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 Marshall Islands
Economy - overview:
US Government assistance is the mainstay of this tiny island
economy. Agricultural production, primarily subsistence, is
concentrated on small farms; the most important commercial crops are
coconuts and breadfruit. Small-scale industry is limited to
handicrafts, tuna 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 Amended Compact of Free Association, the US
will provide millions of dollars per year to the Marshall Islands
(RMI) through 2023, at which time a Trust Fund made up of US and RMI
contributions will begin perpetual annual payouts. Government
downsizing, drought, a drop in construction, the decline in tourism
and foreign investment due to the Asian financial difficulties, and
less income from the renewal of fishing vessel licenses have held
GDP growth to an average of 1% over the past decade.
GDP (purchasing power parity):
$115 million (2001 est.)
GDP (official exchange rate):
$144 million
GDP - real growth rate:
3.5% (2005 est.)
GDP - per capita (PPP):
$2,900 (2005 est.)
GDP - composition by sector: agriculture: 31.7% industry: 14.9% services: 53.4% (2000 est.)
Labor force: 14,680 (2000)
Labor force - by occupation: agriculture: 21.4% industry: 20.9% services: 57.7%