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Marshall Islands
Introduction to Marshall Islands
After almost four decades under US administration as the easternmost part of the UN Trust Territory of the Pacific Islands, the Marshall Islands attained independence in 1986 under a Compact of Free Association. Compensation claims continue as a result of US nuclear testing on some of the atolls between 1947 and 1962. The Marshall Islands have been home to the US Army Base Kwajalein (USAKA) since 1964.
Government
Capital:
Majuro
Independence:
21 October 1986 (from the US-administered UN trusteeship)
National holiday:
Constitution Day, 1 May (1979)
Economy
Economy overview:
US Government assistance is the mainstay of this tiny island economy. Agricultural production is primarily subsistence and 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 Compact of Free Association, the US has provided more than id=mce_marker billion in aid since 1986. Negotiations have continued for an extended agreement. 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 -$15 million (2001 est.)
GDP - composition by sector:
agriculture: 14%
industry: 16%
services: 70% (2000 est.)
Agriculture products:
coconuts, tomatoes, melons, taro, breadfruit, fruits; pigs, chickens
Industries:
copra, fish, tourism, craft items from shell, wood, and pearls
Transportation
Highways:
total: NA km
paved: 64.5 km
unpaved: NA km
note: paved roads on major islands (Majuro, Kwajalein), otherwise stone-, coral-, or laterite-surfaced roads and tracks (2002)
Ports and harbors:
Majuro
Merchant marine:
total: 420 ships (1,000 GRT or over) 16,954,092 GRT/28,176,762 DWT
by type: barge carrier 1, bulk 81, cargo 25, chemical tanker 41, combination bulk 4, combination ore/oil 7, container 77, liquefied gas 9, multi-functional large load carrier 5, passenger 6, petroleum tanker 149, refrigerated cargo 4, roll on/roll off 7, vehicle carrier 4
registered in other countries: 50 (2003 est.)
foreign-owned: Australia 2, Chile 3, Croatia 2, Cyprus 10, Denmark 2, Germany 119, Greece 82, Hong Kong 12, India 2, Japan 16, Monaco 18, Netherlands 6, New Zealand 1, Norway 5, Poland 11, Singapore 1, Slovenia 1, Switzerland 4, Thailand 2, Turkey 8, United Kingdom 10, United States 92
Airports:
15 (2003 est.)