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Economy of Kiribati vs Marshall Islands compared: GDP & Debt

Updated on by Georank team

Kiribati has a GDP of $308M compared to $280M for the Marshall Islands, ranking 192/197 and 194/197 by economy size, respectively.

Kiribati has $30.5M in government debt (8.77% of GDP), compared to $46.8M (15.3% of GDP) in the Marshall Islands.

The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.

Kiribati
GDP, current $

GDP, constant 2015 $
Marshall Islands
GDP, current $

GDP, constant 2015 $
Year GDP
Kiribati Marshall Islands
Current $ Constant $ Current $ Constant $
1970 $11,560,877 $84,746,575 $8,408,486 $45,931,280
1971 $12,356,134 $82,805,827 $9,116,810 $46,992,252
1972 $15,314,346 $92,808,131 $9,973,652 $47,500,634
1973 $25,645,040 $112,214,203 $11,607,366 $63,614,160
1974 $69,256,489 $163,050,326 $15,217,532 $73,361,848
1975 $44,547,454 $171,764,420 $16,691,301 $73,406,056
1976 $33,246,817 $125,786,121 $18,153,647 $73,671,297
1977 $31,335,459 $119,984,073 $20,210,069 $75,461,688
1978 $36,563,965 $121,255,417 $22,209,370 $79,705,581
1979 $34,466,197 $107,207,984 $25,545,346 $81,407,557
1980 $33,157,723 $106,050,818 $26,710,653 $75,550,102
1981 $35,267,489 $112,543,455 $31,020,000 $80,412,894
1982 $32,742,713 $111,316,560 $34,918,000 $84,297,825
1983 $31,000,546 $100,432,092 $41,749,000 $97,370,735
1984 $34,394,167 $114,410,720 $45,144,000 $101,135,112
1985 $26,126,615 $99,262,600 $43,879,000 $94,806,793
1986 $25,993,009 $96,815,059 $55,989,000 $118,074,749
1987 $29,554,413 $98,066,620 $62,983,000 $129,130,978
1988 $38,278,810 $119,685,813 $70,688,000 $139,189,050
1989 $37,645,319 $110,957,795 $72,798,000 $136,834,516
1990 $36,534,295 $103,872,769 $78,476,000 $140,496,545
1991 $41,247,792 $98,005,325 $82,507,000 $140,619,900
1992 $61,491,369 $121,486,649 $91,063,000 $150,661,400
1993 $58,953,596 $121,360,309 $99,461,000 $159,710,500
1994 $67,055,334 $123,842,439 $108,071,000 $169,097,800
1995 $68,596,395 $127,250,841 $120,230,000 $182,986,300
1996 $81,456,854 $127,184,611 $110,858,000 $164,133,300
1997 $80,205,807 $128,681,743 $109,884,700 $153,553,800
1998 $74,905,706 $134,398,139 $112,070,100 $152,518,700
1999 $77,323,978 $129,137,484 $113,352,100 $150,483,000
2000 $74,910,527 $137,844,792 $114,838,500 $154,176,500
2001 $64,935,850 $133,510,774 $122,406,100 $164,861,000
2002 $74,743,869 $135,442,881 $131,960,000 $170,855,000
2003 $96,105,619 $133,309,024 $131,128,500 $168,186,800
2004 $104,085,892 $132,497,215 $132,900,000 $167,500,000
2005 $113,895,437 $134,209,649 $138,000,000 $170,500,000
2006 $112,338,353 $141,962,853 $143,200,000 $170,800,000
2007 $138,054,946 $146,299,931 $150,500,000 $177,100,000
2008 $147,017,895 $141,933,271 $146,600,000 $163,700,000
2009 $140,177,384 $142,695,171 $151,200,000 $169,700,000
2010 $165,458,433 $144,444,545 $161,100,000 $179,100,000
2011 $195,970,140 $149,158,821 $172,300,000 $178,200,000
2012 $207,001,546 $157,815,491 $180,700,000 $175,900,000
2013 $201,730,861 $170,016,084 $186,400,000 $182,600,000
2014 $200,287,282 $172,164,514 $186,000,000 $180,300,000
2015 $191,559,399 $191,559,399 $183,700,000 $183,700,000
2016 $206,467,819 $205,137,195 $201,800,000 $188,300,000
2017 $222,875,736 $212,828,030 $213,700,000 $195,000,000
2018 $233,514,717 $220,233,253 $220,000,000 $205,700,000
2019 $216,985,388 $227,422,300 $232,900,000 $227,200,000
2020 $220,897,999 $224,083,588 $241,800,000 $220,900,000
2021 $285,259,894 $243,085,289 $258,900,000 $223,600,000
2022 $270,040,457 $254,185,355 $253,400,000 $221,100,000
2023 $288,610,732 $260,926,379 $259,300,000 $212,400,000
2024 $307,862,547 $274,669,108 $280,357,844 $218,285,536

Economic indicators

Kiribati Marshall Islands
Gross domestic product
$308M
2024
$280M
2024
GDP rank
192/197
2024
194/197
2024
GDP growth
6.67%
2023-2024
8.12%
2023-2024
GDP per capita
$2,289
2024
$7,467
2024
GDP per capita rank
151/197
2024
100/197
2024
GDP per capita, PPP
$3,702
2024
$8,198
2024
Government debt
$30.5M
2024
$46.8M
2024
Debt-to-GDP ratio
8.77%
2025
15.3%
2025
Government debt per person
$226.9
2024
$1,245
2024
Government debt per person rank
181/185
2024
136/185
2024
Average annual personal income after taxes
$2,170
2025
$5,868
2025
Income share by richest 10%
22.8%
2019
27.5%
2019
Income share by poorest 10%
4%
2019
2.8%
2019
Government expenditure, % of GDP
126.6%
2025
71.9%
2025
Consumer prices inflation
7.8%
2024-2025
5.2%
2024-2025
Unemployment rate
2.79%
2023
9.82%
2021
Population
138067
36281

GDP per capita in Kiribati vs Marshall Islands

Kiribati's GDP per capita is $2,289, ranking 151/197, compared to $7,467 in the Marshall Islands, ranking 100/197. Adjusted for purchasing power (GDP per capita PPP), Kiribati ranks 169th at $3,702, while the Marshall Islands ranks 137th at $8,198.

Kiribati
GDP per capita

GDP per capita, PPP
Marshall Islands
GDP per capita

GDP per capita, PPP
Year Current $
Kiribati Marshall Islands
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
1970 $201 - $373 -
1971 $210.7 - $390 -
1972 $256.2 - $416 -
1973 $422 - $472 -
1974 $1,131 - $602 -
1975 $730 - $638 -
1976 $548 - $672 -
1977 $520 - $724 -
1978 $611 - $771 -
1979 $573 - $859 -
1980 $542 - $868 -
1981 $568 - $969 -
1982 $519 - $1,046 -
1983 $483 - $1,199 -
1984 $527 - $1,245 -
1985 $393 - $1,162 -
1986 $382 - $1,425 -
1987 $424 - $1,543 -
1988 $536 - $1,670 -
1989 $515 - $1,670 -
1990 $488 $1,192 $1,758 $2,102
1991 $540 $1,139 $1,811 $2,131
1992 $792 $1,421 $1,963 $2,293
1993 $748 $1,431 $2,112 $2,452
1994 $838 $1,469 $2,265 $2,617
1995 $844 $1,518 $2,491 $2,858
1996 $986 $1,519 $2,273 $2,583
1997 $953 $1,535 $2,231 $2,434
1998 $874 $1,593 $2,254 $2,422
1999 $887 $1,526 $2,258 $2,400
2000 $845 $1,638 $2,265 $2,490
2001 $719 $1,591 $2,394 $2,700
2002 $810 $1,605 $2,566 $2,825
2003 $1,021 $1,578 $2,539 $2,824
2004 $1,083 $1,579 $2,566 $2,880
2005 $1,162 $1,617 $2,659 $3,017
2006 $1,123 $1,728 $2,754 $3,110
2007 $1,353 $1,792 $2,892 $3,309
2008 $1,411 $1,735 $2,818 $3,118
2009 $1,317 $1,718 $2,907 $3,253
2010 $1,522 $1,724 $3,095 $3,473
2011 $1,771 $1,786 $3,319 $3,537
2012 $1,844 $1,896 $3,514 $3,590
2013 $1,772 $2,049 $3,678 $3,845
2014 $1,737 $2,084 $3,735 $3,931
2015 $1,640 $2,311 $3,764 $4,125
2016 $1,743 $2,463 $4,230 $4,366
2017 $1,853 $2,562 $4,593 $4,719
2018 $1,913 $2,672 $4,858 $5,232
2019 $1,751 $2,763 $5,292 $6,045
2020 $1,752 $2,711 $5,662 $6,137
2021 $2,222 $3,020 $6,259 $6,706
2022 $2,070 $3,329 $6,323 $7,332
2023 $2,178 $3,486 $6,678 $7,532
2024 $2,289 $3,702 $7,467 $8,198

Spending and national debt comparison

In 2024, Kiribati's government spending was $302M, accounting for 126.6% of its GDP, while the Marshall Islands' spent $201M, or 71.9% of GDP.

Debt-to-GDP ratio is 8.77% in Kiribati and 15.3% in the Marshall Islands, ranking 180/185 and 176/185, respectively.

Kiribati
Government spending

Government debt
Marshall Islands
Government spending

Government debt
Year % of GDP
Kiribati Marshall Islands
Government spending Government debt Government spending Government debt
1990 105.5% 7.72% - -
1991 82.1% 8.43% - -
1992 65.9% 7.31% - -
1993 55.3% 10.9% - -
1994 54.6% 12.3% - -
1995 69.6% 12.3% - -
1996 68.4% 11% - -
1997 70.9% 10.7% 55% 8.73%
1998 74.7% 9.81% 50.5% 18.1%
1999 77.6% 11.8% 48.7% 26.1%
2000 66% 12.7% 56.5% 27.3%
2001 101.3% 17% 58.8% 32.7%
2002 96.9% 13.3% 55.2% 37.2%
2003 84.4% 12.3% 52.9% 43.7%
2004 103.8% 13.6% 54.5% 46.8%
2005 95.6% 12.1% 85.3% 45.8%
2006 82.1% 12.9% 61.2% 44.4%
2007 77.3% 11.1% 67.2% 42.2%
2008 79.4% 13.9% 64.3% 44.1%
2009 74.7% 10.3% 63.1% 41.2%
2010 75.7% 9.43% 59.2% 38.8%
2011 80.9% 8.8% 55.9% 35.9%
2012 83.9% 8.13% 53.2% 37.6%
2013 78% 8.86% 55% 33.4%
2014 101.2% 8.97% 49.2% 34.9%
2015 90.9% 18.8% 56.3% 33.9%
2016 99% 21.2% 56.8% 29.2%
2017 92.1% 20.2% 63.7% 26.5%
2018 108.8% 19% 60.5% 24.7%
2019 108.3% 19% 65.5% 25.1%
2020 102.2% 21% 67.8% 21.7%
2021 84% 17.3% 69.8% 20.1%
2022 87.5% 16.3% 67.7% 19.8%
2023 95.3% 11.4% 66% 18.7%
2024 98.1% 9.92% 71.8% 16.7%
2025 126.6% 8.77% 71.9% 15.3%

Government deficit by year

In 2024, Kiribati's government deficit, the difference between spending and revenue, was -$67.7M, equivalent to -22% of GDP. This compares to the Marshall Islands' surplus of $1.65M, or 0.59% of GDP.

Over the past 28 years, Kiribati recorded a fiscal deficit in 16 of those years, while the Marshall Islands ran a deficit in 5 years. On average, Kiribati posted an annual surplus equal to +0.18% of GDP, compared to surplus of +2.43% of GDP for the Marshall Islands.

Deficit/surplus
Kiribati

Marshall Islands
Year Deficit/surplus, % of GDP
Kiribati Marshall Islands
1990 -4.62% -
1991 3.87% -
1992 0.79% -
1993 6.27% -
1994 0.74% -
1995 -5.14% -
1996 -20.2% -
1997 5.92% 7.91%
1998 14.6% 13.5%
1999 -1.81% 9.01%
2000 -0.03% 7.84%
2001 -10.9% 7.83%
2002 3.13% 5.12%
2003 -8.93% 10.5%
2004 -19.2% -1.6%
2005 -9.96% -22.3%
2006 -12.3% 0.24%
2007 -12.5% 0.27%
2008 -15.8% 3.68%
2009 -8.56% 1.51%
2010 -7.8% 3.51%
2011 -17.6% 2.13%
2012 -5.43% -0.76%
2013 11.8% -0.23%
2014 35% 3.2%
2015 42.5% 2.81%
2016 20.1% 3.88%
2017 34.1% 4.38%
2018 5.18% 2.55%
2019 10.8% -1.8%
2020 3.57% 2.54%
2021 -10.8% 0.18%
2022 -18.3% 0.68%
2023 0.13% 0.69%
2024 -22% 0.59%
2025 -15.1% 0.51%

Inflation comparison by year

Over the past 22 years, Kiribati has recorded an average annual inflation rate of 2.34%, compared with 2.83% in the Marshall Islands. In 2025, inflation was 7.8% in Kiribati and 5.2% in the Marshall Islands.

Inflation
Kiribati

Marshall Islands
Year Inflation
Kiribati Marshall Islands Kiribati Marshall Islands
1996 -1.7% -
1997 2.6% -
1998 3.7% -
1999 1.8% -
2000 0.4% -
2001 6% -
2002 3.2% -
2003 1.6% -
2004 -0.7% 2%
2005 -0.4% 3.5%
2006 -1% 5.3%
2007 3.6% 2.6%
2008 13.7% 14.7%
2009 9.8% 0.5%
2010 -3.9% 1.8%
2011 1.5% 5.4%
2012 -3% 4.3%
2013 -1.5% 1.9%
2014 2.1% 1.1%
2015 0.6% -2.2%
2016 1.9% -1.5%
2017 0.4% 0.1%
2018 0.6% 0.8%
2019 -1.8% -0.1%
2020 2.6% -0.7%
2021 2.1% 2.2%
2022 5.3% 2.8%
2023 9.3% 7.4%
2024 2.5% 5.2%
2025 7.8% 5.2%

Top exports between countries

Kiribati
Export category Export value
Machinery & equipment $26K
Raw agricultural goods $2K
Marshall Islands
Export category Export value

Balance of trade

Kiribati Marshall Islands
Current account balance
-$59.5M
2024
$76.3M
2021
Current account balance ranking
81/189
2024
69/189
2021
Current account balance, % of GDP
-19.3%
2024
+29.5%
2021
Goods imports
$227M
2024
$133M
2021
Goods exports
$8.49M
2024
$121M
2021
Service imports
$108M
2024
$73.1M
2021
Service exports
$7M
2024
$9.44M
2021
Imports of goods and services, % of GDP
94.9%
2024
71.2%
2023
Exports of goods and services, % of GDP
6.27%
2024
38.9%
2023

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Kiribati Marshall Islands
Economic freedom 50.9 58
Economic freedom ranking 159/197 110/197
Property rights 68.5 n/a
Government integrity 48.9 n/a
Judicial effectiveness 59.9 n/a
Tax burden 72.9 n/a
Government spending 0 n/a
Fiscal health 19.7 n/a
Business freedom 62.8 n/a
Labor freedom 65.3 n/a
Monetary freedom 72.5 n/a
Trade freedom 80 n/a
Investment freedom 30 n/a
Financial freedom 30 n/a

More economic indicators

Kiribati Marshall Islands
Services, % of GDP
65.7%
2022
70.5%
2023
Industry, % of GDP
9.86%
2022
11.1%
2023
Agriculture, forestry, and fishing, % of GDP
27.8%
2022
19.5%
2023
GNI, Atlas method
$487M
2024
$315M
2024
GNI per capita, PPP
$5,990
2024
$9,720
2024
Net foreign direct investment
-$8.06M
2024
-$499K
2021
Net inflows of foreign direct investment
$8.07M
2024
$1.7M
2024
Net outflows of foreign direct investment
$16.4K
2024
$2.94M
2006
Poverty at national poverty lines
5.5%
2023
7.2%
2019
Gross capital formation, % of GDP
20.4%
2022
19.7%
2023

GDP per capita map

GDP per capita

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The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.