The Marshall Islands ranked 194/197 by economy size with a GDP of $280M and 100/197 by GDP per capita at $7,467. The Marshall Islands has $46.8M in government debt, with a debt-to-GDP ratio of 15.3%.
In 2025, the Marshall Islands made up 0.0003% of the world's economy, compared to 0.0003% in 1970.
The chart below shows GDP in nominal terms, GDP adjusted for inflation (in constant dollars), and a bar chart of year-over-year inflation-adjusted growth.
| Year | GDP | GDP growth | |
|---|---|---|---|
| Current $ | Constant $ | ||
| 1970 | $8,408,486 | $45,931,280 | - |
| 1971 | $9,116,810 | $46,992,252 | 8.42% |
| 1972 | $9,973,652 | $47,500,634 | 9.4% |
| 1973 | $11,607,366 | $63,614,160 | 16.4% |
| 1974 | $15,217,532 | $73,361,848 | 31.1% |
| 1975 | $16,691,301 | $73,406,056 | 9.68% |
| 1976 | $18,153,647 | $73,671,297 | 8.76% |
| 1977 | $20,210,069 | $75,461,688 | 11.3% |
| 1978 | $22,209,370 | $79,705,581 | 9.89% |
| 1979 | $25,545,346 | $81,407,557 | 15% |
| 1980 | $26,710,653 | $75,550,102 | 4.56% |
| 1981 | $31,020,000 | $80,412,894 | 16.1% |
| 1982 | $34,918,000 | $84,297,825 | 12.6% |
| 1983 | $41,749,000 | $97,370,735 | 19.6% |
| 1984 | $45,144,000 | $101,135,112 | 8.13% |
| 1985 | $43,879,000 | $94,806,793 | -2.8% |
| 1986 | $55,989,000 | $118,074,749 | 27.6% |
| 1987 | $62,983,000 | $129,130,978 | 12.5% |
| 1988 | $70,688,000 | $139,189,050 | 12.2% |
| 1989 | $72,798,000 | $136,834,516 | 2.98% |
| 1990 | $78,476,000 | $140,496,545 | 7.8% |
| 1991 | $82,507,000 | $140,619,900 | 5.14% |
| 1992 | $91,063,000 | $150,661,400 | 10.4% |
| 1993 | $99,461,000 | $159,710,500 | 9.22% |
| 1994 | $108,071,000 | $169,097,800 | 8.66% |
| 1995 | $120,230,000 | $182,986,300 | 11.3% |
| 1996 | $110,858,000 | $164,133,300 | -7.8% |
| 1997 | $109,884,700 | $153,553,800 | -0.88% |
| 1998 | $112,070,100 | $152,518,700 | 1.99% |
| 1999 | $113,352,100 | $150,483,000 | 1.14% |
| 2000 | $114,838,500 | $154,176,500 | 1.31% |
| 2001 | $122,406,100 | $164,861,000 | 6.59% |
| 2002 | $131,960,000 | $170,855,000 | 7.81% |
| 2003 | $131,128,500 | $168,186,800 | -0.63% |
| 2004 | $132,900,000 | $167,500,000 | 1.35% |
| 2005 | $138,000,000 | $170,500,000 | 3.84% |
| 2006 | $143,200,000 | $170,800,000 | 3.77% |
| 2007 | $150,500,000 | $177,100,000 | 5.1% |
| 2008 | $146,600,000 | $163,700,000 | -2.59% |
| 2009 | $151,200,000 | $169,700,000 | 3.14% |
| 2010 | $161,100,000 | $179,100,000 | 6.55% |
| 2011 | $172,300,000 | $178,200,000 | 6.95% |
| 2012 | $180,700,000 | $175,900,000 | 4.88% |
| 2013 | $186,400,000 | $182,600,000 | 3.15% |
| 2014 | $186,000,000 | $180,300,000 | -0.21% |
| 2015 | $183,700,000 | $183,700,000 | -1.24% |
| 2016 | $201,800,000 | $188,300,000 | 9.85% |
| 2017 | $213,700,000 | $195,000,000 | 5.9% |
| 2018 | $220,000,000 | $205,700,000 | 2.95% |
| 2019 | $232,900,000 | $227,200,000 | 5.86% |
| 2020 | $241,800,000 | $220,900,000 | 3.82% |
| 2021 | $258,900,000 | $223,600,000 | 7.07% |
| 2022 | $253,400,000 | $221,100,000 | -2.12% |
| 2023 | $259,300,000 | $212,400,000 | 2.33% |
| 2024 | $280,357,844 | $218,285,536 | 8.12% |
Economic Statistics of the Marshall Islands
Marshall Islands
|
Rank | |
|---|---|---|
| Gross domestic product |
$280M
2024 |
194/197 |
| GDP growth |
8.12%
2023-2024 |
61/196 |
| GDP per capita |
$7,467
2024 |
100/197 |
| GDP per capita, PPP |
$8,198
2024 |
137/197 |
| Government debt |
$46.8M
2024 |
182/185 |
| Debt-to-GDP ratio |
15.3%
2025 |
176/185 |
| Government debt per person |
$1,245
2024 |
136/185 |
| Average annual personal income after taxes |
$5,868
2025 |
105/197 |
| Income share by richest 10% |
27.5%
2019 |
86/169 |
| Income share by poorest 10% |
2.8%
2019 |
87/169 |
| Government expenditure, % of GDP |
71.9%
2025 |
5/195 |
| Consumer prices inflation |
5.2%
2024-2025 |
51/195 |
| Unemployment rate |
9.82%
2021 |
41/196 |
| Population |
36281
|
192/197 |
Marshall Islands' GDP per capita
The Marshall Islands has a GDP per capita of $7,467, ranking 100/197, a GDP per capita based on purchasing power parity (PPP) of $8,198, ranking 137/197, and a median annual after tax income of $5,868, ranking 105/197.
| Year | Current $ | |
|---|---|---|
| GDP per capita | GDP per capita, PPP | |
| 1970 | $373 | - |
| 1971 | $390 | - |
| 1972 | $416 | - |
| 1973 | $472 | - |
| 1974 | $602 | - |
| 1975 | $638 | - |
| 1976 | $672 | - |
| 1977 | $724 | - |
| 1978 | $771 | - |
| 1979 | $859 | - |
| 1980 | $868 | - |
| 1981 | $969 | - |
| 1982 | $1,046 | - |
| 1983 | $1,199 | - |
| 1984 | $1,245 | - |
| 1985 | $1,162 | - |
| 1986 | $1,425 | - |
| 1987 | $1,543 | - |
| 1988 | $1,670 | - |
| 1989 | $1,670 | - |
| 1990 | $1,758 | $2,102 |
| 1991 | $1,811 | $2,131 |
| 1992 | $1,963 | $2,293 |
| 1993 | $2,112 | $2,452 |
| 1994 | $2,265 | $2,617 |
| 1995 | $2,491 | $2,858 |
| 1996 | $2,273 | $2,583 |
| 1997 | $2,231 | $2,434 |
| 1998 | $2,254 | $2,422 |
| 1999 | $2,258 | $2,400 |
| 2000 | $2,265 | $2,490 |
| 2001 | $2,394 | $2,700 |
| 2002 | $2,566 | $2,825 |
| 2003 | $2,539 | $2,824 |
| 2004 | $2,566 | $2,880 |
| 2005 | $2,659 | $3,017 |
| 2006 | $2,754 | $3,110 |
| 2007 | $2,892 | $3,309 |
| 2008 | $2,818 | $3,118 |
| 2009 | $2,907 | $3,253 |
| 2010 | $3,095 | $3,473 |
| 2011 | $3,319 | $3,537 |
| 2012 | $3,514 | $3,590 |
| 2013 | $3,678 | $3,845 |
| 2014 | $3,735 | $3,931 |
| 2015 | $3,764 | $4,125 |
| 2016 | $4,230 | $4,366 |
| 2017 | $4,593 | $4,719 |
| 2018 | $4,858 | $5,232 |
| 2019 | $5,292 | $6,045 |
| 2020 | $5,662 | $6,137 |
| 2021 | $6,259 | $6,706 |
| 2022 | $6,323 | $7,332 |
| 2023 | $6,678 | $7,532 |
| 2024 | $7,467 | $8,198 |
Marshall Islands' government spending, deficit, and chart
This chart shows the Marshall Islands' government spending, budget balance, and debt over time, each expressed as a share of GDP.
Over the past 29 years, the Marshall Islands recorded a fiscal deficit in 5 years — average annual surplus equal to +2.36% of GDP. In 2024, government spending reached $201M (71.9% of GDP), with a surplus of +0.51%.
The national debt reached $46.8M, ranking 182nd out of 185 countries by total size, with a debt-to-GDP ratio of 15.3%, ranking 176th.
| Year | % of GDP | ||
|---|---|---|---|
| Government spending | Government debt | Government deficit/surplus | |
| 1997 | 55% | 8.73% | 7.91% |
| 1998 | 50.5% | 18.1% | 13.5% |
| 1999 | 48.7% | 26.1% | 9.01% |
| 2000 | 56.5% | 27.3% | 7.84% |
| 2001 | 58.8% | 32.7% | 7.83% |
| 2002 | 55.2% | 37.2% | 5.12% |
| 2003 | 52.9% | 43.7% | 10.5% |
| 2004 | 54.5% | 46.8% | -1.6% |
| 2005 | 85.3% | 45.8% | -22.3% |
| 2006 | 61.2% | 44.4% | 0.24% |
| 2007 | 67.2% | 42.2% | 0.27% |
| 2008 | 64.3% | 44.1% | 3.68% |
| 2009 | 63.1% | 41.2% | 1.51% |
| 2010 | 59.2% | 38.8% | 3.51% |
| 2011 | 55.9% | 35.9% | 2.13% |
| 2012 | 53.2% | 37.6% | -0.76% |
| 2013 | 55% | 33.4% | -0.23% |
| 2014 | 49.2% | 34.9% | 3.2% |
| 2015 | 56.3% | 33.9% | 2.81% |
| 2016 | 56.8% | 29.2% | 3.88% |
| 2017 | 63.7% | 26.5% | 4.38% |
| 2018 | 60.5% | 24.7% | 2.55% |
| 2019 | 65.5% | 25.1% | -1.8% |
| 2020 | 67.8% | 21.7% | 2.54% |
| 2021 | 69.8% | 20.1% | 0.18% |
| 2022 | 67.7% | 19.8% | 0.68% |
| 2023 | 66% | 18.7% | 0.69% |
| 2024 | 71.8% | 16.7% | 0.59% |
| 2025 | 71.9% | 15.3% | 0.51% |
Inflation rate by year
Over the past 20 years, the Marshall Islands has had an average annual inflation rate of 2.84%. In 2025, inflation was 5.2%. The bar chart below shows consumer price inflation by year.
| Year | Inflation |
|---|---|
| 2004 | 2% |
| 2005 | 3.5% |
| 2006 | 5.3% |
| 2007 | 2.6% |
| 2008 | 14.7% |
| 2009 | 0.5% |
| 2010 | 1.8% |
| 2011 | 5.4% |
| 2012 | 4.3% |
| 2013 | 1.9% |
| 2014 | 1.1% |
| 2015 | -2.2% |
| 2016 | -1.5% |
| 2017 | 0.1% |
| 2018 | 0.8% |
| 2019 | -0.1% |
| 2020 | -0.7% |
| 2021 | 2.2% |
| 2022 | 2.8% |
| 2023 | 7.4% |
| 2024 | 5.2% |
| 2025 | 5.2% |
Balance of trade
|
Marshall Islands
|
Rank | |
|---|---|---|
Current account balance
|
$76.3M
2021 |
69/189 |
| Current account balance, % of GDP |
+29.5%
2021 |
1/189 |
| Goods imports |
$133M
2021 |
185/188 |
| Goods exports |
$121M
2021 |
173/188 |
| Service imports |
$73.1M
2021 |
183/188 |
| Service exports |
$9.44M
2021 |
185/188 |
| Imports of goods and services, % of GDP |
71.2%
2023 |
30/180 |
| Exports of goods and services, % of GDP |
38.9%
2023 |
81/193 |
The Marshall Islands' top 10 trading partners
The Marshall Islands' biggest trading partner accounting for 27.5%% of all exports and imports is China, with a trade balance between the two of -$5.3B — the Marshall Islands exports $7.81M worth of goods and services to China and imports $5.3B.
Below is the list of the top 10 trade partners of the Marshall Islands.
| Rank | Country | Trade value | Share of total trade | Export to | Import from | Top export to | Top import from |
|---|---|---|---|---|---|---|---|
| 1 |
China
|
$5.31B | 27.5% | $7.81M | $5.3B | Animal & marine products | Machinery & equipment |
| 2 |
Singapore
|
$5.01B | 25.9% | $78K | $5.01B | Metals | Miscellaneous |
| 3 |
South Korea
|
$2.65B | 13.7% | $59M | $2.59B | Machinery & equipment | Machinery & equipment |
| 4 |
Japan
|
$1.29B | 6.67% | $18.7M | $1.27B | Miscellaneous | Machinery & equipment |
| 5 |
Germany
|
$1.14B | 5.89% | $991M | $146M | Machinery & equipment | Machinery & equipment |
| 6 |
Netherlands
|
$736M | 3.81% | $47.8M | $688M | Machinery & equipment | Machinery & equipment |
| 7 |
Denmark
|
$534M | 2.76% | $170M | $363M | Machinery & equipment | Machinery & equipment |
| 8 |
Turkey
|
$464M | 2.4% | $11.6M | $452M | Machinery & equipment | Machinery & equipment |
| 9 |
Brazil
|
$320M | 1.66% | $418K | $320M | Metals | Raw materials & minerals |
| 10 |
Italy
|
$250M | 1.3% | $12.1M | $238M | Machinery & equipment | Machinery & equipment |
Marshall Islands' top 10 exports
|
Marshall Islands
|
Rank | |
|---|---|---|
| Machinery & equipment | $1.61B | 75/193 |
| Animal & marine products | $98.5M | 107/192 |
| Raw materials & minerals | $85.2M | 152/193 |
| Miscellaneous | $20.8M | 86/191 |
| Transport & tourism services | $9.16M | 180/188 |
| Government & miscellaneous services | $8.38M | 144/180 |
| Metals | $6.13M | 158/192 |
| Business & finance services | $5.36M | 176/188 |
| Textiles & consumer goods | $3.22M | 160/193 |
| Chemicals & pharma | $2.6M | 164/193 |
Marshall Islands' top 10 imports
|
Marshall Islands
|
Rank | |
|---|---|---|
| Machinery & equipment | $9.8B | 68/193 |
| Miscellaneous | $4.71B | 21/193 |
| Raw materials & minerals | $2.59B | 106/193 |
| Metals | $151M | 151/193 |
| Chemicals & pharma | $71.9M | 172/193 |
| Transport & tourism services | $41M | 183/188 |
| Business & finance services | $28.1M | 173/188 |
| Textiles & consumer goods | $25.9M | 183/193 |
| Processed food, beverages & tobacco | $25.3M | 188/193 |
| Animal & marine products | $19.7M | 178/193 |
Economic freedom indices
|
Marshall Islands
|
Rank | |
|---|---|---|
| Economic freedom | 58 | 110/197 |
More economic indicators
|
Marshall Islands
|
Rank | |
|---|---|---|
| Services, % of GDP |
70.5%
2023 |
22/191 |
| Industry, % of GDP |
11.1%
2023 |
177/194 |
| Agriculture, forestry, and fishing, % of GDP |
19.5%
2023 |
35/193 |
|
GNI, Atlas method
|
$315M
2024 |
191/194 |
| GNI per capita, PPP |
$9,720
2024 |
129/191 |
|
Net foreign direct investment
|
-$499K
2021 |
43/188 |
|
Net inflows of foreign direct investment
|
$1.7M
2024 |
170/193 |
|
Net outflows of foreign direct investment
|
$2.94M
2006 |
133/187 |
| Poverty at national poverty lines |
7.2%
2019 |
162/176 |
|
Gross capital formation, % of GDP
|
19.7%
2023 |
129/176 |
Compare countries by 7 more topics
GDP per capita map
GDP per capita
Relevant pages:
Marshall Islands topic pages:
Economy comparisons
The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.
Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.
A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).
Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.
Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.
Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.