PACIFIC ISLANDS BUSINESS INDICATORS
| Marshall Islands, Republic of the | |
| Exchange Rate: 1 $ Local currency = x $US | |
| Currency | US$ |
| Calendar Year 1996 | 1 |
| Calendar Year 1997 (used in tables) | 1 |
| Q1 1998 | 1 |
| % Change 1996 - Q1 1998 | 0% |
GENERAL |
|
Land Area |
181 km2 |
EEZ |
2,131,000 km2 |
GDP |
US$108 million (1996) |
GNP per Capita |
US$1,860 (1996) |
Human Development Index |
0.611 (1994) |
Life Expectancy |
73 years (1995) |
Infant Mortality |
19 per 1000 births (1995) |
| INDICATOR LEVELS (US$ million) | |
| GDP (at current prices) | 108.4 (1996) |
| Govt. Revenues | 74.9 (1996) |
| Govt. Expenditures | 76.8 (1996) |
| Govt. Budget Deficit (-) | -1.9 (1996) |
| Exports (fob) | 17.5 (1996) |
| Imports (cif) | 71.8 (1996) |
| Current Account Balance (after grants) | 1.3 (19960 |
| Gross Reserves a/ | 0.4 (1996) |
| LABOUR FORCE CONTEXT | |
| Population (1,000s latest census) 1 | 56 |
| Potential Labour Force, age 15-59 | 25.2 |
| Unpaid/underemployed labour force (%) 2 | |
| male | 38 |
| female | 76 |
| Quality of Local Labour Force3 | |
| Adult literacy rate (%) | 91 |
| Enrolment rate secondary schools (%) | 53 |
| LABOUR FORCE CONDITIONS | |
| Legislated minimum wage | 2 |
| Average Wage Rates ($per hour)4 | |
| Managerial | |
| Supervisory | |
| Skilled | |
| Semi Skilled | |
| Unskilled | |
| Normal number of hours work per week | n/a |
| No. paid holidays per year | 10 |
| Employer Contributions (% wage bill) | |
| Workers Superannuation Fund | |
| compulsory? | Yes |
| rate (%) | 8.5 |
| Western Compensation Fund | |
| compulsory? | No |
| rate (%)5 | |
| Electricity | |
| connection fee | 200 |
| tariff per kilowat hour | 0.16 |
| Water & Sewage | |
| water connection fee ($) | 100-400 |
| sewage connection fee | 100-150 |
| sewage rate | 7/mth |
| Telephone | |
| installation fee ($) | 30 |
| line/equipment rental rate ($) per year | 270 |
| rate per local call ($) | 0 |
| long distance rates ($) per minute | |
| Japan (Tokyo) | 2.50 |
| USA (Los Angeles) | 2.50 |
| United Kingdom (London) | 3.50 |
| Australia (Sydney) | 2.50 |
| New Zealand (Auckland) | 3 |
| Singapore | 3 |
| Neighbouring Forum Island countries | |
| Tonga | |
| Samoa | |
| Fiji | |
| Papua New Guinea | |
| Vanuatu | |
| Marshall Islands | |
| Tuvalu | |
| Kiribati | 2.50 |
| Federated States of Micronesia | 3 |
| Solomon Islands | |
| Cook Islands | |
| Nauru | |
| Palau | 3 |
| Total Cost 1 year of service 1 | 3,360 |
| Internet/E-mail | |
| connection fee | 30 |
| rental rate per year | 720 |
| no. free hours per month included in rental | n/a |
| rate per additional hour use | 3 |
| Total cost 1 year of service2 | 750+ |
| Sea Freight (cif) per cubic metre 1 | |
| Japan (Tokyo) | 200 |
| USA (Los Angeles) | 160 |
| United Kingdom (London) | |
| Australia (Sydney) | 200 |
| New Zealand (Auckland) | 200 |
| Singapore | |
| Neighbouring Forum Island Countries | |
| Tonga | |
| Samoa | |
| Fiji | |
| Marshall Islands | |
| Papua New Guinea | |
| Cook Islands | |
| Solomon Islands | |
| Vanuatu | |
| Palau | 160 |
| Kiribati | 200 |
| Federated States of Micronesia | 160 |
| Air Freight (cif) per kilogram | |
| Japan (Tokyo) | 4.75-5.80 |
| USA (Los Angeles) | 2.80-5.90 |
| United Kingdom (London) | 14.20-18.40 |
| Australia (Sydney) | 8.00-11.80 |
| New Zealand (Auckland) | 8.95-9.85 |
| Singapore | 8.55-11.20 |
| Neighbouring Forum Island Countries | |
| Tonga | |
| Samoa | |
| Fiji | |
| Marshall Islands | |
| Papua New Guinea | |
| Cook Islands | |
| Solomon Islands | |
| Vanuatu | |
| Palau | |
| Kiribati | 1.60 |
| Federated States of Micronesia | 0.80 |
| Papua New Guinea | |
| Cook Islands | |
| Solomon Islands | |
| Vanuatu | 2.30 |
| Palau | |
| Land | |
| total area (sq kilometers | 171 |
| Customary land | |
| Proportion customarily owned (%) | n/a |
| Max period for commercial lease (yrs) | 25 |
| Average lease rate per acre per annum | |
| agricultural land ($) | 3,000 |
| commercial land ($) | 3,000 |
| Free hold land | |
| average purchase price per acre | - |
| Factory Space | |
| average annual rental price per sq ft | n/a |
| Commercial Banking | |
| Commercial Banks, excl Dev Banks (No) | 3 |
| Lending rate range (% per annum) | 8.0-24.0 |
| Average lending rate (% per annum) | 16.00 |
| Personal Tax Rates (Brackets) | |
| No tax | |
| rate of 5% | |
| rate of 6% | |
| rate of 8% | <10,400 |
| rate of 10% | |
| rate of 12% | >10,400 |
| rate of 15% | |
| rate of 20% | |
| rate of 25% | |
| rate of 30% | |
| rate of 35% | |
| rate of 37% | |
| rate of 40% | |
| Company Tax Rate (%) | |
| Resident Company | |
| General | companies |
| Mining | not taxed |
| Petroleum | on profits |
| Non-Resident Company | |
| General | |
| Mining | |
| Petroleum | |
| Other Taxes & Fees | |
| Business Gross Receipt tax (%) | 3 (min $80) |
| GST/Value added tax (%) | - |
| Sales tax (%) | - |
| Annual business licence fees ($) | n/a |
| Import Duty Rates (% range) | |
| manufacturing inputs | May-45 |
| general (excluding cigarettes, liquor et) | 5-150 |