;
; mem: 1mb