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Economy of Marshall Islands vs Russia compared: GDP & Debt

Updated on by Georank team

The Marshall Islands has a GDP of $290M compared to $2.17T for Russia, ranking 193/197 and 11/197 by economy size, respectively.

The Marshall Islands has $38.4M in government debt (13.2% of GDP), compared to $440B (20.3% of GDP) in Russia.

Marshall Islands vs Russia GDP by year

Marshall Islands
Russia
1x
Year GDP, current $
Marshall Islands Russia
2024 $290,108,490 $2,173,835,806,672
2023 $263,761,322 $2,071,505,725,031
2022 $258,723,511 $2,291,612,121,335
2021 $261,245,544 $1,829,186,719,575
2020 $241,800,000 $1,493,075,894,362
2019 $232,900,000 $1,693,115,002,708
2018 $220,000,000 $1,657,328,773,461
2017 $213,700,000 $1,574,199,360,089
2016 $201,800,000 $1,276,786,350,881
2015 $183,700,000 $1,363,482,182,198
2014 $186,000,000 $2,059,241,589,895
2013 $186,400,000 $2,292,470,078,346
2012 $180,700,000 $2,208,293,553,878
2011 $172,300,000 $2,045,922,753,398
2010 $161,100,000 $1,524,916,715,224
2009 $151,200,000 $1,222,645,900,056
2008 $146,600,000 $1,660,848,058,303
2007 $150,500,000 $1,299,703,478,482
2006 $143,200,000 $989,932,071,353
2005 $138,000,000 $764,015,973,481
2004 $132,900,000 $591,016,690,732
2003 $131,128,500 $430,347,420,185
2002 $131,960,000 $345,470,494,418
2001 $122,406,100 $306,602,070,621
2000 $114,838,500 $259,710,142,197
1999 $113,352,100 $195,907,128,351
1998 $112,070,100 $270,955,486,862
1997 $109,884,700 $404,928,954,192
1996 $110,858,000 $391,724,890,744
1995 $120,230,000 $395,537,185,735
1994 $108,071,000 $395,077,301,248
1993 $99,461,000 $435,083,713,851
1992 $91,063,000 $460,290,556,901
1991 $82,507,000 $517,962,962,963
1990 $78,476,000 $517,014,446,228
1989 $72,798,000 $506,631,299,735
1988 $70,688,000 $554,828,660,436
1987 $62,983,000 -
1986 $55,989,000 -
1985 $43,879,000 -
1984 $45,144,000 -
1983 $41,749,000 -
1982 $34,918,000 -
1981 $31,020,000 -
1980 $26,710,653 -
1979 $25,545,346 -
1978 $22,209,370 -
1977 $20,210,069 -
1976 $18,153,647 -
1975 $16,691,301 -
1974 $15,217,532 -
1973 $11,607,366 -
1972 $9,973,652 -
1971 $9,116,810 -
1970 $8,408,486 -

Data sources: World Bank | Economy & Growth (1970–2024, retrieved 2026-04-06).

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

GDP per capita in Marshall Islands vs Russia by year

Marshall Islands
GDP per capita

GDP per capita, PPP
Russia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Marshall Islands Russia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $7,726 $8,195 $15,145 $47,405
2023 $6,793 $7,549 $14,403 $44,269
2022 $6,456 $7,431 $15,888 $40,939
2021 $6,315 $6,768 $12,637 $38,638
2020 $5,662 $6,137 $10,280 $31,491
2019 $5,292 $6,045 $11,640 $30,964
2018 $4,858 $5,232 $11,399 $28,629
2017 $4,593 $4,719 $10,835 $25,778
2016 $4,230 $4,366 $8,804 $24,012
2015 $3,764 $4,125 $9,427 $23,994
2014 $3,735 $3,931 $14,277 $25,688
2013 $3,678 $3,845 $15,941 $26,020
2012 $3,514 $3,590 $15,402 $24,274
2011 $3,319 $3,537 $14,305 $22,790
2010 $3,095 $3,473 $10,675 $20,490
2009 $2,907 $3,253 $8,563 $19,390
2008 $2,818 $3,118 $11,635 $20,164
2007 $2,892 $3,309 $9,101 $16,648
2006 $2,754 $3,110 $6,920 $14,912
2005 $2,659 $3,017 $5,323 $11,822
2004 $2,566 $2,880 $4,102 $10,227
2003 $2,539 $2,824 $2,975 $9,255
2002 $2,566 $2,825 $2,378 $8,037
2001 $2,394 $2,700 $2,100 $7,361
2000 $2,265 $2,490 $1,772 $6,825
1999 $2,258 $2,400 $1,331 $5,914
1998 $2,254 $2,422 $1,835 $5,465
1997 $2,231 $2,434 $2,738 $5,700
1996 $2,273 $2,583 $2,644 $5,518
1995 $2,491 $2,858 $2,666 $5,613
1994 $2,265 $2,617 $2,662 $5,734
1993 $2,112 $2,452 $2,931 $6,420
1992 $1,963 $2,293 $3,099 $6,862
1991 $1,811 $2,131 $3,490 $7,858
1990 $1,758 $2,102 $3,494 $8,028
1989 $1,670 - $3,430 -
1988 $1,670 - $3,778 -
1987 $1,543 - - -
1986 $1,425 - - -
1985 $1,162 - - -
1984 $1,245 - - -
1983 $1,199 - - -
1982 $1,046 - - -
1981 $969 - - -
1980 $868 - - -
1979 $859 - - -
1978 $771 - - -
1977 $724 - - -
1976 $672 - - -
1975 $638 - - -
1974 $602 - - -
1973 $472 - - -
1972 $416 - - -
1971 $390 - - -
1970 $373 - - -

Data sources: World Bank | Economy & Growth (1970–2024, retrieved 2026-04-06).

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

The Marshall Islands' GDP per capita is $7,726, ranking 96/197, compared to $15,145 in Russia, ranking 68/197. Adjusted for purchasing power (GDP per capita PPP), the Marshall Islands ranks 139th at $8,195, while Russia ranks 50th at $47,405.

Economic indicators

Marshall Islands Russia
Gross domestic product
$290M
2024
$2.17T
2024
GDP rank
193/197
2024
11/197
2024
GDP growth
2.5%
2023-2024
4.34%
2023-2024
GDP per capita
$7,726
2024
$15,145
2024
GDP per capita rank
96/197
2024
68/197
2024
GDP per capita, PPP
$8,195
2024
$47,405
2024
GDP per capita PPP rank
139/197
2024
50/197
2024
Government debt
$38.4M
2024
$440B
2024
Debt-to-GDP ratio
13.2%
2024
20.3%
2024
Government debt per person
$1,022
2024
$3,067
2024
Government debt per person rank
142/185
2024
98/185
2024
Average annual personal income after taxes
$5,044
2026
$10,464
2026
Market capitalization of domestic companies n/a
$650B
2023
Number of millionaires n/a
426,000
2025
Number of billionaires n/a
140
2025
Income share by richest 10%
27.5%
2019
25.1%
2023
Income share by poorest 10%
2.8%
2019
3.1%
2023
Government expenditure, % of GDP
71.6%
2024
36.9%
2024
Consumer prices inflation
5.2%
2023-2024
8.4%
2023-2024
Central bank interest rate n/a
16%
2025
Unemployment rate
9.82%
2021
2.43%
2024
Population
35058
141906741

Spending and national debt comparison by year

Marshall Islands
Spending

Debt
Russia
Spending

Debt
1x
Year % of GDP
Marshall Islands Russia
Government spending Government debt Government spending Government debt
2024 71.6% 13.2% 36.9% 20.3%
2023 68.4% 18.2% 35.7% 19.5%
2022 67.7% 19.8% 35.2% 18.5%
2021 69.8% 20.1% 34.9% 16.5%
2020 67.8% 21.7% 39.2% 19.2%
2019 65.5% 25.1% 33.8% 13.7%
2018 60.5% 24.7% 32.6% 13.6%
2017 63.7% 26.5% 34.8% 14.3%
2016 56.8% 29.2% 36.6% 14.8%
2015 56.3% 33.9% 35.3% 15.3%
2014 49.2% 34.9% 34.9% 15.1%
2013 55% 33.4% 34.7% 12.3%
2012 53.2% 37.6% 34% 11.2%
2011 55.9% 35.9% 33.3% 10.3%
2010 59.2% 38.8% 35.5% 10.1%
2009 63.1% 41.2% 38.6% 9.92%
2008 64.3% 44.1% 32% 7.45%
2007 67.2% 42.2% 31.9% 8.03%
2006 61.2% 44.4% 29% 9.8%
2005 85.3% 45.8% 29.5% 14.9%
2004 54.5% 46.8% 29.6% 20.8%
2003 52.9% 43.7% 32.6% 28.3%
2002 55.2% 37.2% 33.8% 37.6%
2001 58.8% 32.7% 31.5% 44.4%
2000 56.5% 27.3% 30.7% 55.9%
1999 48.7% 26.1% 34.3% 92.4%
1998 50.5% 18.1% 39.7% 135.2%
1997 55% 8.73% - 51.5%
1996 - - - 51.9%
1995 - - - 53.7%
1994 - - - 63.5%
1993 - - - 92.4%
1992 - - - 116%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1997–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1992–1996, retrieved 2026-02-20).

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

In 2024, the Marshall Islands' government spending was $208M, accounting for 71.6% of its GDP, while Russia spent $802B, or 36.9% of GDP.

Debt-to-GDP ratio is 13.2% in the Marshall Islands and 20.3% in Russia, ranking 179/185 and 175/185, respectively.

Government deficit by year

Deficit/surplus
Marshall Islands

Russia
1x
Year Deficit/surplus, % of GDP
Marshall Islands Russia
2024 3.61% -1.6%
2023 1.14% -2.22%
2022 0.68% -1.34%
2021 0.18% 0.78%
2020 2.54% -3.99%
2019 -1.8% 1.93%
2018 2.55% 2.92%
2017 4.38% -1.47%
2016 3.88% -3.67%
2015 2.81% -3.39%
2014 3.2% -1.07%
2013 -0.23% -1.16%
2012 -0.76% 0.38%
2011 2.13% 1.43%
2010 3.51% -3.19%
2009 1.51% -5.89%
2008 3.68% 4.55%
2007 0.27% 5.59%
2006 0.24% 7.8%
2005 -22.3% 7.6%
2004 -1.6% 4.57%
2003 10.5% 1.35%
2002 5.12% 0.67%
2001 7.83% 2.99%
2000 7.84% 3.11%
1999 9.01% -3.59%
1998 13.5% -7.42%
1997 7.91% -
1996 - -
1995 - -
1994 - -
1993 - -
1992 - -
1991 - -
1990 - -
1989 - -
1988 - -
1987 - -
1986 - -
1985 - -
1984 - -
1983 - -
1982 - -
1981 - -
1980 - -
1979 - -
1978 - -
1977 - -
1976 - -
1975 - -
1974 - -
1973 - -
1972 - -
1971 - -
1970 - -
1969 - -
1968 - -
1967 - -
1966 - -
1965 - -
1964 - -
1963 - -
1962 - -
1961 - -
1960 - -
1959 - -
1958 - -
1957 - -
1956 - -
1955 - -
1954 - -
1953 - -
1952 - -
1951 - -
1950 - -
1949 - -
1948 - -
1947 - -
1946 - -
1945 - -
1944 - -
1943 - -
1942 - -
1941 - -
1940 - 0.15%
1939 - 0.12%
1938 - 0.16%
1937 - 0.12%
1936 - 0.1%
1935 - 0.07%
1934 - 0.25%
1933 - 0.58%
1932 - 0.06%
1931 - -1.12%
1930 - -1.62%
1929 - -0.4%
1928 - -0.4%
1927 - -
1926 - -
1925 - -
1924 - -
1923 - -
1922 - -
1921 - -
1920 - -
1919 - -
1918 - -
1917 - -
1916 - -
1915 - -
1914 - -
1913 - -
1912 - 0.69%
1911 - 1.26%
1910 - 1.52%
1909 - -0.15%
1908 - -0.83%
1907 - -0.86%
1906 - -3.19%
1905 - -7.72%
1904 - -5.13%
1903 - 1.04%
1902 - -1.57%
1901 - 0.14%
1900 - -0.36%
1899 - 0.66%
1898 - 0.03%
1897 - 0.34%
1896 - 1.3%
1895 - 0.7%
1894 - 1.43%
1893 - 0.63%
1892 - -1.16%
1891 - -0.97%
1890 - 0.01%
1889 - 1.34%
1888 - 0.88%
1887 - 0.14%
1886 - -0.84%
1885 - -0.75%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1997–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1885–1940, retrieved 2026-02-20).

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

In 2024, the Marshall Islands' government surplus, the difference between spending and revenue, was $10.5M, equivalent to 3.61% of GDP. This compares to Russia's deficit of $34.9B, or 1.6% of GDP.

Over the past 27 years, the Marshall Islands recorded a fiscal deficit in 5 of those years, while Russia ran a deficit in 13 years. On average, the Marshall Islands posted an annual surplus equal to 2.35% of GDP, compared to surplus of 0.21% of GDP for Russia.

Inflation comparison by year

Inflation
Marshall Islands

Russia
1x
Year Consumer prices inflation
Marshall Islands Russia
2024 5.2% 8.4%
2023 7.4% 5.9%
2022 2.8% 13.7%
2021 2.2% 6.7%
2020 -0.7% 3.4%
2019 -0.1% 4.5%
2018 0.8% 2.9%
2017 0.1% 3.7%
2016 -1.5% 7%
2015 -2.2% 15.5%
2014 1.1% 7.8%
2013 1.9% 6.8%
2012 4.3% 5.1%
2011 5.4% 8.4%
2010 1.8% 6.8%
2009 0.5% 11.6%
2008 14.7% 14.1%
2007 2.6% 9%
2006 5.3% 9.7%
2005 3.5% 12.7%
2004 2% 10.9%
2003 - 13.7%
2002 - 15.8%
2001 - 21.5%
2000 - 20.8%
1999 - 85.7%
1998 - 27.7%
1997 - 14.8%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20).

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

Over the past 21 years, the Marshall Islands has recorded an average annual inflation rate of 2.72%, compared with 8.31% in Russia. In 2024, inflation was 5.2% in the Marshall Islands and 8.4% in Russia.

Top exports between countries

Marshall Islands
Export category Export value
Machinery & equipment $1.81M
Russia
Export category Export value
Transport & tourism services $41M
Business & finance services $9.15M
IT & IP services $602K
Machinery & equipment $403K
Manufacturing & construction services $210K
Animal & marine products $14K
Processed food, beverages & tobacco $11K
Raw materials & minerals $11K
Raw agricultural goods $7K
Metals $3K

Balance of trade

Marshall Islands Russia
Current account balance
$76.3M
2021
$63.4B
2024
Current account balance ranking
70/190
2021
12/190
2024
Current account balance, % of GDP
+29.2%
2021
+2.91%
2024
Goods imports
$133M
2021
$302B
2024
Goods exports
$121M
2021
$434B
2024
Service imports
$73.1M
2021
$81.5B
2024
Service exports
$9.44M
2021
$43.1B
2024
Imports of goods and services, % of GDP
81.7%
2024
17.6%
2024
Exports of goods and services, % of GDP
42.1%
2024
21.9%
2024

Economic freedom indices

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

Marshall Islands Russia
Economic freedom 58 50.3
Economic freedom ranking 113/197 161/197
Property rights n/a 18.6
Government integrity n/a 22.8
Judicial effectiveness n/a 22.8
Tax burden n/a 81.9
Government spending n/a 61.3
Fiscal health n/a 94.4
Business freedom n/a 51.4
Labor freedom n/a 59.1
Monetary freedom n/a 61.8
Trade freedom n/a 69.4
Investment freedom n/a 30
Financial freedom n/a 30

Other economic metrics

Marshall Islands Russia
Services, % of GDP
67%
2024
57.5%
2024
Industry, % of GDP
13.2%
2024
30.7%
2024
Agriculture, forestry, and fishing, % of GDP
19.6%
2024
2.74%
2024
GNI, Atlas method
$319M
2024
$2.24T
2024
GNI per capita, PPP
$9,680
2024
$46,780
2024
Total reserves including gold n/a
$597B
2023
Total reserves ranking n/a
6/177
2023
Net foreign direct investment
-$499K
2021
$9.37B
2024
Net inflows of foreign direct investment
$1.7M
2024
-$9.35B
2024
Net outflows of foreign direct investment
$0
2024
-$170M
2024
Servicing debt to the IMF, % of GNI n/a
2.65%
2024
Poverty at national poverty lines
7.2%
2019
12.1%
2020
Gross capital formation, % of GDP
20.7%
2024
26.3%
2024

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).

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

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Data sources:

  1. World Bank | Economy & Growth (1970–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1997–2024, retrieved 2026-02-20)
  3. International Monetary Fund (IMF) | Public Finances in Modern History (1885–1996, retrieved 2026-02-20)
  4. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  5. The Heritage Foundation | Economic Freedom Index (2026, retrieved 2026-03-09)
  6. TradeMap (2020–2021, retrieved 2026-02-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  8. LivingCost (2026, retrieved 2025-10-14)

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.

Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.

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.