Marshall Islands's GDP changed from approximately $110M in 1997 to $305M in 2024, showing an overall 177.3% sharply increased during the period.
The lowest GDP was recorded in 1997 at $110M, and the highest in 2024 at $305M.
Over the 27-year span, the GDP showed a overall increase with some decline trend, with an average annual growth rate of 3.8%.
For comparison, the average annual growth rate of Micronesia was 2.8%, and that of Palau was 3.0%.
Marshall Islands GDP from 1997 to 2024
The total market value of goods and services produced annually in Marshall Islands.
Overview of Marshall Islands's GDP (1997–2024)
The Gross Domestic Product (GDP) of Marshall Islands recorded a 177.3% sharply increased from 1997 to 2024.
The average GDP during this period was $177M 642K, and the median was $166M.
GDP fluctuated within a range of $195M, with a standard deviation of $55M 499K.
The average annual change was $6M 525K.
Highest and Lowest GDP Records
- Lowest GDP: 1997, $110M
- Highest GDP: 2024, $305M
- Most Recent GDP: 2024, $305M
Notable Annual GDP Changes
- 2023: Significant increase in GDP
- 2008: Noticeable drop in GDP
Overall pattern: overall increase with some decline
Global Economic Events and Marshall Islands's GDP
COVID-19 Pandemic (2020)
- Period: From 2019 to 2020
- GDP Change: $232M → $241M
- Outcome: increased
2008 Global Financial Crisis
- Period: From 2007 to 2009
- GDP Change: $150M → $151M
- Outcome: remained stable
2001 Dot-com Bubble Burst
- Period: From 2000 to 2001
- GDP Change: $115M → $122M
- Outcome: increased
1998 Asian Financial Crisis
- Period: From 1997 to 1998
- GDP Change: $110M → $112M
- Outcome: increased
Key Economic Indicators of Marshall Islands (1997–2024)
| year | Nominal GDP | GDP per Capita | PPP per Capita | PPP GDP | GDP Growth | Current Account | Savings | Fiscal Balance | Population |
|---|---|---|---|---|---|---|---|---|---|
1997 | $ 110M | $ 2,231.75 | $ 2,111.01 | $ 104M | 0 % | -12.265 % | 0 % | 14.055 % | 49,000 people |
1998 | $ 112M | $ 2,242.04 | $ 2,088.79 | $ 104M | -0.679 % | -11.171 % | 0 % | 18.369 % | 50,000 people |
1999 | $ 113M | $ 2,230.64 | $ 2,056.07 | $ 105M | -1.365 % | -12.17 % | 0 % | 12.836 % | 51,000 people |
2000 | $ 115M | $ 2,242.87 | $ 2,138.09 | $ 110M | 2.468 % | -13.287 % | 0 % | 9.606 % | 51,000 people |
2001 | $ 122M | $ 2,422.93 | $ 2,369.43 | $ 120M | 6.916 % | -4.817 % | 0 % | 9.074 % | 51,000 people |
2002 | $ 132M | $ 2,655.59 | $ 2,535.46 | $ 126M | 3.648 % | 5.942 % | 0 % | 5.552 % | 50,000 people |
2003 | $ 131M | $ 2,625.24 | $ 2,531.49 | $ 127M | -1.535 % | -0.724 % | 0 % | 11.209 % | 50,000 people |
2004 | $ 133M | $ 2,634.42 | $ 2,557.35 | $ 129M | -0.708 % | 3.541 % | 0 % | -0.97 % | 50,000 people |
2005 | $ 138M | $ 2,689.53 | $ 2,646.27 | $ 135M | 1.773 % | 6.271 % | 0 % | -21.652 % | 51,000 people |
2006 | $ 143M | $ 2,772.86 | $ 2,717.83 | $ 140M | 0.203 % | -2.91 % | 0 % | 0.879 % | 51,000 people |
2007 | $ 150M | $ 2,893.43 | $ 2,868.47 | $ 149M | 3.392 % | 2.297 % | 0 % | 0.867 % | 52,000 people |
2008 | $ 146M | $ 2,781.61 | $ 2,665.19 | $ 140M | -7.646 % | 1.019 % | 0 % | 4.604 % | 52,000 people |
2009 | $ 151M | $ 2,881.21 | $ 2,790.66 | $ 146M | 3.673 % | -11.869 % | 0 % | 2.114 % | 52,000 people |
2010 | $ 160M | $ 3,029.42 | $ 2,941.59 | $ 156M | 5.422 % | -18.113 % | 0 % | 4.086 % | 53,000 people |
2011 | $ 172M | $ 3,236.47 | $ 2,987.29 | $ 159M | -0.053 % | -0.604 % | 0 % | 2.963 % | 53,000 people |
2012 | $ 180M | $ 3,429.28 | $ 3,036.25 | $ 160M | -1.309 % | -4.067 % | 0 % | 0.03 % | 53,000 people |
2013 | $ 186M | $ 3,584.02 | $ 3,244.55 | $ 168M | 3.61 % | -9.004 % | 0 % | 0.4 % | 52,000 people |
2014 | $ 185M | $ 3,638.78 | $ 3,319.31 | $ 169M | -1.158 % | -0.477 % | 0 % | 3.61 % | 51,000 people |
2015 | $ 183M | $ 3,669.50 | $ 3,491.22 | $ 174M | 2.101 % | 11.446 % | 0 % | 3.219 % | 50,000 people |
2016 | $ 201M | $ 4,121.20 | $ 3,687.35 | $ 180M | 2.144 % | 9.986 % | 0 % | 4.274 % | 49,000 people |