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Economy of Marshall Islands vs Panama compared: GDP & Debt

Updated on by Georank

The Marshall Islands has a GDP of $308M compared to $90.5B for Panama, ranking 194/197 and 82/197 by economy size, respectively.

The Marshall Islands has $36.3M in government debt (11.8% of GDP), compared to $51.2B (56.6% of GDP) in Panama.

Marshall Islands vs Panama GDP by year

Marshall Islands
Panama
1x
Year GDP, current $
Marshall Islands Panama
2025 $308,000,000 $90,462,600,000
2024 $285,000,000 $86,523,959,100
2023 $264,000,000 $83,812,155,200
2022 $258,723,500 $76,479,304,500
2021 $261,245,500 $67,396,392,500
2020 $241,800,000 $57,059,846,500
2019 $232,900,000 $69,778,991,200
2018 $220,000,000 $67,316,471,200
2017 $213,700,000 $64,327,688,800
2016 $201,800,000 $59,760,858,700
2015 $183,700,000 $55,767,806,100
2014 $186,000,000 $51,427,104,900
2013 $186,400,000 $46,949,496,500
2012 $180,700,000 $41,595,439,700
2011 $172,300,000 $35,687,738,300
2010 $161,100,000 $30,231,009,500
2009 $151,200,000 $27,791,215,500
2008 $146,600,000 $25,721,328,000
2007 $150,500,000 $21,717,433,800
2006 $143,200,000 $18,659,721,500
2005 $138,000,000 $16,623,906,700
2004 $132,900,000 $15,100,203,400
2003 $131,128,500 $13,603,456,000
2002 $131,960,000 $12,800,851,300
2001 $122,406,100 $12,252,906,300
2000 $114,838,500 $11,966,497,000
1999 $113,352,100 $11,660,704,800
1998 $112,070,100 $11,019,557,700
1997 $109,884,700 $10,058,854,400
1996 $110,858,000 $9,197,503,300
1995 $120,230,000 $9,573,813,700
1994 $108,071,000 $9,365,289,800
1993 $99,461,000 $8,782,585,400
1992 $91,063,000 $8,042,337,700
1991 $82,507,000 $7,074,675,500
1990 $78,476,000 $6,433,967,000
1989 $72,798,000 $5,918,469,800
1988 $70,688,000 $5,902,783,400
1987 $62,983,000 $6,827,665,300
1986 $55,989,000 $6,797,834,200
1985 $43,879,000 $6,541,517,100
1984 $45,144,000 $6,183,387,100
1983 $41,749,000 $5,923,755,900
1982 $34,918,000 $5,769,767,900
1981 $31,020,000 $5,222,421,500
1980 $26,710,653 $4,614,086,400
1979 $25,545,346 $3,704,551,600
1978 $22,209,370 $3,244,558,600
1977 $20,210,069 $2,738,261,900
1976 $18,153,647 $2,588,106,000
1975 $16,691,301 $2,435,304,100
1974 $15,217,532 $2,188,307,600
1973 $11,607,366 $1,913,793,400
1972 $9,973,652 $1,673,411,700
1971 $9,116,810 $1,523,917,200
1970 $8,408,486 $1,351,006,400
1969 - $1,221,305,700
1968 - $1,112,791,100
1967 - $1,034,376,400
1966 - $928,833,000
1965 - $852,485,300
1964 - $776,137,500
1963 - $722,784,500
1962 - $652,120,900
1961 - $599,026,300
1960 - $537,147,100

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

GeoRank.org/economy/marshall-islands/panama | CC BY

GDP per capita in Marshall Islands vs Panama by year

Marshall Islands
GDP per capita

GDP per capita, PPP
Panama
GDP per capita

GDP per capita, PPP
1x
Year Current $
Marshall Islands Panama
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $8,489 - $19,790 -
2024 $7,590 $8,195 $19,161 $41,369
2023 $6,799 $7,549 $18,797 $39,813
2022 $6,456 $7,431 $17,379 $36,333
2021 $6,315 $6,768 $15,510 $30,933
2020 $5,662 $6,137 $13,291 $27,017
2019 $5,292 $6,045 $16,478 $33,240
2018 $4,858 $5,232 $16,151 $32,464
2017 $4,593 $4,719 $15,695 $33,533
2016 $4,230 $4,366 $14,832 $30,277
2015 $3,764 $4,125 $14,083 $27,245
2014 $3,735 $3,931 $13,213 $24,376
2013 $3,678 $3,845 $12,273 $21,924
2012 $3,514 $3,590 $11,065 $19,473
2011 $3,319 $3,537 $9,662 $17,474
2010 $3,095 $3,473 $8,331 $15,573
2009 $2,907 $3,253 $7,797 $14,766
2008 $2,818 $3,118 $7,348 $14,705
2007 $2,892 $3,309 $6,318 $13,333
2006 $2,754 $3,110 $5,529 $11,685
2005 $2,659 $3,017 $5,018 $10,511
2004 $2,566 $2,880 $4,645 $9,592
2003 $2,539 $2,824 $4,265 $8,801
2002 $2,566 $2,825 $4,091 $8,370
2001 $2,394 $2,700 $3,992 $8,197
2000 $2,265 $2,490 $3,975 $8,097
1999 $2,258 $2,400 $3,950 $7,749
1998 $2,254 $2,422 $3,808 $7,408
1997 $2,231 $2,434 $3,546 $6,895
1996 $2,273 $2,583 $3,308 $6,421
1995 $2,491 $2,858 $3,514 $6,182
1994 $2,265 $2,617 $3,508 $6,073
1993 $2,112 $2,452 $3,358 $5,902
1992 $1,963 $2,293 $3,140 $5,582
1991 $1,811 $2,131 $2,821 $5,150
1990 $1,758 $2,102 $2,620 $4,651
1989 $1,670 - $2,462 -
1988 $1,670 - $2,509 -
1987 $1,543 - $2,966 -
1986 $1,425 - $3,019 -
1985 $1,162 - $2,972 -
1984 $1,245 - $2,875 -
1983 $1,199 - $2,819 -
1982 $1,046 - $2,811 -
1981 $969 - $2,605 -
1980 $868 - $2,357 -
1979 $859 - $1,938 -
1978 $771 - $1,738 -
1977 $724 - $1,503 -
1976 $672 - $1,457 -
1975 $638 - $1,406 -
1974 $602 - $1,296 -
1973 $472 - $1,164 -
1972 $416 - $1,046 -
1971 $390 - $979 -
1970 $373 - $893 -
1969 - - $830 -
1968 - - $778 -
1967 - - $745 -
1966 - - $689 -
1965 - - $651 -
1964 - - $611 -
1963 - - $587 -
1962 - - $546 -
1961 - - $516 -
1960 - - $477 -

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

GeoRank.org/economy/marshall-islands/panama | CC BY

The Marshall Islands' GDP per capita is $8,489, ranking 95/197, compared to $19,790 in Panama, ranking 62/197. Adjusted for purchasing power (GDP per capita PPP), the Marshall Islands ranks 139th at $8,195, while Panama ranks 56th at $41,369.

Economic indicators

Marshall Islands Panama
Gross domestic product
$308M
2025
$90.5B
2025
GDP rank
194/197
2025
82/197
2025
GDP growth
2.28%
2024-2025
4.35%
2024-2025
GDP per capita
$8,489
2025
$19,790
2025
GDP per capita rank
95/197
2025
62/197
2025
GDP per capita, PPP
$8,195
2024
$41,369
2024
GDP per capita PPP rank
139/197
2024
56/197
2024
Government debt
$36.3M
2025
$51.2B
2025
Debt-to-GDP ratio
11.8%
2025
56.6%
2025
Government debt per person
$1,000
2025
$11,198
2025
Government debt per person rank
144/185
2025
56/185
2025
Average annual personal income after taxes
$5,308
2026
$11,056
2026
Market capitalization of domestic companies n/a
$27.2B
2025
Income share by richest 10%
27.5%
2019
37.6%
2024
Income share by poorest 10%
2.8%
2019
1.2%
2024
Government expenditure, % of GDP
65.3%
2025
20.9%
2025
Consumer prices inflation
5.5%
2024-2025
-0.19%
2024-2025
Unemployment rate
9.82%
2021
8.31%
2025
Population
35039
4654479

Spending and national debt comparison by year

Marshall Islands
Spending

Debt
Panama
Spending

Debt
1x
Year % of GDP
Marshall Islands Panama
Government spending Government debt Government spending Government debt
2025 65.3% 11.8% 20.9% 56.6%
2024 70.9% 14.2% 23.1% 57.8%
2023 67.5% 18.2% 21.4% 54.4%
2022 65.8% 19.6% 21.3% 56.2%
2021 69.2% 19.9% 23.7% 58%
2020 67.8% 21.7% 27% 62.4%
2019 65.5% 25.1% 20.5% 42.5%
2018 60.5% 24.7% 21.7% 36.3%
2017 63.7% 26.5% 21.1% 34.3%
2016 56.8% 29.2% 21.3% 34%
2015 56.3% 33.9% 21.4% 34.1%
2014 49.2% 34.9% 22.9% 32.9%
2013 55% 33.4% 23.6% 30.8%
2012 53.2% 37.6% 23% 31.3%
2011 55.9% 35.9% 23.7% 35.9%
2010 59.2% 38.8% 24.4% 38.5%
2009 63.1% 41.2% 22.9% 39.5%
2008 64.3% 44.1% 23% 40.6%
2007 67.2% 42.2% 22.2% 48.2%
2006 61.2% 44.4% 22.4% 56.1%
2005 85.3% 45.8% 23.2% 61.5%
2004 54.5% 46.8% 24.4% 61.5%
2003 52.9% 43.7% 25.7% 59.9%
2002 55.2% 37.2% 25.1% 60.9%
2001 58.8% 32.7% 25.2% 62.1%
2000 56.5% 27.3% 24.7% 58%
1999 48.7% 26.1% 25.2% 60.4%
1998 50.5% 18.1% 25.9% 64.3%
1997 55% 8.73% 24.8% 67.3%
1996 - - 24.3% 73.6%
1995 - - 29.3% 86.7%
1994 - - 28.5% 88.7%
1993 - - 33.8% 83.6%
1992 - - 27.8% 91.2%
1991 - - 20.9% 103.7%
1990 - - 41.5% 112.7%
1989 - - 43% 104.4%
1988 - - 41.8% 105%
1987 - - 40.1% 92.2%
1986 - - 38.6% 84%
1985 - - 39.7% 82.5%
1984 - - 44% 82.5%
1983 - - 44.6% 86.6%
1982 - - 48% 80.9%
1981 - - 30.7% 68.7%
1980 - - 30.5% 69.4%
1979 - - 35% 78.9%
1978 - - 27.6% 83.1%
1977 - - 16.9% 77.7%
1976 - - 15.9% 69.7%
1975 - - 15.3% 52.6%
1974 - - 15.3% 37.6%
1973 - - 14.4% 32.6%
1972 - - 15.6% 29.5%
1971 - - 15% 26.2%
1970 - - 22.4% 25.7%
1969 - - 20.5% 23.2%
1968 - - 14.2% 18%
1967 - - 14.9% 17.8%
1966 - - 14% 17.9%
1965 - - 13.2% 18.7%
1964 - - 14.1% 20%
1963 - - 19.1% 22.6%
1962 - - 16.4% 19.8%
1961 - - 18.9% 20.5%
1960 - - 16.6% 21%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1994–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1960–1993, retrieved 2026-07-08).

GeoRank.org/economy/marshall-islands/panama | CC BY

In 2025, the Marshall Islands' government spending was $201M, accounting for 65.3% of its GDP, while Panama spent $18.9B, or 20.9% of GDP.

Debt-to-GDP ratio is 11.8% in the Marshall Islands and 56.6% in Panama, ranking 180/185 and 84/185, respectively.

Government deficit by year

Deficit/surplus
Marshall Islands

Panama
1x
Year Deficit/surplus, % of GDP
Marshall Islands Panama
2025 1.35% -3.67%
2024 2.62% -6.23%
2023 1.01% -3.9%
2022 0.51% -3.98%
2021 0.18% -6.45%
2020 2.54% -9.68%
2019 -1.8% -2.74%
2018 2.55% -2.76%
2017 4.38% -1.8%
2016 3.88% -1.76%
2015 2.81% -2.17%
2014 3.2% -3.04%
2013 -0.23% -2.4%
2012 -0.76% -1.32%
2011 2.13% -1.97%
2010 3.51% -1.69%
2009 1.51% -0.91%
2008 3.68% 0.38%
2007 0.27% 3.17%
2006 0.24% 0.53%
2005 -22.3% -2.29%
2004 -1.6% -4.54%
2003 10.5% -2.41%
2002 5.12% -1.03%
2001 7.83% -0.45%
2000 7.84% 2.22%
1999 9.01% -0.71%
1998 13.5% -1.23%
1997 7.91% 1.39%
1996 - 2.81%
1995 - 2.61%
1994 - 2.4%
1993 - -9.4%
1992 - -2.62%
1991 - -0.6%
1990 - -3.65%
1989 - -13.6%
1988 - -13.5%
1987 - -1.7%
1986 - -1%
1985 - -2.57%
1984 - -7.56%
1983 - -7.62%
1982 - -13.3%
1981 - -6.77%
1980 - -5.17%
1979 - -12.1%
1978 - -5.21%
1977 - -1.61%
1976 - -2.65%
1975 - -0.74%
1974 - -0.6%
1973 - -0.01%
1972 - -1.17%
1971 - -0.51%
1970 - -8.02%
1969 - -7.56%
1968 - -1.5%
1967 - -1.97%
1966 - -1.18%
1965 - -1.17%
1964 - -2.51%
1963 - -6.71%
1962 - -3.01%
1961 - -5.45%
1960 - -3.05%
1959 - -3.79%
1958 - -1.62%
1957 - -0.89%
1956 - -3.69%
1955 - -1.33%
1954 - -0.2%
1953 - -0.55%
1952 - -3.84%
1951 - -2.54%
1950 - -3.89%
1949 - -1%
1948 - -1.21%
1947 - -1.94%
1946 - -3.19%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1994–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1946–1993, retrieved 2026-07-08).

GeoRank.org/economy/marshall-islands/panama | CC BY

In 2025, the Marshall Islands' government surplus, the difference between spending and revenue, was $4.17M, equivalent to 1.35% of GDP. This compares to Panama's deficit of $3.32B, or 3.67% of GDP.

Over the past 29 years, the Marshall Islands recorded a fiscal deficit in 5 of those years, while Panama ran a deficit in 24 years. On average, the Marshall Islands posted an annual surplus equal to 2.46% of GDP, compared to deficit of 2.12% of GDP for Panama.

Inflation comparison by year

Inflation
Marshall Islands

Panama
1x
Year Consumer prices inflation
Marshall Islands Panama
2025 5.5% -0.19%
2024 5.2% 0.69%
2023 7.4% 1.49%
2022 2.8% 2.86%
2021 2.2% 1.63%
2020 -0.7% -1.55%
2019 -0.1% -0.36%
2018 0.8% 0.76%
2017 0.1% 0.88%
2016 -1.5% 0.74%
2015 -2.2% 0.14%
2014 1.1% 2.63%
2013 1.9% 4.03%
2012 4.3% 5.7%
2011 5.4% 5.88%
2010 1.8% 3.49%
2009 0.5% 2.41%
2008 14.7% 8.76%
2007 2.6% 4.17%
2006 5.3% 2.46%
2005 3.5% 2.86%
2004 2% 0.47%
2003 - 0.39%
2002 - 1.01%
2001 - 0.31%
2000 - 1.5%
1999 - 1.25%
1998 - 0.56%
1997 - 1.32%

Data sources: World Bank | Economy & Growth (1997–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | World Economic Outlook (2004–2025, retrieved 2026-07-08).

GeoRank.org/economy/marshall-islands/panama | CC BY

Over the past 22 years, the Marshall Islands has recorded an average annual inflation rate of 2.85%, compared with 2.27% in Panama. In 2025, inflation was 5.5% in the Marshall Islands and -0.19% in Panama.

Balance of trade

Marshall Islands Panama
Current account balance
$62.3M
2024
-$169M
2025
Current account balance ranking
67/190
2024
91/190
2025
Current account balance, % of GDP
+21.9%
2024
-0.19%
2025
Goods imports
$173M
2024
$28.2B
2025
Goods exports
$101M
2024
$18.6B
2025
Service imports
$64.2M
2024
$5.91B
2025
Service exports
$21.1M
2024
$20.2B
2025
Imports of goods and services, % of GDP
79.9%
2025
39.3%
2024
Exports of goods and services, % of GDP
36%
2025
44.4%
2024

Economic freedom indices

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

Marshall Islands Panama
Economic freedom 58 64.9
Economic freedom ranking 113/197 70/197
Property rights n/a 56.7
Government integrity n/a 37.4
Judicial effectiveness n/a 49.6
Tax burden n/a 86.1
Government spending n/a 85.5
Fiscal health n/a 51.8
Business freedom n/a 72.6
Labor freedom n/a 60.9
Monetary freedom n/a 78.2
Trade freedom n/a 80.2
Investment freedom n/a 60
Financial freedom n/a 60

Other economic metrics

Marshall Islands Panama
Services, % of GDP
68.2%
2024
70%
2025
Industry, % of GDP
13.4%
2024
24.9%
2025
Agriculture, forestry, and fishing, % of GDP
19.9%
2024
2.62%
2025
GNI, Atlas method
$352M
2025
$87.5B
2025
GNI per capita, PPP
$10,590
2025
$41,770
2025
Total reserves including gold n/a
$6.24B
2025
Total reserves ranking n/a
93/177
2025
Net foreign direct investment
-$13.4M
2024
-$1.81B
2025
Net inflows of foreign direct investment
$13.4M
2024
$2.09B
2024
Net outflows of foreign direct investment
$0
2024
$84.3M
2024
Poverty at national poverty lines
7.2%
2019
21.7%
2023
Gross capital formation, % of GDP
21.1%
2024
33.5%
2024

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2025, retrieved 2026-07-08); U.S. Census Bureau (1985–2025, retrieved 2026-07-08).

GeoRank.org/economy/marshall-islands/panama | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1994–2025, retrieved 2026-07-08)
  3. International Monetary Fund (IMF) | Public Finances in Modern History (1946–1993, retrieved 2026-07-08)
  4. U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
  5. The Heritage Foundation | Economic Freedom Index (2026, retrieved 2026-07-08)
  6. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  7. LivingCost (2026, retrieved 2026-07-08)

Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.

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.