Marshall Islands - Economy
How is the economy of Marshall Islands? Based on the information we have, Marshall Islands has a 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. Key agricultural products in this country include: coconuts (2022).
More about the economy of Marshall Islands
Labor force
Industrial production growth rate -2.81% (2023 est.)
Industries copra, tuna processing, tourism, craft items (from seashells, wood, and pearls)
Population below poverty line 7.2% (2019 est.)
Taxes and other revenues 17.16% (of GDP) (2020 est.)
Fiscal year
Exchange rates
Current account balance
Current account balance 2021 $76.263 million (2021 est.)
Current account balance 2020 $90.281 million (2020 est.)
Current account balance 2019 $86.133 million (2019 est.)
Public debt
Public debt 2019 41.56% of GDP (2019 est.)
Budget
Revenues $186.971 million (2018 est.)
Expenditures $177.91 million (2018 est.)
Budget surplus (+) or deficit (-)
Remittances
Remittances 2023 13.29% of GDP (2023 est.)
Remittances 2022 13.6% of GDP (2022 est.)
Remittances 2021 13.31% of GDP (2021 est.)
Household income
Lowest 10% 2.8% (2019 est.)
Highest 10% 27.5% (2019 est.)
Imports
Imports 2021 $206.025 million (2021 est.)
Imports 2020 $132.845 million (2020 est.)
Imports 2019 $129.682 million (2019 est.)
Imports (partners) China 33%, South Korea 31%, Japan 12%, Taiwan 4%, Brazil 4% (2022)
Comodities Imports force ships, refined petroleum, additive manufacturing machines, centrifuges, iron structures (2022)
Exports
Imports 2021 $206.025 million (2021 est.)
Imports 2020 $132.845 million (2020 est.)
Imports 2019 $129.682 million (2019 est.)
Exports (partners) Germany 30%, Denmark 15%, UK 14%, Malta 6%, Indonesia 5% (2022)
Comodities Exports force ships, refined petroleum, fish, coated flat-rolled iron, wood carpentry (2022)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2023 $263.507 million (2023 est.)
Real GDP (purchasing power parity) 2022 $274.3 million (2022 est.)
Real GDP (purchasing power parity) 2021 $277.402 million (2021 est.)
GDP (official exchange rate) $259.3 million (2023 est.)
Real GDP Per capita
Real GDP per capita 2023 $6,800 (2023 est.)
Real GDP per capita 2022 $6,800 (2022 est.)
Real GDP per capita 2021 $6,700 (2021 est.)
GDP - composition, by sector of origin
Agriculture 19.5% (2023 est.)
Industry 11.1% (2023 est.)
Services 70.5% (2023 est.)
GDP - composition, by end use
Household consumption 70.7% (2023 est.)
Government consumption 53.5% (2023 est.)
Investment in fixed capital 20.2% (2023 est.)
Investment in inventories -0.5% (2023 est.)
Exports of goods and services 38.9% (2023 est.)
Imports of goods and services -71.2% (2023 est.)
Youth unemployment rate (ages 15-24)
Total 26% (2019 est.)
Male 31%
Female 14.2%
All Important Facts about Marshall Islands

Want to know more about Marshall Islands? Check all different factbooks for Marshall Islands below.

Marshall Islands is found in Micronesia