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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 economy
combines a small subsistence sector and a modern urban sector.
Contents
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1 Subsistence economy
2 Modern economy
3 Coconut oil
4 Gross domestic product
5 Marshall Island productivity
6 See also
7 External links
8 References
Subsistence economy
The subsistence economy consists of fishing and breadfruit, banana, taro, and pandanus
cultivation. On the outer islands, production of copra and handicrafts income provide
cash income. The modern service-oriented economy is located in Majuro and Ebeye. It is
sustained by government expenditures and the U.S. Army installation at Kwajalein Atoll.
The airfield there also serves as a second national hub for international flights.
Modern economy
The modern sector consists of wholesale and retail trade; restaurants; banking and
insurance; construction, repair, and professional services; and copra processing. Copra
cake and oil are by far the nation's largest exports. A tuna loining plant employs 300
workers, mostly women, at $1.50 per hour. Copra production, the most important single
commercial activity for the past 100 years, now depends on government subsidies. The
subsidies, more a social policy than an economic strategy, help reduce migration from
outer atolls to densely populated Majuro and Ebeye.
Coconut oil
On September 15, 2007, Witon Barry, of the Tobolar Copra processing plant in Majuro,
Marshall Islands announced that power authorities, private companies and entrepreneurs
were experimenting with coconut oil as an alternative to diesel fuel for vehicles, power
generators and ships. Coconut trees abound in the Pacific's tropical islands. Copra, from 6
to 10 coconuts makes 1 litre oil.[1]
Labor force: NA
Labor force - by occupation: agriculture 48%, industry 12%, services 40% (2008)
Budget:
revenues: $169.5 million
expenditures: $112.1 million, including capital expenditures of $19.5 million (FY08/09
est.)
Industries: copra, fish, tourism, craft items from shell, wood, and pearls, offshore
banking (embryonic)
Imports - partners: United States, Japan, Australia, New Zealand, Guam, Singapore
Latest growth estimate for Marshall Islands is 0.5% in FY2015, reversing estimate of a
0.5% decline.
Marshall Islands economy forecast to grow by 1.5% in 2016 and 2.0% in 2017.
The latest estimates suggest that growth in the Marshall Islands was a modest
0.5% in Fiscal Year 2015, reversing an earlier estimate showing a decline of
0.5%. Stimulus from fishery and agriculture performance that exceeded forecasts
and the renewed consideration of compact-related infrastructure projects
accounted for the upward revision. Growth in the gross domestic product is
forecast to improve in FY2016 and FY2017, as projected earlier, with the
expected implementation of infrastructure projects funded by compact
infrastructure grants and development partner assistance. Read more from Asian
Development Outlook 2016 Update
(%, year)
Inflation
(%, year)
(% of GDP)
Country 2016 2017
= no data available.