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### Basic Data, FY2004–10
- Nominal GDP for FY2010 (in millions of U.S. dollar): 162.94
- Population (2010): 52,371
- GDP per capita for FY2010 (in U.S. dollar): 3,111.16
- Quota: SDR 3.5 million
- Real GDP (percent change) by fiscal year: -0.1, 2.6, 1.9, 3.0, -1.9, -1.3, 5.2 (FY2004–FY2010)
- Consumer prices (percent change) by fiscal year: 2.0, 3.5, 5.3, 2.6, 14.7, 0.5, 1.6 (FY2004–FY2010)
- Central government finances (in percent of GDP):
  - Revenue and grants: 58.0, 62.2, 66.1, 72.3, 70.2, 69.2, 67.0 (FY2004–FY2010)
  - Total domestic revenue: 25.5, 25.8, 25.4, 25.8, 25.6, 25.0, 24.7
  - Grants: 32.5, 36.4, 40.8, 46.5, 44.5, 44.3, 42.3
  - Expenditure: 59.4, 65.6, 64.8, 72.0, 66.4, 67.8, 62.4
  - Current: 50.9, 56.3, 54.6, 54.9, 54.3, 56.7, 51.7
  - Capital: 8.5, 9.3, 10.1, 17.2, 12.1, 11.2, 10.7
  - Overall balance: -1.4, -3.4, 1.4, 0.2, 3.7, 1.4, 4.6
- Compact Trust Fund (in millions of US$; end of period): 32.0, 45.1, 63.1, 85.7, 75.7, 90.9, 112.8 (FY2004–FY2010)
- Commercial banks (in millions of US$):
  - Foreign assets: 51.0, 53.6, 57.6, 60.7, 57.1, 63.6, 71.8
  - Private sector claims: 43.4, 43.6, 43.2, 49.9, 58.2, 62.0, 63.3
  - Total deposits: 74.9, 74.3, 75.5, 85.5, 89.0, 93.3, 102.1
- Interest rates:
  - One-year time deposit rate (in percent): 2.1, 3.5, 4.0, 4.1, 3.6, 6.0, 3.5 (FY2004–FY2010)
  - Average consumer loan rate (in percent): 17.4, 18.5, 18.5, 18.5, 18.5, 13.9, 14.0
- Balance of payments (in millions of US$):
  - Trade balance: -53.2, -61.7, -64.1, -69.6, -69.8, -73.3, -93.3
  - Net services: -33.8, -38.9, -36.3, -39.0, -39.5, -54.0, -42.8
  - Net income: 36.6, 40.7, 40.8, 43.1, 43.2, 40.8, 34.5
  - Unrequited transfers (private and official): 44.6, 50.9, 54.4, 62.0, 62.2, 60.2, 60.9
  - Current account including official current transfers 2/: -5.7, -8.9, -5.1, -3.5, -3.9, -26.4, -40.7 (in millions of US$)
  - Current account including official current transfers 2/ (In percent of GDP): -4.4, -6.5, -3.6, -2.4, -2.6, -17.4, -25.0
  - Current account excluding budget grants 2/: -45.9, -55.0, -55.0, -57.3, -61.2, -80.8, -96.9 (in millions of US$)
  - Current account excluding budget grants 2/ (In percent of GDP): -35.0, -40.0, -38.4, -38.3, -40.1, -53.3, -59.4
- External debt (in millions of US$; end of period) 3/: 94.7, 92.1, 99.7, 99.1, 94.6, 106.8, 113.4 (FY2004–FY2010)
  - External debt (In percent of GDP): 72.2, 66.9, 69.6, 66.2, 62.0, 70.4, 69.6
- External debt service (in millions of US$): 3.7, 4.5, 6.4, 16.8, 7.5, 7.8, 9.7
  - (In percent of exports of goods and services): 12.5, 13.4, 22.8, 59.4, 24.7, 24.8, 22.2
- Real Effective Exchange Rate (2000 =100): 94.6, 94.6, 97.0, 96.5, 102.7, 104.5, 101.8
- Memorandum item: Nominal GDP (in millions of US$): 131.1, 137.6, 143.4, 149.7, 152.6, 151.6, 162.9

### Gross Domestic Product by Industry, FY2004–10
- Sector shares (percent of nominal GDP), selected sectors FY2004–FY2010:
  - Agriculture, Hunting and Forestry: 3.9, 4.0, 4.1, 4.6, 5.1, 4.9, 4.7
  - Fisheries: 8.2, 7.2, 7.7, 8.2, 8.0, 9.9, 14.2
  - Manufacturing: 3.6, 3.8, 3.8, 4.5, 5.1, 4.6, 4.1
  - Construction: 7.0, 7.3, 11.0, 9.8, 10.2, 9.5, 9.3
  - Wholesale and Retail Trade and Repairs: 19.2, 19.9, 18.5, 19.4, 20.0, 19.4, 21.0
  - Transport, Storage and Communications: 12.1, 11.7, 12.2, 14.1, 11.3, 11.9, 12.7
  - Public Administration: 21.2, 22.3, 23.4, 23.4, 25.0, 24.1, 24.4
  - Education: 17.0, 18.7, 19.4, 21.0, 21.5, 22.1, 23.9
  - Health and Social Work: 8.4, 9.4, 10.0, 10.2, 10.3, 9.9, 10.7
  - Taxes on products: 14.0, 15.7, 15.9, 17.5, 17.6, 16.0, 17.5
  - less subsidies: -3.1, -3.1, -3.1, -5.0, -4.8, -4.8, -4.3
- Real GDP (FY04 millions U.S. dollars): 131.1, 134.5, 137.1, 141.3, 138.5, 136.7, 143.8
- Nominal GDP per capita (in U.S. dollars): 2,611.1, 2,703.2, 2,803.7, 2,913.4, 2,932.4, 2,927.1, 3,111.2
- Real GDP growth rate (in percent): -0.1, 2.6, 1.9, 3.0, -1.9, -1.3, 5.2

### Public and Private Sector Employment and Wages, FY2004–10
- Total employment (persons) by fiscal year: 10,149, 9,755, 10,137, 10,380, 10,340, 10,218, 10,506
- Total public sector employment: 4,343, 4,509, 4,621, 4,677, 4,641, 4,595, 4,607
  - RMI Government: 2,003, 2,116, 2,421, 2,407, 2,412, 2,353, 2,392
  - Local Government: 1,055, 1,083, 1,090, 1,041, 1,007, 960, 899
  - Government Agencies: 596, 609, 407, 465, 435, 471, 523
  - Public Enterprise: 690, 702, 704, 765, 787, 812, 794
- Private Sector employment: 4,043, 3,463, 3,705, 3,923, 4,031, 4,036, 4,331
  - Fisheries (private): 947, 218, 267, 235, 396, 642, 1,062
  - Wholesale and Retail Trade: 1,744, 1,805, 1,819, 1,810, 1,826, 1,715, 1,738
  - Kwajalein US Base employment: 1,229, 1,208, 1,239, 1,193, 1,097, 1,028, 978
  - Banks: 153, 158, 175, 184, 191, 186, 202
- Average wages (U.S. dollars):
  - Average public sector wage — RMI Government: 13,221; 12,997; 12,490; 12,523; 12,614; 13,025; 12,982
  - Local Government: 7,134; 7,311; 7,543; 7,930; 8,165; 7,704; 7,517
  - Government Agencies: 12,867; 13,164; 15,727; 14,578; 15,527; 15,653; 15,338
  - Public Enterprise: 11,348; 11,601; 11,658; 11,276; 11,938; 12,131; 13,066
  - Average private sector wage: 4,213; 4,736; 4,790; 4,879; 4,966; 5,038; 4,854
  - Average banks wage: 14,824; 16,840; 17,046; 17,509; 16,547; 17,506; 17,025
  - Average Kwajalein US Base wage: 14,555; 15,249; 16,243; 16,114; 15,559; 16,817; 16,627

### Majuro Consumer Price Index (CPI) by Major Groups, 2004–10
- CPI (2003=100) — total index by quarter highlights:
  - 2004 Q1–Q4: 102.2, 102.5, 103.4, 104.4
  - 2005 Q1–Q4: 105.1, 106.7, 108.3, 110.8
  - 2006 Q1–Q4: 111.3, 111.6, 113.0, 113.7
  - 2007 Q1–Q4: 113.2, 115.1, 116.4, 118.6
  - 2008 Q1–Q4: 122.0, 134.5, 150.6, 138.3
  - 2009 Q1–Q4: 129.6, 130.2, 130.1, 130.3
  - 2010 Q1–Q4: 133.2, 137.3, 136.7, 137.1
- Four-quarter percent change (total CPI) — selected quarters:
  - 2007 Q1: 1.7; Q2: 3.2; Q3: 3.1; Q4: 4.3
  - 2008 Q1: 7.7; Q2: 16.8; Q3: 29.4; Q4: 16.6
  - 2009 Q1: 16.3; Q2: -3.2; Q3: -13.6; Q4: -5.8
  - 2010 Q1: 2.8; Q2: 5.5; Q3: 5.1; Q4: 5.2
- CPI major group weights in RMI total:
  - Total: 100
  - Food: 35.9
  - Alcoholic Beverages: 1.7
  - Housing, Utilities, Appliances: 17.1
  - Apparel: 4.3
  - Transport: 13.7
  - Medical Care: 2.2
  - Recreation: 2.3
  - Education and Communication: 6.6
  - Other Goods and Services: 16.2

### Statement of Government Operations, FY2004–10
- Revenue (in millions of U.S. dollars): 76.1, 85.6, 94.8, 108.2, 107.1, 104.9, 109.2 (FY2004–FY2010)
- Revenue components (in percent of GDP):
  - Taxes: 22.5, 24.3, 25.1, 27.1, 26.2, 24.3, 25.2
  - Taxes on income, profits, and capital gains: 14.6, 14.8, 15.9, 17.1, 16.8, 16.6, 17.0
  - Taxes on international trade and transactions: 6.7, 8.8, 8.6, 9.4, 8.7, 7.1, 7.7
  - Social contributions: 6.3, 6.2, 6.4, 6.3, 6.9, 6.7, 7.2
  - Grants 2/: 42.6, 50.1, 58.5, 69.6, 68.0, 67.1, 68.9
  - Other revenue: 4.6, 5.0, 4.8, 5.2, 6.0, 6.8, 7.9
- Expenditure (in millions of U.S. dollars): 77.8, 90.2, 92.9, 107.8, 101.3, 102.8, 101.7
- Expenditure (in percent of GDP):
  - Expense: 66.7, 75.5, 78.3, 82.1, 82.9, 85.9, 84.3
  - Compensation of employees / Wages and salaries: 30.1, 28.3, 34.0, 33.5, 34.2, 34.3, 35.0
  - Use of goods and services: 26.8, 31.2, 32.9, 31.7, 34.9, 37.5, 33.3
  - Subsidies: 3.1, 2.7, 4.0, 7.9, 6.9, 7.5, 6.7
  - Net acquisition of nonfinancial assets: 11.1, 12.7, 14.5, 25.7, 18.5, 16.9, 17.5
  - Net lending (+)/borrowing (–): -1.8, -4.7, 1.9, 0.4, 5.7, 2.1, 7.5
- Fiscal ratios (percent of GDP) summary:
  - Revenue: 58.0, 62.2, 66.1, 72.3, 70.2, 69.2, 67.0
  - Expenditure: 59.4, 65.6, 64.8, 72.0, 66.4, 67.8, 62.4
  - Net lending/borrowing: -1.4, -3.4, 1.4, 0.2, 3.7, 1.4, 4.6
- Memorandum items:
  - Compact Trust Fund balances (in millions of US$): 32.0, 45.1, 63.1, 85.7, 75.7, 90.9, 112.8
  - Outstanding government debt (in millions of US$) 4/: 62.6, 63.1, 63.0, 61.7, 60.6, 58.8, 69.3
  - Nominal GDP (in millions of US$): 131.1, 137.6, 143.4, 149.7, 152.6, 151.6, 162.9

### Banking Survey, FY2004–10
- Assets (in millions of U.S. dollars): 94.3, 95.6, 98.3, 109.3, 113.9, 122.0, 133.6 (FY2004–FY2010)
  - Foreign assets: 51.0, 53.6, 57.6, 60.7, 57.1, 63.6, 71.8
  - Claims on private sector: 43.4, 43.6, 43.2, 49.9, 58.2, 62.0, 63.3
    - Consumer: 38.5, 38.2, 35.2, 38.5, 43.9, 46.1, 48.6
    - Commercial: 4.9, 5.4, 8.0, 11.4, 14.3, 15.9, 14.7 (percent series shown)
- Liabilities (in millions of U.S. dollars): 94.3, 95.6, 98.3, 108.8, 113.9, 122.0, 133.6
  - Deposits: 74.9, 74.3, 75.5, 85.5, 89.0, 93.3, 102.1
    - Demand deposits: 27.0, 26.1, 25.7, 25.6, 24.7, 24.2, 23.5
    - Time deposits: 20.0, 17.7, 16.2, 19.0, 20.6, 19.0, 22.2
    - Savings deposits: 18.1, 22.7, 26.6, 33.3, 35.7, 41.3, 47.9
  - Central government deposits 2/: 9.8, 7.8, 7.0, 7.7, 8.0, 8.8, 8.5
  - Foreign liabilities: 4.1, 3.8, 3.7, 2.2, 1.6, 2.4, 2.8
  - Capital accounts: 14.8, 17.0, 18.6, 20.4, 22.5, 25.6, 27.4
- Memorandum items:
  - Loan/deposit ratio: 59.7, 59.3, 57.6, 60.5, 68.7, 68.3, 65.6
  - Deposits annual rate of change: 3.6, -0.8, 1.6, 13.3, 4.1, 4.8, 4.8
  - Loans annual rate of change: 7.0, -1.4, -1.3, 17.9, 18.0, 4.3, 4.3
  - Consumer loans share of total: 86.2, 86.6, 81.0, 75.0, 84.7, 72.4, 76.8
  - Commercial loans share of total: 10.9, 12.3, 18.4, 22.3, 27.6, 25.0, 23.2

### Income and Expense of Domestic Money Banks, 2004–10
- Interest Income (in thousands of U.S. dollars):
  - Interest and fees on loans: 7,552; 7,156; 7,231; 8,514; 9,132; 8,852; 8,919
  - Deposit with banks: 510; 1,429; 2,410; 2,521; 833; 111; 120
  - Other interest income: 594; 612; 215; 811; 552; 235; 0
  - Total interest income: 8,121; 8,631; 9,763; 11,193; 10,080; 9,015; 9,074
- Interest Expense (in thousands of U.S. dollars):
  - Deposits: 1,241; 1,136; 1,370; 1,669; 1,447; 1,428; 1,553
  - Total interest expense: 1,241; 1,136; 1,370; 1,669; 1,447; 1,428; 1,553
- Net interest income: 6,880; 7,495; 8,393; 9,524; 8,633; 7,587; 7,521
  - Provision for loan losses: 988; 648; 448; 422; 260; 267; 302
  - Net interest income after loan loss provisions: 5,892; 6,847; 7,945; 9,102; 8,373; 7,320; 7,219
- Noninterest Income (in thousands of U.S. dollars):
  - Service charges and fees: 640; 631; 661; 613; 783; 730; 704
  - Other noninterest income: 767; 645; 724; 911; 824; 966; 1,071
  - Total noninterest income: 1,407; 1,276; 1,385; 1,524; 1,607; 1,696; 1,775
- Noninterest Expense (in thousands of U.S. dollars):
  - Salaries and employee benefits: 1,888; 2,240; 2,449; 2,625; 2,665; 2,733; 2,895
  - Occupancy: 261; 281; 306; 333; 351; 350; 355
  - Furniture and equipment: 180; 144; 93; 109; 87; 96; 126
  - Other operating expense: 1,917; 1,751; 1,818; 1,978; 2,154; 2,215; 2,420
  - Total noninterest expense: 4,246; 4,416; 4,666; 5,045; 5,257; 5,394; 5,796
- Net Income (Loss) (in thousands of U.S. dollars): 3,053; 3,707; 4,664; 5,581; 4,723; 3,622; 3,198

### Interest Rates of Domestic Money Banks, 2004–10
- Deposit rates (year average):
  - Savings accounts 2/: 1.1, 1.2, 1.7, 1.7, 1.1, 1.1, 0.5 (2004–2010)
  - Time deposits 3/ — Three months: 1.3, 2.2, 2.5, 2.8, 1.8, 2.5, 2.0
  - Time deposits 3/ — Six months: 1.6, 2.9, 3.2, 3.1, 2.4, 3.0, 2.1
  - Time deposits 3/ — One year or more: 2.1, 3.5, 4.0, 4.1, 3.6, 6.0, 3.5
- Loan rates 4/ (year average):
  - Consumer loans: 17.4, 18.5, 18.5, 18.5, 18.5, 13.9, 14.0
  - Commercial loans: 9.7, 11.0, 11.0, 9.5, 9.4, 8.9, 8.9

Prepared by Dk. Sri Joedianna Pg Hj Mohammed (APD); Approved by the Asia and Pacific Department; November 7, 2011. Sources: RMI authorities and Fund staff estimates; RMI Banking Commission.

### Balance of Payments, FY2004–10 (Section 2 highlights)
- Current account balance (FY2004–FY2010): -5.7; -8.9; -5.1; -3.5; -3.9; -26.4; -40.7
- Trade balance (FY2004–FY2010): -53.2; -61.7; -64.1; -69.6; -69.8; -73.3; -93.3
- Exports of goods (FY2004–FY2010): 18.8; 23.5; 17.9; 18.3; 20.2; 20.8; 32.3
- Re-exports (FY2004–FY2010): 17.5; 20.4; 17.0; 15.5; 15.1; 15.9; 21.1
- Selected commodity exports:
  - Copra/ coconut oil (FY2004–FY2010): 0.9; 2.6; 0.4; 2.2; 4.4; 2.0; 2.4
  - Fish (FY2004–FY2010): 0.4; 0.4; 0.4; 0.7; 0.8; 2.8; 8.8
- Imports of goods f.o.b. (FY2004–FY2010): 72.0; 85.1; 82.0; 87.9; 90.0; 94.1; 125.5
  - Note: The significant increase in imports for FY2010 was due to the purchase of two purse seiners (fishing boats).
- Services balance (FY2004–FY2010): -33.8; -38.9; -36.3; -39.0; -39.5; -54.0; -42.8
- Exports of services (FY2004–FY2010): 10.8; 10.2; 10.2; 10.0; 10.2; 10.5; 11.3
  - Fish processing (FY2004–FY2010): 3.7; 2.0; 2.3; 2.3; 3.0; 3.3; 3.7
  - Transport (FY2004–FY2010): 2.2; 3.2; 2.8; 2.6; 2.3; 2.3; 2.6
  - Government services (FY2004–FY2010): 1.0; 1.1; 1.1; 1.2; 1.3; 1.4; 1.4
  - Travel (FY2004–FY2010): 3.0; 3.1; 3.1; 2.9; 2.7; 2.8; 2.8
  - Telecommunication (FY2004–FY2010): 0.9; 0.8; 0.9; 0.9; 0.9; 0.8; 0.8
- Imports of services (FY2004–FY2010): 44.5; 49.1; 46.5; 49.0; 49.8; 64.6; 54.1
  - Transport (FY2004–FY2010): 22.5; 25.5; 26.0; 27.2; 28.0; 25.9; 25.6
  - Construction services (FY2004–FY2010): 0.0; 0.0; 0.0; 0.0; 0.0; 12.9; 1.8
  - Business services (FY2004–FY2010): 6.7; 7.4; 7.7; 8.7; 8.2; 9.5; 11.9
  - Medical referral programme (FY2004–FY2010): 1.9; 2.1; 2.2; 2.6; 2.7; 2.9; 2.0
  - Other travel (FY2004–FY2010): 11.7; 12.2; 8.7; 8.7; 8.9; 9.8; 10.4
  - Technical assistance (FY2004–FY2010): 0.5; 0.5; 0.5; 0.6; 0.6; 0.6; 0.6
  - Other (FY2004–FY2010): 1.2; 1.3; 1.3; 1.2; 1.3; 1.6; 1.8
- Primary income balance (FY2004–FY2010): 36.6; 40.7; 40.8; 43.1; 43.2; 40.8; 34.5
  - Primary income, inflows (FY2004–FY2010): 46.4; 51.2; 55.2; 56.8; 56.1; 52.9; 51.2
  - Compensation of employees (FY2004–FY2010): 20.6; 21.2; 23.3; 22.3; 19.9; 20.1; 19.0
  - Rent receipts for use of Kwajalein land (FY2004–FY2010): 15.0; 15.2; 15.4; 15.8; 16.2; 17.1; 16.7
  - Ship registration fees (FY2004–FY2010): 1.0; 1.0; 1.0; 1.8; 2.0; 3.3; 3.3
  - Fishing licence fees (FY2004–FY2010): 0.9; 1.4; 1.6; 0.8; 1.7; 1.4; 1.0
  - Taxes on foreign-owned businesses (FY2004–FY2010): 0.7; 0.8; 0.9; 0.8; 0.9; 1.0; 1.3
  - Dividends and interest (FY2004–FY2010): 8.2; 11.6; 13.0; 15.4; 15.4; 10.1; 9.8
  - Primary income, outflows (FY2004–FY2010): 9.8; 10.5; 14.4; 13.7; 12.9; 12.1; 16.6
  - Non-resident Kwajalein land owners (FY2004–FY2010): 2.0; 2.0; 2.0; 2.1; 2.1; 2.3; 2.2
  - Dividends related to direct investment (FY2004–FY2010): 5.1; 5.9; 8.9; 7.7; 7.2; 6.5; 10.3
  - Interest on loans (FY2004–FY2010): 2.5; 2.5; 3.3; 3.7; 3.4; 3.1; 3.7
  - Compensation of employees (outflows) (FY2004–FY2010): 0.2; 0.2; 0.2; 0.2; 0.2; 0.3; 0.5
- Secondary income balance (FY2004–FY2010): 44.6; 50.9; 54.4; 62.0; 62.2; 60.2; 60.9
  - Secondary income, inflows (FY2004–FY2010): 48.0; 54.5; 58.1; 65.8; 66.3; 64.6; 66.2
  - Government grants (FY2004–FY2010): 40.1; 46.2; 49.9; 53.7; 57.2; 54.4; 56.2
  - Income tax from Kwajalein US workers (FY2004–FY2010): 2.3; 2.4; 2.6; 2.5; 2.6; 2.7; 2.2
  - College of Marshall Islands (FY2004–FY2010): 3.2; 3.3; 2.9; 3.3; 3.2; 3.9; 4.4
  - Secondary income, outflows (FY2004–FY2010): 3.4; 3.6; 3.7; 3.9; 4.1; 4.4; 5.3
  - Household remittances (FY2004–FY2010): 3.2; 3.3; 3.5; 3.6; 3.8; 4.2; 5.0
  - Non-life insurance, net premiums (FY2004–FY2010): 0.2; 0.3; 0.3; 0.3; 0.3; 0.2; 0.2
- Capital account balance (FY2004–FY2010): 10.3; 22.7; 35.6; 34.7; 30.1; 36.2; 31.6
  - Capital inflows (FY2004–FY2010): 10.3; 22.7; 35.6; 34.7; 30.1; 36.2; 31.6
  - National Gov't, Compact capital grants (FY2004–FY2010): 3.2; 4.7; 9.5; 16.6; 11.3; 13.2; 13.3
  - National Gov't, Compact Trust Fund grants (FY2004–FY2010): 7.0; 14.1; 10.7; 11.4; 10.5; 14.9; 13.5
  - Other capital grants to government (FY2004–FY2010): 0.2; 2.1; 13.6; 4.9; 8.4; 8.0; 4.8
  - Capital outflows (FY2004–FY2010): 0.0; 0.0; 0.0; 0.0; 0.0; 0.0; 0.0
- Net lending/Borrowing (Current + Capital) (FY2004–FY2010): 4.6; 13.8; 30.4; 31.1; 26.2; 9.8; -9.1
- Financial account balance (FY2004–FY2010): 16.7; -16.5; 8.2; -14.1; 8.8; 14.4; 19.7
  - Direct investment (FY2004–FY2010): 1.1; 3.3; -1.1; 7.0; 5.7; 14.6; 37.1
  - Portfolio investment (increase in assets: -) (FY2004–FY2010): 17.9; -14.6; 3.2; -16.5; 4.1; -4.9; -5.3
  - Other investment (increase in assets: -) (FY2004–FY2010): -2.3; -5.2; 6.1; -4.6; -1.1; 4.7; -12.2
- Errors and omissions (FY2004–FY2010): 21.3; -2.7; 38.6; 17.0; 35.0; 24.2; 10.6

Sources: RMI authorities and Fund staff estimates.
- 1/ Fiscal year ending September 30.
- (In millions of U.S. dollars)

### External Debt and Debt Service, FY2004–10 (Section 2)
- External Debt — New (FY2004–FY2010): 6.1; 1.0; 9.8; 12.0; 0.0; 17.0; 3.1
- Outstanding external debt (FY2004–FY2010): 94.1; 92.8; 101.9; 111.7; 99.1; 95.6; 106.8
- Debt service (total) (FY2004–FY2010): 3.7; 4.5; 6.4; 16.8; 7.5; 7.8; 9.7
  - Principal (FY2004–FY2010): 1.4; 2.0; 3.1; 13.2; 4.2; 4.7; 5.9
  - Interest (FY2004–FY2010): 2.3; 2.5; 3.3; 3.6; 3.3; 3.0; 3.7
- Principal balance (FY2004–FY2010): 94.7; 92.1; 99.7; 99.1; 94.6; 106.8; 113.4
- External debt (in percent of GDP) (FY2004–FY2010): 72.2; 66.9; 69.6; 66.2; 62.0; 70.4; 64.3
- Debt service (in percent of general fund revenues) 1/ (FY2004–FY2010): 11.7; 14.1; 19.9; 48.7; 21.7; 23.1; 27.8
- Memorandum items:
  - Debt to AsDB (all concessional) (FY2004–FY2010): 62.6; 63.1; 63.0; 61.7; 60.6; 58.8; 69.3
  - AsDB Debt Servicing (FY2004–FY2010): 1.1; 1.4; 1.1; 2.2; 1.9; 2.6; 3.4
    - Interest (FY2004–FY2010): 0.9; 0.9; 0.8; 0.8; 0.8; 0.8; 0.9
    - Principal (FY2004–FY2010): 0.2; 0.5; 0.3; 1.3; 1.1; 1.8; 2.4
  - General Fund Revenues (FY2004–FY2010): 31.5; 31.9; 32.2; 34.5; 34.7; 33.7; 34.9
  - AsDB Share of General Fund (in percent) (FY2004–FY2010): 3.5; 4.4; 3.5; 6.3; 5.6; 7.7; 8.4
  - Nominal GDP (FY2004–FY2010): 131.1; 137.6; 143.4; 149.7; 152.6; 151.6; 162.9
  - Export of Goods and Services (FY2004–FY2010): 29.6; 33.7; 28.1; 28.3; 30.4; 31.3; 43.5

Sources: RMI authorities and the Asian Development Bank (AsDB).
- 1/ General Fund revenue = uncommitted government revenue available for debt service.
- (In millions of U.S. dollars)

*Source: _cr11337 - Section 2*

### Section 1

### REPUBLIC OF THE MARSHALL ISLANDS Statistical Appendix

### Basic Data, FY2004–10
- Nominal GDP for FY2010 (in millions of U.S. dollar): 162.94
- Population (2010): 52,371
- GDP per capita for FY2010 (in U.S. dollar): 3,111.16
- Quota: SDR 3.5 million
- Real GDP (percent change) by fiscal year: -0.1, 2.6, 1.9, 3.0, -1.9, -1.3, 5.2 (FY2004–FY2010)
- Consumer prices (percent change) by fiscal year: 2.0, 3.5, 5.3, 2.6, 14.7, 0.5, 1.6 (FY2004–FY2010)
- Central government finances (in percent of GDP):
  - Revenue and grants: 58.0, 62.2, 66.1, 72.3, 70.2, 69.2, 67.0 (FY2004–FY2010)
  - Total domestic revenue: 25.5, 25.8, 25.4, 25.8, 25.6, 25.0, 24.7
  - Grants: 32.5, 36.4, 40.8, 46.5, 44.5, 44.3, 42.3
  - Expenditure: 59.4, 65.6, 64.8, 72.0, 66.4, 67.8, 62.4
  - Current: 50.9, 56.3, 54.6, 54.9, 54.3, 56.7, 51.7
  - Capital: 8.5, 9.3, 10.1, 17.2, 12.1, 11.2, 10.7
  - Overall balance: -1.4, -3.4, 1.4, 0.2, 3.7, 1.4, 4.6
- Compact Trust Fund (in millions of US$; end of period): 32.0, 45.1, 63.1, 85.7, 75.7, 90.9, 112.8 (FY2004–FY2010)
- Commercial banks (in millions of US$):
  - Foreign assets: 51.0, 53.6, 57.6, 60.7, 57.1, 63.6, 71.8
  - Private sector claims: 43.4, 43.6, 43.2, 49.9, 58.2, 62.0, 63.3
  - Total deposits: 74.9, 74.3, 75.5, 85.5, 89.0, 93.3, 102.1
- Interest rates:
  - One-year time deposit rate (in percent): 2.1, 3.5, 4.0, 4.1, 3.6, 6.0, 3.5 (FY2004–FY2010)
  - Average consumer loan rate (in percent): 17.4, 18.5, 18.5, 18.5, 18.5, 13.9, 14.0
- Balance of payments (in millions of US$):
  - Trade balance: -53.2, -61.7, -64.1, -69.6, -69.8, -73.3, -93.3
  - Net services: -33.8, -38.9, -36.3, -39.0, -39.5, -54.0, -42.8
  - Net income: 36.6, 40.7, 40.8, 43.1, 43.2, 40.8, 34.5
  - Unrequited transfers (private and official): 44.6, 50.9, 54.4, 62.0, 62.2, 60.2, 60.9
  - Current account including official current transfers 2/: -5.7, -8.9, -5.1, -3.5, -3.9, -26.4, -40.7 (in millions of US$)
  - Current account including official current transfers 2/ (In percent of GDP): -4.4, -6.5, -3.6, -2.4, -2.6, -17.4, -25.0
  - Current account excluding budget grants 2/: -45.9, -55.0, -55.0, -57.3, -61.2, -80.8, -96.9 (in millions of US$)
  - Current account excluding budget grants 2/ (In percent of GDP): -35.0, -40.0, -38.4, -38.3, -40.1, -53.3, -59.4
- External debt (in millions of US$; end of period) 3/: 94.7, 92.1, 99.7, 99.1, 94.6, 106.8, 113.4 (FY2004–FY2010)
  - External debt (In percent of GDP): 72.2, 66.9, 69.6, 66.2, 62.0, 70.4, 69.6
- External debt service (in millions of US$): 3.7, 4.5, 6.4, 16.8, 7.5, 7.8, 9.7
  - (In percent of exports of goods and services): 12.5, 13.4, 22.8, 59.4, 24.7, 24.8, 22.2
- Real Effective Exchange Rate (2000 =100): 94.6, 94.6, 97.0, 96.5, 102.7, 104.5, 101.8
- Memorandum item: Nominal GDP (in millions of US$): 131.1, 137.6, 143.4, 149.7, 152.6, 151.6, 162.9

### Gross Domestic Product by Industry, FY2004–10
- Sector shares (percent of nominal GDP), selected sectors FY2004–FY2010:
  - Agriculture, Hunting and Forestry: 3.9, 4.0, 4.1, 4.6, 5.1, 4.9, 4.7
  - Fisheries: 8.2, 7.2, 7.7, 8.2, 8.0, 9.9, 14.2
  - Manufacturing: 3.6, 3.8, 3.8, 4.5, 5.1, 4.6, 4.1
  - Construction: 7.0, 7.3, 11.0, 9.8, 10.2, 9.5, 9.3
  - Wholesale and Retail Trade and Repairs: 19.2, 19.9, 18.5, 19.4, 20.0, 19.4, 21.0
  - Transport, Storage and Communications: 12.1, 11.7, 12.2, 14.1, 11.3, 11.9, 12.7
  - Public Administration: 21.2, 22.3, 23.4, 23.4, 25.0, 24.1, 24.4
  - Education: 17.0, 18.7, 19.4, 21.0, 21.5, 22.1, 23.9
  - Health and Social Work: 8.4, 9.4, 10.0, 10.2, 10.3, 9.9, 10.7
  - Taxes on products: 14.0, 15.7, 15.9, 17.5, 17.6, 16.0, 17.5
  - less subsidies: -3.1, -3.1, -3.1, -5.0, -4.8, -4.8, -4.3
- Real GDP (FY04 millions U.S. dollars): 131.1, 134.5, 137.1, 141.3, 138.5, 136.7, 143.8
- Nominal GDP per capita (in U.S. dollars): 2,611.1, 2,703.2, 2,803.7, 2,913.4, 2,932.4, 2,927.1, 3,111.2
- Real GDP growth rate (in percent): -0.1, 2.6, 1.9, 3.0, -1.9, -1.3, 5.2

### Public and Private Sector Employment and Wages, FY2004–10
- Total employment (persons) by fiscal year: 10,149, 9,755, 10,137, 10,380, 10,340, 10,218, 10,506
- Total public sector employment: 4,343, 4,509, 4,621, 4,677, 4,641, 4,595, 4,607
  - RMI Government: 2,003, 2,116, 2,421, 2,407, 2,412, 2,353, 2,392
  - Local Government: 1,055, 1,083, 1,090, 1,041, 1,007, 960, 899
  - Government Agencies: 596, 609, 407, 465, 435, 471, 523
  - Public Enterprise: 690, 702, 704, 765, 787, 812, 794
- Private Sector employment: 4,043, 3,463, 3,705, 3,923, 4,031, 4,036, 4,331
  - Fisheries (private): 947, 218, 267, 235, 396, 642, 1,062
  - Wholesale and Retail Trade: 1,744, 1,805, 1,819, 1,810, 1,826, 1,715, 1,738
  - Kwajalein US Base employment: 1,229, 1,208, 1,239, 1,193, 1,097, 1,028, 978
  - Banks: 153, 158, 175, 184, 191, 186, 202
- Average wages (U.S. dollars):
  - Average public sector wage — RMI Government: 13,221; 12,997; 12,490; 12,523; 12,614; 13,025; 12,982
  - Local Government: 7,134; 7,311; 7,543; 7,930; 8,165; 7,704; 7,517
  - Government Agencies: 12,867; 13,164; 15,727; 14,578; 15,527; 15,653; 15,338
  - Public Enterprise: 11,348; 11,601; 11,658; 11,276; 11,938; 12,131; 13,066
  - Average private sector wage: 4,213; 4,736; 4,790; 4,879; 4,966; 5,038; 4,854
  - Average banks wage: 14,824; 16,840; 17,046; 17,509; 16,547; 17,506; 17,025
  - Average Kwajalein US Base wage: 14,555; 15,249; 16,243; 16,114; 15,559; 16,817; 16,627

### Majuro Consumer Price Index (CPI) by Major Groups, 2004–10
- CPI (2003=100) — total index by quarter highlights:
  - 2004 Q1–Q4: 102.2, 102.5, 103.4, 104.4
  - 2005 Q1–Q4: 105.1, 106.7, 108.3, 110.8
  - 2006 Q1–Q4: 111.3, 111.6, 113.0, 113.7
  - 2007 Q1–Q4: 113.2, 115.1, 116.4, 118.6
  - 2008 Q1–Q4: 122.0, 134.5, 150.6, 138.3
  - 2009 Q1–Q4: 129.6, 130.2, 130.1, 130.3
  - 2010 Q1–Q4: 133.2, 137.3, 136.7, 137.1
- Four-quarter percent change (total CPI) — selected quarters:
  - 2007 Q1: 1.7; Q2: 3.2; Q3: 3.1; Q4: 4.3
  - 2008 Q1: 7.7; Q2: 16.8; Q3: 29.4; Q4: 16.6
  - 2009 Q1: 16.3; Q2: -3.2; Q3: -13.6; Q4: -5.8
  - 2010 Q1: 2.8; Q2: 5.5; Q3: 5.1; Q4: 5.2
- CPI major group weights in RMI total:
  - Total: 100
  - Food: 35.9
  - Alcoholic Beverages: 1.7
  - Housing, Utilities, Appliances: 17.1
  - Apparel: 4.3
  - Transport: 13.7
  - Medical Care: 2.2
  - Recreation: 2.3
  - Education and Communication: 6.6
  - Other Goods and Services: 16.2

### Statement of Government Operations, FY2004–10
- Revenue (in millions of U.S. dollars): 76.1, 85.6, 94.8, 108.2, 107.1, 104.9, 109.2 (FY2004–FY2010)
- Revenue components (in percent of GDP):
  - Taxes: 22.5, 24.3, 25.1, 27.1, 26.2, 24.3, 25.2
  - Taxes on income, profits, and capital gains: 14.6, 14.8, 15.9, 17.1, 16.8, 16.6, 17.0
  - Taxes on international trade and transactions: 6.7, 8.8, 8.6, 9.4, 8.7, 7.1, 7.7
  - Social contributions: 6.3, 6.2, 6.4, 6.3, 6.9, 6.7, 7.2
  - Grants 2/: 42.6, 50.1, 58.5, 69.6, 68.0, 67.1, 68.9
  - Other revenue: 4.6, 5.0, 4.8, 5.2, 6.0, 6.8, 7.9
- Expenditure (in millions of U.S. dollars): 77.8, 90.2, 92.9, 107.8, 101.3, 102.8, 101.7
- Expenditure (in percent of GDP):
  - Expense: 66.7, 75.5, 78.3, 82.1, 82.9, 85.9, 84.3
  - Compensation of employees / Wages and salaries: 30.1, 28.3, 34.0, 33.5, 34.2, 34.3, 35.0
  - Use of goods and services: 26.8, 31.2, 32.9, 31.7, 34.9, 37.5, 33.3
  - Subsidies: 3.1, 2.7, 4.0, 7.9, 6.9, 7.5, 6.7
  - Net acquisition of nonfinancial assets: 11.1, 12.7, 14.5, 25.7, 18.5, 16.9, 17.5
  - Net lending (+)/borrowing (–): -1.8, -4.7, 1.9, 0.4, 5.7, 2.1, 7.5
- Fiscal ratios (percent of GDP) summary:
  - Revenue: 58.0, 62.2, 66.1, 72.3, 70.2, 69.2, 67.0
  - Expenditure: 59.4, 65.6, 64.8, 72.0, 66.4, 67.8, 62.4
  - Net lending/borrowing: -1.4, -3.4, 1.4, 0.2, 3.7, 1.4, 4.6
- Memorandum items:
  - Compact Trust Fund balances (in millions of US$): 32.0, 45.1, 63.1, 85.7, 75.7, 90.9, 112.8
  - Outstanding government debt (in millions of US$) 4/: 62.6, 63.1, 63.0, 61.7, 60.6, 58.8, 69.3
  - Nominal GDP (in millions of US$): 131.1, 137.6, 143.4, 149.7, 152.6, 151.6, 162.9

### Banking Survey, FY2004–10
- Assets (in millions of U.S. dollars): 94.3, 95.6, 98.3, 109.3, 113.9, 122.0, 133.6 (FY2004–FY2010)
  - Foreign assets: 51.0, 53.6, 57.6, 60.7, 57.1, 63.6, 71.8
  - Claims on private sector: 43.4, 43.6, 43.2, 49.9, 58.2, 62.0, 63.3
    - Consumer: 38.5, 38.2, 35.2, 38.5, 43.9, 46.1, 48.6
    - Commercial: (percent series shown) 4.9, 5.4, 8.0, 11.4, 14.3, 15.9, 14.7
- Liabilities (in millions of U.S. dollars): 94.3, 95.6, 98.3, 108.8, 113.9, 122.0, 133.6
  - Deposits: 74.9, 74.3, 75.5, 85.5, 89.0, 93.3, 102.1
    - Demand deposits: 27.0, 26.1, 25.7, 25.6, 24.7, 24.2, 23.5
    - Time deposits: 20.0, 17.7, 16.2, 19.0, 20.6, 19.0, 22.2
    - Savings deposits: 18.1, 22.7, 26.6, 33.3, 35.7, 41.3, 47.9
  - Central government deposits 2/: 9.8, 7.8, 7.0, 7.7, 8.0, 8.8, 8.5
  - Foreign liabilities: 4.1, 3.8, 3.7, 2.2, 1.6, 2.4, 2.8
  - Capital accounts: 14.8, 17.0, 18.6, 20.4, 22.5, 25.6, 27.4
- Memorandum items:
  - Loan/deposit ratio: 59.7, 59.3, 57.6, 60.5, 68.7, 68.3, 65.6
  - Deposits annual rate of change: 3.6, -0.8, 1.6, 13.3, 4.1, 4.8, 4.8
  - Loans annual rate of change: 7.0, -1.4, -1.3, 17.9, 18.0, 4.3, 4.3
  - Consumer loans share of total: 86.2, 86.6, 81.0, 75.0, 84.7, 72.4, 76.8
  - Commercial loans share of total: 10.9, 12.3, 18.4, 22.3, 27.6, 25.0, 23.2

### Income and Expense of Domestic Money Banks, 2004–10
- Interest Income (in thousands of U.S. dollars):
  - Interest and fees on loans: 7,552; 7,156; 7,231; 8,514; 9,132; 8,852; 8,919
  - Deposit with banks: 510; 1,429; 2,410; 2,521; 833; 111; 120
  - Other interest income: 594; 612; 215; 811; 552; 235; 0
  - Total interest income: 8,121; 8,631; 9,763; 11,193; 10,080; 9,015; 9,074
- Interest Expense (in thousands of U.S. dollars):
  - Deposits: 1,241; 1,136; 1,370; 1,669; 1,447; 1,428; 1,553
  - Total interest expense: 1,241; 1,136; 1,370; 1,669; 1,447; 1,428; 1,553
- Net interest income: 6,880; 7,495; 8,393; 9,524; 8,633; 7,587; 7,521
  - Provision for loan losses: 988; 648; 448; 422; 260; 267; 302
  - Net interest income after loan loss provisions: 5,892; 6,847; 7,945; 9,102; 8,373; 7,320; 7,219
- Noninterest Income (in thousands of U.S. dollars):
  - Service charges and fees: 640; 631; 661; 613; 783; 730; 704
  - Other noninterest income: 767; 645; 724; 911; 824; 966; 1,071
  - Total noninterest income: 1,407; 1,276; 1,385; 1,524; 1,607; 1,696; 1,775
- Noninterest Expense (in thousands of U.S. dollars):
  - Salaries and employee benefits: 1,888; 2,240; 2,449; 2,625; 2,665; 2,733; 2,895
  - Occupancy: 261; 281; 306; 333; 351; 350; 355
  - Furniture and equipment: 180; 144; 93; 109; 87; 96; 126
  - Other operating expense: 1,917; 1,751; 1,818; 1,978; 2,154; 2,215; 2,420
  - Total noninterest expense: 4,246; 4,416; 4,666; 5,045; 5,257; 5,394; 5,796
- Net Income (Loss) (in thousands of U.S. dollars): 3,053; 3,707; 4,664; 5,581; 4,723; 3,622; 3,198

### Interest Rates of Domestic Money Banks, 2004–10
- Deposit rates (year average):
  - Savings accounts 2/: 1.1, 1.2, 1.7, 1.7, 1.1, 1.1, 0.5 (2004–2010)
  - Time deposits 3/ — Three months: 1.3, 2.2, 2.5, 2.8, 1.8, 2.5, 2.0
  - Time deposits 3/ — Six months: 1.6, 2.9, 3.2, 3.1, 2.4, 3.0, 2.1
  - Time deposits 3/ — One year or more: 2.1, 3.5, 4.0, 4.1, 3.6, 6.0, 3.5
- Loan rates 4/ (year average):
  - Consumer loans: 17.4, 18.5, 18.5, 18.5, 18.5, 13.9, 14.0
  - Commercial loans: 9.7, 11.0, 11.0, 9.5, 9.4, 8.9, 8.9

*Prepared by Dk. Sri Joedianna Pg Hj Mohammed (APD); Approved by the Asia and Pacific Department; November 7, 2011. Sources: RMI authorities and Fund staff estimates; RMI Banking Commission.*

### Section 2

### Marshall Islands: Interest Rates of Domestic Money Banks, 2004–10

### Balance of Payments, FY2004–10
- Current account balance:
  - FY2004 -5.7
  - FY2005 -8.9
  - FY2006 -5.1
  - FY2007 -3.5
  - FY2008 -3.9
  - FY2009 -26.4
  - FY2010 -40.7
- Trade balance:
  - FY2004 -53.2
  - FY2005 -61.7
  - FY2006 -64.1
  - FY2007 -69.6
  - FY2008 -69.8
  - FY2009 -73.3
  - FY2010 -93.3
- Exports of goods:
  - FY2004 18.8
  - FY2005 23.5
  - FY2006 17.9
  - FY2007 18.3
  - FY2008 20.2
  - FY2009 20.8
  - FY2010 32.3
- Re-exports:
  - FY2004 17.5
  - FY2005 20.4
  - FY2006 17.0
  - FY2007 15.5
  - FY2008 15.1
  - FY2009 15.9
  - FY2010 21.1
- Selected commodity exports:
  - Copra/ coconut oil: FY2004 0.9; FY2005 2.6; FY2006 0.4; FY2007 2.2; FY2008 4.4; FY2009 2.0; FY2010 2.4
  - Fish: FY2004 0.4; FY2005 0.4; FY2006 0.4; FY2007 0.7; FY2008 0.8; FY2009 2.8; FY2010 8.8
- Imports of goods f.o.b.:
  - FY2004 72.0
  - FY2005 85.1
  - FY2006 82.0
  - FY2007 87.9
  - FY2008 90.0
  - FY2009 94.1
  - FY2010 125.5
  - Note: The significant increase in imports for FY2010 was due to the purchase of two purse seiners (fishing boats).
- Services balance:
  - FY2004 -33.8
  - FY2005 -38.9
  - FY2006 -36.3
  - FY2007 -39.0
  - FY2008 -39.5
  - FY2009 -54.0
  - FY2010 -42.8
- Exports of services:
  - FY2004 10.8
  - FY2005 10.2
  - FY2006 10.2
  - FY2007 10.0
  - FY2008 10.2
  - FY2009 10.5
  - FY2010 11.3
  - Fish processing: FY2004 3.7; FY2005 2.0; FY2006 2.3; FY2007 2.3; FY2008 3.0; FY2009 3.3; FY2010 3.7
  - Transport: FY2004 2.2; FY2005 3.2; FY2006 2.8; FY2007 2.6; FY2008 2.3; FY2009 2.3; FY2010 2.6
  - Government services: FY2004 1.0; FY2005 1.1; FY2006 1.1; FY2007 1.2; FY2008 1.3; FY2009 1.4; FY2010 1.4
  - Travel: FY2004 3.0; FY2005 3.1; FY2006 3.1; FY2007 2.9; FY2008 2.7; FY2009 2.8; FY2010 2.8
  - Telecommunication: FY2004 0.9; FY2005 0.8; FY2006 0.9; FY2007 0.9; FY2008 0.9; FY2009 0.8; FY2010 0.8
- Imports of services:
  - FY2004 44.5
  - FY2005 49.1
  - FY2006 46.5
  - FY2007 49.0
  - FY2008 49.8
  - FY2009 64.6
  - FY2010 54.1
  - Transport: FY2004 22.5; FY2005 25.5; FY2006 26.0; FY2007 27.2; FY2008 28.0; FY2009 25.9; FY2010 25.6
  - Construction services: FY2004 0.0; FY2005 0.0; FY2006 0.0; FY2007 0.0; FY2008 0.0; FY2009 12.9; FY2010 1.8
  - Business services: FY2004 6.7; FY2005 7.4; FY2006 7.7; FY2007 8.7; FY2008 8.2; FY2009 9.5; FY2010 11.9
  - Medical referral programme: FY2004 1.9; FY2005 2.1; FY2006 2.2; FY2007 2.6; FY2008 2.7; FY2009 2.9; FY2010 2.0
  - Other travel: FY2004 11.7; FY2005 12.2; FY2006 8.7; FY2007 8.7; FY2008 8.9; FY2009 9.8; FY2010 10.4
  - Technical assistance: FY2004 0.5; FY2005 0.5; FY2006 0.5; FY2007 0.6; FY2008 0.6; FY2009 0.6; FY2010 0.6
  - Other: FY2004 1.2; FY2005 1.3; FY2006 1.3; FY2007 1.2; FY2008 1.3; FY2009 1.6; FY2010 1.8
- Primary income balance:
  - FY2004 36.6
  - FY2005 40.7
  - FY2006 40.8
  - FY2007 43.1
  - FY2008 43.2
  - FY2009 40.8
  - FY2010 34.5
  - Primary income, inflows: FY2004 46.4; FY2005 51.2; FY2006 55.2; FY2007 56.8; FY2008 56.1; FY2009 52.9; FY2010 51.2
  - Compensation of employees: FY2004 20.6; FY2005 21.2; FY2006 23.3; FY2007 22.3; FY2008 19.9; FY2009 20.1; FY2010 19.0
  - Rent receipts for use of Kwajalein land 3/: FY2004 15.0; FY2005 15.2; FY2006 15.4; FY2007 15.8; FY2008 16.2; FY2009 17.1; FY2010 16.7
  - Ship registration fees: FY2004 1.0; FY2005 1.0; FY2006 1.0; FY2007 1.8; FY2008 2.0; FY2009 3.3; FY2010 3.3
  - Fishing licence fees: FY2004 0.9; FY2005 1.4; FY2006 1.6; FY2007 0.8; FY2008 1.7; FY2009 1.4; FY2010 1.0
  - Taxes on foreign-owned businesses: FY2004 0.7; FY2005 0.8; FY2006 0.9; FY2007 0.8; FY2008 0.9; FY2009 1.0; FY2010 1.3
  - Dividends and interest: FY2004 8.2; FY2005 11.6; FY2006 13.0; FY2007 15.4; FY2008 15.4; FY2009 10.1; FY2010 9.8
  - Primary income, outflows: FY2004 9.8; FY2005 10.5; FY2006 14.4; FY2007 13.7; FY2008 12.9; FY2009 12.1; FY2010 16.6
  - Non-resident Kwajalein land owners: FY2004 2.0; FY2005 2.0; FY2006 2.0; FY2007 2.1; FY2008 2.1; FY2009 2.3; FY2010 2.2
  - Dividends related to direct investment: FY2004 5.1; FY2005 5.9; FY2006 8.9; FY2007 7.7; FY2008 7.2; FY2009 6.5; FY2010 10.3
  - Interest on loans: FY2004 2.5; FY2005 2.5; FY2006 3.3; FY2007 3.7; FY2008 3.4; FY2009 3.1; FY2010 3.7
  - Compensation of employees (outflows): FY2004 0.2; FY2005 0.2; FY2006 0.2; FY2007 0.2; FY2008 0.2; FY2009 0.3; FY2010 0.5
- Secondary income balance:
  - FY2004 44.6
  - FY2005 50.9
  - FY2006 54.4
  - FY2007 62.0
  - FY2008 62.2
  - FY2009 60.2
  - FY2010 60.9
  - Secondary income, inflows: FY2004 48.0; FY2005 54.5; FY2006 58.1; FY2007 65.8; FY2008 66.3; FY2009 64.6; FY2010 66.2
  - Government grants: FY2004 40.1; FY2005 46.2; FY2006 49.9; FY2007 53.7; FY2008 57.2; FY2009 54.4; FY2010 56.2
  - Income tax from Kwajalein US workers: FY2004 2.3; FY2005 2.4; FY2006 2.6; FY2007 2.5; FY2008 2.6; FY2009 2.7; FY2010 2.2
  - College of Marshall Islands: FY2004 3.2; FY2005 3.3; FY2006 2.9; FY2007 3.3; FY2008 3.2; FY2009 3.9; FY2010 4.4
  - Secondary income, outflows: FY2004 3.4; FY2005 3.6; FY2006 3.7; FY2007 3.9; FY2008 4.1; FY2009 4.4; FY2010 5.3
  - Household remittances: FY2004 3.2; FY2005 3.3; FY2006 3.5; FY2007 3.6; FY2008 3.8; FY2009 4.2; FY2010 5.0
  - Non-life insurance, net premiums: FY2004 0.2; FY2005 0.3; FY2006 0.3; FY2007 0.3; FY2008 0.3; FY2009 0.2; FY2010 0.2
- Capital account balance:
  - FY2004 10.3
  - FY2005 22.7
  - FY2006 35.6
  - FY2007 34.7
  - FY2008 30.1
  - FY2009 36.2
  - FY2010 31.6
  - Capital inflows: same values as capital account balance (FY2004–FY2010)
  - National Gov't, Compact capital grants: FY2004 3.2; FY2005 4.7; FY2006 9.5; FY2007 16.6; FY2008 11.3; FY2009 13.2; FY2010 13.3
  - National Gov't, Compact Trust Fund grants: FY2004 7.0; FY2005 14.1; FY2006 10.7; FY2007 11.4; FY2008 10.5; FY2009 14.9; FY2010 13.5
  - Other capital grants to government: FY2004 0.2; FY2005 2.1; FY2006 13.6; FY2007 4.9; FY2008 8.4; FY2009 8.0; FY2010 4.8
  - Capital outflows: FY2004–FY2010 0.0
- Net lending/Borrowing (Current + Capital):
  - FY2004 4.6
  - FY2005 13.8
  - FY2006 30.4
  - FY2007 31.1
  - FY2008 26.2
  - FY2009 9.8
  - FY2010 -9.1
- Financial account balance:
  - FY2004 16.7
  - FY2005 -16.5
  - FY2006 8.2
  - FY2007 -14.1
  - FY2008 8.8
  - FY2009 14.4
  - FY2010 19.7
  - Direct investment: FY2004 1.1; FY2005 3.3; FY2006 -1.1; FY2007 7.0; FY2008 5.7; FY2009 14.6; FY2010 37.1
  - Portfolio investment (increase in assets: -): FY2004 17.9; FY2005 -14.6; FY2006 3.2; FY2007 -16.5; FY2008 4.1; FY2009 -4.9; FY2010 -5.3
  - Other investment (increase in assets: -): FY2004 -2.3; FY2005 -5.2; FY2006 6.1; FY2007 -4.6; FY2008 -1.1; FY2009 4.7; FY2010 -12.2
- Errors and omissions:
  - FY2004 21.3
  - FY2005 -2.7
  - FY2006 38.6
  - FY2007 17.0
  - FY2008 35.0
  - FY2009 24.2
  - FY2010 10.6

Sources: RMI authorities and Fund staff estimates.
- 1/ Fiscal year ending September 30.
- (In millions of U.S. dollars)

### External Debt and Debt Service, FY2004–10
- External Debt — New:
  - FY2004 6.1
  - FY2005 1.0
  - FY2006 9.8
  - FY2007 12.0
  - FY2008 0.0
  - FY2009 17.0
  - FY2010 3.1
- Outstanding external debt:
  - FY2004 94.1
  - FY2005 92.8
  - FY2006 101.9
  - FY2007 111.7
  - FY2008 99.1
  - FY2009 95.6
  - FY2010 106.8
- Debt service (total):
  - FY2004 3.7
  - FY2005 4.5
  - FY2006 6.4
  - FY2007 16.8
  - FY2008 7.5
  - FY2009 7.8
  - FY2010 9.7
  - Principal: FY2004 1.4; FY2005 2.0; FY2006 3.1; FY2007 13.2; FY2008 4.2; FY2009 4.7; FY2010 5.9
  - Interest: FY2004 2.3; FY2005 2.5; FY2006 3.3; FY2007 3.6; FY2008 3.3; FY2009 3.0; FY2010 3.7
- Principal balance:
  - FY2004 94.7
  - FY2005 92.1
  - FY2006 99.7
  - FY2007 99.1
  - FY2008 94.6
  - FY2009 106.8
  - FY2010 113.4
- External debt (in percent of GDP):
  - FY2004 72.2
  - FY2005 66.9
  - FY2006 69.6
  - FY2007 66.2
  - FY2008 62.0
  - FY2009 70.4
  - FY2010 64.3
- Debt service (in percent of general fund revenues) 1/:
  - FY2004 11.7
  - FY2005 14.1
  - FY2006 19.9
  - FY2007 48.7
  - FY2008 21.7
  - FY2009 23.1
  - FY2010 27.8
- Memorandum items:
  - Debt to AsDB (all concessional): FY2004 62.6; FY2005 63.1; FY2006 63.0; FY2007 61.7; FY2008 60.6; FY2009 58.8; FY2010 69.3
  - AsDB Debt Servicing: FY2004 1.1; FY2005 1.4; FY2006 1.1; FY2007 2.2; FY2008 1.9; FY2009 2.6; FY2010 3.4
    - Interest: FY2004 0.9; FY2005 0.9; FY2006 0.8; FY2007 0.8; FY2008 0.8; FY2009 0.8; FY2010 0.9
    - Principal: FY2004 0.2; FY2005 0.5; FY2006 0.3; FY2007 1.3; FY2008 1.1; FY2009 1.8; FY2010 2.4
  - General Fund Revenues:
    - FY2004 31.5
    - FY2005 31.9
    - FY2006 32.2
    - FY2007 34.5
    - FY2008 34.7
    - FY2009 33.7
    - FY2010 34.9
  - AsDB Share of General Fund (in percent): FY2004 3.5; FY2005 4.4; FY2006 3.5; FY2007 6.3; FY2008 5.6; FY2009 7.7; FY2010 8.4
  - Nominal GDP:
    - FY2004 131.1
    - FY2005 137.6
    - FY2006 143.4
    - FY2007 149.7
    - FY2008 152.6
    - FY2009 151.6
    - FY2010 162.9
  - Export of Goods and Services:
    - FY2004 29.6
    - FY2005 33.7
    - FY2006 28.1
    - FY2007 28.3
    - FY2008 30.4
    - FY2009 31.3
    - FY2010 43.5

Sources: RMI authorities and the Asian Development Bank (AsDB).
- 1/ General Fund revenue = uncommitted government revenue available for debt service.
- (In millions of U.S. dollars)

*Source: _cr11337 - Section 2*

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_Source: https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2011/_cr11337.pdf_