Economic Statistics
Economic statistics refer to data sets commonly used by economists and institutions internationally. Gross Domestic Product (GDP) is the most used method to determine the size of a country’s economy. Three methods are typically used to measure GDP: Income, production, and expenditure. Many countries used production GDP for this purpose, particularly in the region.
RMI Summary economic indicators
| FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | |
|---|---|---|---|---|---|
| Per Capita Income measures | |||||
| GDP current prices, $ million | 212.7 | 219.3 | 232.1 | 241.7 | 259.5 |
| Population (Graduate School estimate) | 47,376 | 45,810 | 44,665 | 44,519 | 42,500 |
| GDP per capita $ | 4,490 | 4,788 | 5,196 | 5,430 | 6,107 |
| GNI per capita $ | 5,621 | 5,968 | 6,425 | 6,604 | 6,911 |
| GNDI per capita $ | 6,677 | 7,151 | 7,807 | 8,521 | 9,073 |
| National accounts | |||||
| GDP, at constant prices $ million, FY2015 prices | 193.1 | 201.2 | 223.0 | 218.8 | 221.3 |
| GDP, % growth | 3.4 | 4.2 | 10.8 | -1.8 | 1.1 |
| GDP, % growth (excluding purse seine fishing boats) | 2.5 | 3.1 | 2.6 | -1.7 | -1.1 |
| Consumer price index | 0.1 | 0.8 | -0.1 | -0.7 | 2.2 |
| Employment and Wages | |||||
| Number of employees | 11,283 | 11,404 | 11,404 | 11,182 | 11,294 |
| % change | 2.0 | 1.1 | 0.0 | -1.9 | 1.0 |
| Private sector (including Finance) | 4,332 | 4,348 | 4,283 | 4,029 | 3,915 |
| % change | 1.3 | 0.4 | -1.5 | -5.9 | -2.8 |
| Public sector | 5,337 | 5,401 | 5,540 | 5,603 | 5,792 |
| % change | 2.5 | 1.2 | 2.6 | 1.1 | 3.4 |
| Average annual wage | 10,802 | 11,151 | 11,913 | 12,489 | 12,735 |
| % change | 2.5 | 3.2 | 6.8 | 4.8 | 2.0 |
| Private sector (including Finance) | 6,462 | 6,975 | 7,687 | 8,120 | 8,306 |
| % change | 5.2 | 7.9 | 10.2 | 5.6 | 2.3 |
| Public sector | 12,910 | 13,202 | 13,721 | 14,026 | 14,197 |
| % change | 0.7 | 2.3 | 3.9 | 2.2 | 1.2 |
| Average annual real wage (less inflation) | 9,420 | 9,457 | 9,162 | 8,577 | 9,524 |
| % change | 0.6 | 0.4 | -3.1 | -6.4 | 11.0 |
| Government Finance Statistics, $ millions | |||||
| Revenue | 145.5 | 138.6 | 148.4 | 169.8 | 174.3 |
| Tax revenue | 30.4 | 32.1 | 34.9 | 33.5 | 35.9 |
| Grants | 65.3 | 67.3 | 71.9 | 93.6 | 101.2 |
| Other revenue | 49.9 | 39.2 | 41.5 | 42.6 | 37.2 |
| Expense | -123.2 | -122.9 | -146.5 | -149.7 | -152.4 |
| Compensation of Employees | -45.9 | -48.2 | -50.8 | -52.7 | -58.0 |
| Use of goods and services | -32.2 | -36.8 | -50.0 | -43.5 | -44.0 |
| Other expense | -45.2 | -38.0 | -45.7 | -53.5 | -50.5 |
| Net Worth and its Changes | -22.3 | -15.7 | -1.9 | -20.1 | -22.4 |
| Nonfinancial assets | -12.9 | -10.1 | -6.1 | -14.3 | -20.0 |
| Financial assets | -10.0 | 0.0 | -2.1 | -8.1 | -3.1 |
| Financial liabilities | 0.7 | -5.6 | 6.3 | 2.3 | 0.7 |
| Overall fiscal balance | 9.4 | 5.6 | -4.2 | 5.8 | 1.9 |
| Government Finance Statistics, percent of GDP | |||||
| Revenue | 68.4 | 63.2 | 63.9 | 70.2 | 67.2 |
| Tax revenue | 14.3 | 14.7 | 15.0 | 13.9 | 13.8 |
| Grants | 30.7 | 30.7 | 31.0 | 38.7 | 39.0 |
| Other revenue | 23.4 | 17.9 | 17.9 | 17.6 | 14.3 |
| Domestic revenues (tax and other revenues) | 37.7 | 32.5 | 32.9 | 31.5 | 28.2 |
| Expense | -57.9 | -56.0 | -63.1 | -61.9 | -58.7 |
| Compensation of Employees | -21.6 | -22.0 | -21.9 | -21.8 | -22.3 |
| Use of goods and services | -15.1 | -16.8 | -21.5 | -18.0 | -17.0 |
| Non Financial Assets | -6.1 | -4.6 | -2.6 | -5.9 | -7.7 |
| Overall fiscal balance | 4.4 | 2.6 | -1.8 | 2.4 | 0.7 |
| Money and Banking ($ million) | |||||
| Assets | 261.8 | 257.0 | 245.9 | 293.8 | 324.8 |
| Foreign assets | 135.7 | 129.2 | 113.6 | 155.3 | 193.2 |
| Loans | 121.5 | 122.1 | 127.6 | 131.0 | 122.5 |
| Commercial loans | 44.7 | 43.7 | 51.5 | 54.5 | 49.8 |
| Consumer loans | 75.0 | 76.9 | 75.4 | 75.7 | 72.6 |
| Other | 6.4 | 7.2 | 5.5 | 8.3 | 9.3 |
| Liabilities | 261.8 | 257.0 | 245.9 | 293.8 | 324.8 |
| Deposits | 227.2 | 219.7 | 208.9 | 254.4 | 284.1 |
| Other | 5.4 | 7.0 | 5.6 | 7.0 | 7.3 |
| Capital | 29.1 | 30.3 | 31.5 | 32.3 | 33.4 |
| Loans to deposit ratio, % | 53.5 | 55.6 | 61.1 | 51.5 | 43.1 |
| Balance of Payments $ million | |||||
| Trade balance | -53.3 | -63.0 | -135.4 | -57.2 | -32.7 |
| Service balance | -46.3 | -43.8 | -45.7 | -33.6 | -28.2 |
| Primary Income balance | 53.6 | 54.1 | 54.9 | 52.3 | 34.2 |
| Secondary Income balance | 50.0 | 54.2 | 61.7 | 85.4 | 91.9 |
| Current Account, balance | 4.0 | 1.5 | -64.4 | 46.9 | 65.2 |
| Capital Account, balance | 20.1 | 16.5 | 13.0 | 15.0 | 13.2 |
| Financial account balance | -10.7 | 20.9 | 90.9 | -31.0 | -31.3 |
| International Investment position (IIP), $ million | |||||
| Total stocks, net | 308.7 | 309.7 | 302.0 | 348.3 | |
| Direct investment, net | n.a. | n.a. | n.a. | n.a. | |
| Portfolio investment, net | 251.5 | 253.6 | 255.5 | 254.8 | |
| Other investment, net | 57.2 | 56.1 | 46.5 | 93.5 | |
| memo: COFA Trust Fund | 372.1 | 418.4 | 450.4 | 527.3 | 666.4 |
| External Debt, $ million | |||||
| Gross External Debt Total | 77.9 | 72.5 | 67.5 | 61.2 | 55.6 |
| Gross External debt as % of GDP | 36.6 | 33.1 | 29.1 | 25.3 | 22.0 |
| Debt Service | 7.9 | 7.1 | 7.6 | 6.7 | 6.7 |
| Debt service as % of national gov. revenues | 9.5 | 9.5 | 9.8 | 7.3 | 7.0 |
Economic Review
The RMI Economic Brief is produced annually to provide an independent assessment of the Republic of the Marshall Island’s economic performance and policy environment, as well as independently verified economic statistics. The RMI Economic Brief summarizes the full RMI Economic Review, which is developed to assist the government of RMI and the U.S. Department of the Interior’s Office of Insular Affairs to fulfill their respective reporting requirements under the RMI’s Compact of Free Association with the United States. The review summarizes recent economic performance, sectoral issues, external debt, fiscal performance and policy, public financial management, state-owned enterprise reform, the financial sector, private sector development, Compact issues, and the economic outlook.
Economic Bulletin
The quarterly RMI Statistical Bulletin has been developed to provide timely data to support policymakers throughout the policy formulation and decision-making processes. It is produced by the Economic Policy, Planning and Statistics Office (EPPSO).
All Documents for Economic Statistics
Statistical Bulletin August 2023
In the second quarter of fiscal year 2023, employment levels in both private and public sectors have been stable. The total employment in USAG-KA remain…
RMI Stats Bulletin Jan 2023
Private sectors employment has been increased consistently but dropped from 3,928 to 3,922 in Q3(FY22). Public sector employment increased sharply in Q4(FY21) reaching a peak…
RMI Statistical Bulletin Q3 FY22
The Public Sector employment increases but Private Sector and USAG-KA remain flat. The real wages decrease in USAG-KA and Public Sector but increases in Private…