Diplomatic representation from the US: chief of mission: Ambassador Joan M. PLAISTED embassy: Oceanside, Long Island, Majuro mailing address: P. O. Box 1379, Majuro, Republic of the Marshall Islands 96960-1379; Majuro, 20521-4380 (pouch) telephone : [692] 247-4011 FAX: [692] 247-4012
Flag description: blue with two stripes radiating from the lower hoist-side corner - orange (top) and white; there is a white star with four large rays and 20 small rays on the hoist side above the two stripes
Economy
Economy - overview: Agriculture and tourism are the mainstays of the 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 is the primary source of foreign exchange, employs about 10% of the labor force, and remains the best hope for future added income. The islands have few natural resources, and imports far exceed exports. The government is drafting economic reforms designed to increase revenue and compensate for reductions in US Government grants - in 1994, the US Government provided grants of $50 million, equal to 55% of the Marshall Islands' GDP. About 25% of the government's FY95/96 budget was devoted to debt repayment. In 1996, efforts to stabilize the economy included a 27% reduction in the government's work force and a 10% cut in the budget.
GDP: purchasing power parity - $94 million (1995 est.)
GDP - real growth rate: 1.5% (1995 est.)
GDP - per capita: purchasing power parity - $1,680 (1995 est.)
GDP - composition by sector: agriculture: 16% industry: 14% services : 70% (1994)
Inflation rate - consumer price index: 4% (1995 est.)
Labor force: total : 4,800 (1986) by occupation: NA