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Economy of the Marshall Islands information


Economy of Marshall Islands
Copra making on the islands in 1932
Statistics
GDP
  • Increase $0.214 billion (nominal, 2018 est.)[1]
  • Increase $0.208 billion (PPP, 2018 est.)[1]
GDP growth
  • 1.8% (2016) 4.5% (2017)
  • 2.6% (2018e) 2.4% (2019e)[1]
GDP per capita
  • Increase $3,879 (nominal, 2018 est.)[1]
  • Increase $3,770 (PPP, 2018 est.)[1]
Inflation (CPI)
0.781% (2018 est.)[1]
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.

The government of the Marshall Islands is the largest employer, employing 30.6% of the work force, down by 3.4% since 1988. GDP is derived mainly from payments made by the United States under the terms of the amended Compact of Free Association. Direct U.S. aid accounted for 60% of the Marshall Islands' $90 million budget.

The main economic activities in the Marshall Islands are copra production and fisheries.[2] Under the terms of the Compact of Free Association, Marshallese citizens can travel and work in the United States without visas, which has contributed to more than a 22% population decline over the period 2000–2021.[2]

The Marshall Islands has no central bank.[2] The official currency of the Marshall Islands is the US Dollar.[2]

  1. ^ a b c d e f "World Economic Outlook Database, October 2019". IMF.org. International Monetary Fund. Retrieved 20 October 2019.
  2. ^ a b c d "Republic of the Marshall Islands: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Republic of the Marshall Islands". IMF. Retrieved 26 December 2023.

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