Diplomatic representation in the US:
chief of mission: Ambassador Banny DE BRUM
chancery: 2433 Massachusetts Avenue NW, Washington, DC 20008
consulate(s) general: Honolulu
Diplomatic representation from the US: chief of mission: Ambassador Joan M. PLAISTED embassy: Oceanside, Mejen Weto, Long Island, Majuro mailing address: P. O. Box 1379, Majuro, Republic of the Marshall Islands 96960-1379
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: 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, equal to about 70% of GDP. Negotiations will get 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 have caused GDP to fall in 1996-98.
GDP: purchasing power parity—$91 million (1998 est.)
GDP—real growth rate: -5% (1998 est.)
GDP—per capita: purchasing power parity?$1,450 (1998 est.)
GDP—composition by sector: agriculture: 15% industry: 13% services: 72% (1995)
Population below poverty line: NA%