1UpTravel


 

You are here > 1Up Travel > Countries of the World > Oceania & Pacific > Marshall Islands



ADVERTISEMENT

Country

 Country Facts

  Introduction

  Geography

  People

  Government

  Economy

  Communications

  Transportation

  Military

  Maps & Cities

  Transnational issues


Related

  Marshall Islands Guide
  Marshall Islands Maps
  Marshall Islands Hotels
  Marshall Islands Flag
  More Marshall Islands Flags
  Marshall Islands Geography
  Marshall Islands Travel Warning



Travel & Tourism . Tourist Guide to the Country

Marshall Islands Economy




Marshall Islands    Economy Top of Page
Economy - overview: US Government assistance is the mainstay of this tiny island economy. Agricultural production is concentrated on small farms, and the most important commercial crops are coconuts, tomatoes, melons, and breadfruit. Small-scale industry is limited to handicrafts, fish 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 Compact of Free Association, the US provides roughly $65 million in annual aid. Negotiations were underway in 1999 for an extended agreement. Government downsizing, drought, a drop in construction, and the decline in tourism and foreign investment due to the Asian financial difficulties caused GDP to fall in 1996-98.
GDP: purchasing power parity - $105 million (1998 est.), supplemented by approximately $65 million annual US aid
GDP - real growth rate: -5% (1998 est.)
GDP - per capita: purchasing power parity - $1,670 (1998 est.)
GDP - composition by sector: agriculture:  15%

industry:  13%

services:  72% (1995)
Population below poverty line: NA%
Household income or consumption by percentage share: lowest 10%:  NA%

highest 10%:  NA%
Inflation rate (consumer prices): 5% (1997)
Labor force: NA
Labor force - by occupation: agriculture NA%, industry NA%, services NA%
Unemployment rate: 16% (1991 est.)
Budget: revenues:  $80.1 million

expenditures:  $77.4 million, including capital expenditures of $19.5 million (FY95/96 est.)
Industries: copra, fish, tourism, craft items from shell, wood, and pearls, offshore banking (embryonic)
Industrial production growth rate: NA%
Electricity - production by source: fossil fuel:  NA%

hydro:  NA%

nuclear:  NA%

other:  NA%
Agriculture - products: coconuts, tomatoes, melons, cacao, taro, breadfruit, fruits; pigs, chickens
Exports: $28 million (f.o.b., 1997 est.)
Exports - commodities: fish, coconut oil, trochus shells
Exports - partners: US, Japan, Australia
Imports: $58 million (f.o.b., 1997 est.)
Imports - commodities: foodstuffs, machinery and equipment, fuels, beverages and tobacco
Imports - partners: US, Japan, Australia, NZ, Guam, Singapore
Debt - external: $125 million (FY96/97 est.)
Economic aid - recipient: approximately $65 million annually from the US
Currency: US dollar (USD)
Currency code: USD
Exchange rates: the US dollar is used
Fiscal year: 1 October - 30 September

 

Countryfacts Information Courtesy: CIA Worldbook








Make 1Up Travel your HomepageSend this Page to a FriendGo to Top of PagePrint this PageAdd 1Up Travel to your Favorites


CHANNELS

Compare Country Info Hotel Directory Geography Flags World Maps Travel Warnings National Parks

DESTINATIONS

Asia Africa Caribbean Middle East North America South America Central America Oceania Pacific Europe Polar Regions

PHOTO SPECIAL

Destinations Monuments Ancient Wonders Modern Wonders Natural Wonders

UTILITIES

World Time ISD Codes Travel Links Link Exchange

 



Disclaimer: Although we've tried to make the information on this web site as accurate as possible, we accept no responsibility for any loss, injury or inconvenience sustained by any person resulting from information published on this site. We encourage you to verify any critical information with the relevant authorities before you travel.

Copyright 1Up Travel All Rights Reserved.
Go Up

Privacy Policy