The Marshall Islands has a GDP of $290M compared to $6.97B for Sierra Leone, ranking 193/197 and 160/197 by economy size, respectively.
The Marshall Islands has $48.4M in government debt (14.2% of GDP), compared to $3B (44.6% of GDP) in Sierra Leone.
The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.
| Year | GDP | |||
|---|---|---|---|---|
Marshall Islands
|
Sierra Leone
|
|||
| Current $ | Constant $ | Current $ | Constant $ | |
| 1960 | - | - | $322,009,962 | $2,005,356,249 |
| 1961 | - | - | $327,834,191 | $2,041,634,017 |
| 1962 | - | - | $342,721,416 | $2,134,343,945 |
| 1963 | - | - | $348,547,279 | $2,170,621,713 |
| 1964 | - | - | $371,847,461 | $2,315,732,958 |
| 1965 | - | - | $359,379,856 | $2,482,006,192 |
| 1966 | - | - | $375,479,850 | $2,524,200,297 |
| 1967 | - | - | $348,795,303 | $2,525,116,116 |
| 1968 | - | - | $329,859,732 | $2,576,121,538 |
| 1969 | - | - | $408,690,163 | $2,795,747,409 |
| 1970 | $8,408,486 | $45,931,280 | $434,410,974 | $3,036,754,626 |
| 1971 | $9,116,810 | $46,992,252 | $419,549,305 | $3,142,006,005 |
| 1972 | $9,973,652 | $47,500,634 | $465,381,340 | $3,170,291,432 |
| 1973 | $11,607,366 | $63,614,160 | $575,230,724 | $3,241,832,807 |
| 1974 | $15,217,532 | $73,361,848 | $648,590,643 | $3,355,291,389 |
| 1975 | $16,691,301 | $73,406,056 | $679,336,344 | $3,411,298,469 |
| 1976 | $18,153,647 | $73,671,297 | $594,895,942 | $3,395,975,723 |
| 1977 | $20,210,069 | $75,461,688 | $691,777,584 | $3,397,560,822 |
| 1978 | $22,209,370 | $79,705,581 | $960,728,339 | $3,479,317,421 |
| 1979 | $25,545,346 | $81,407,557 | $1,109,374,911 | $3,636,278,670 |
| 1980 | $26,710,653 | $75,550,102 | $1,100,685,845 | $3,812,401,965 |
| 1981 | $31,020,000 | $80,412,894 | $1,114,830,472 | $3,922,253,604 |
| 1982 | $34,918,000 | $84,297,825 | $1,295,361,886 | $4,109,806,182 |
| 1983 | $41,749,000 | $97,370,735 | $995,104,305 | $4,023,385,112 |
| 1984 | $45,144,000 | $101,135,112 | $1,087,471,862 | $4,188,063,643 |
| 1985 | $43,879,000 | $94,806,793 | $856,890,459 | $3,965,621,323 |
| 1986 | $55,989,000 | $118,074,749 | $490,181,457 | $4,014,638,262 |
| 1987 | $62,983,000 | $129,130,978 | $660,106,336 | $4,304,947,544 |
| 1988 | $70,688,000 | $139,189,050 | $1,055,083,933 | $4,000,157,258 |
| 1989 | $72,798,000 | $136,834,516 | $932,974,420 | $4,029,358,406 |
| 1990 | $78,476,000 | $140,496,545 | $649,644,098 | $4,164,341,831 |
| 1991 | $82,507,000 | $140,619,900 | $779,981,987 | $4,262,285,541 |
| 1992 | $91,063,000 | $150,661,400 | $679,940,814 | $3,451,901,036 |
| 1993 | $99,461,000 | $159,710,500 | $768,867,883 | $3,499,349,141 |
| 1994 | $108,071,000 | $169,097,800 | $911,853,802 | $3,431,203,340 |
| 1995 | $120,230,000 | $182,986,300 | $870,740,292 | $3,156,715,557 |
| 1996 | $110,858,000 | $164,133,300 | $941,709,423 | $3,212,078,686 |
| 1997 | $109,884,700 | $153,553,800 | $850,232,760 | $3,023,302,224 |
| 1998 | $112,070,100 | $152,518,700 | $672,368,187 | $3,077,268,543 |
| 1999 | $113,352,100 | $150,483,000 | $669,386,624 | $3,016,360,576 |
| 2000 | $114,838,500 | $154,176,500 | $635,866,404 | $3,217,030,910 |
| 2001 | $122,406,100 | $164,861,000 | $1,681,473,894 | $3,012,895,641 |
| 2002 | $131,960,000 | $170,855,000 | $1,933,863,911 | $3,812,040,150 |
| 2003 | $131,128,500 | $168,186,800 | $2,142,618,046 | $4,173,559,981 |
| 2004 | $132,900,000 | $167,500,000 | $2,237,350,687 | $4,443,958,500 |
| 2005 | $138,000,000 | $170,500,000 | $2,545,275,313 | $4,637,426,225 |
| 2006 | $143,200,000 | $170,800,000 | $3,263,697,467 | $4,836,052,320 |
| 2007 | $150,500,000 | $177,100,000 | $3,632,957,611 | $5,017,392,581 |
| 2008 | $146,600,000 | $163,700,000 | $4,157,895,298 | $5,202,336,667 |
| 2009 | $151,200,000 | $169,700,000 | $3,953,403,098 | $5,281,974,206 |
| 2010 | $161,100,000 | $179,100,000 | $4,262,805,967 | $5,617,678,842 |
| 2011 | $172,300,000 | $178,200,000 | $4,861,632,885 | $6,072,747,635 |
| 2012 | $180,700,000 | $175,900,000 | $6,141,666,509 | $6,715,143,020 |
| 2013 | $186,400,000 | $182,600,000 | $7,502,762,863 | $7,699,806,186 |
| 2014 | $186,000,000 | $180,300,000 | $7,686,138,791 | $7,098,065,168 |
| 2015 | $183,700,000 | $183,700,000 | $6,788,352,975 | $6,788,352,975 |
| 2016 | $201,800,000 | $188,300,000 | $6,084,297,211 | $7,225,348,889 |
| 2017 | $213,700,000 | $195,000,000 | $5,749,846,528 | $7,457,128,029 |
| 2018 | $220,000,000 | $205,700,000 | $6,390,514,689 | $7,672,926,607 |
| 2019 | $232,900,000 | $227,200,000 | $6,523,577,594 | $8,095,145,458 |
| 2020 | $241,800,000 | $220,900,000 | $6,688,307,703 | $7,993,685,031 |
| 2021 | $261,245,544 | $225,670,074 | $7,166,931,485 | $8,465,060,863 |
| 2022 | $258,723,511 | $224,089,111 | $7,121,125,278 | $8,914,856,495 |
| 2023 | $263,761,322 | $212,866,913 | $6,415,852,767 | $9,423,896,753 |
| 2024 | $290,108,490 | $218,192,688 | $6,971,127,235 | $9,828,485,691 |
Economic indicators
|
Marshall Islands
|
Sierra Leone
|
|
|---|---|---|
| Gross domestic product |
$290M
2024 |
$6.97B
2024 |
| GDP rank |
193/197
2024 |
160/197
2024 |
| GDP growth |
9.99%
2023-2024 |
8.65%
2023-2024 |
| GDP per capita |
$7,726
2024 |
$807
2024 |
| GDP per capita rank |
96/197
2024 |
186/197
2024 |
| GDP per capita, PPP |
$8,195
2024 |
$3,522
2024 |
| Government debt |
$48.4M
2024 |
$3B
2024 |
| Debt-to-GDP ratio |
14.2%
2026 |
44.6%
2026 |
| Government debt per person |
$1,289
2024 |
$347
2024 |
| Government debt per person rank |
136/185
2024 |
173/185
2024 |
| Average annual personal income after taxes |
$5,868
2026 |
$3,438
2026 |
| Income share by richest 10% |
27.5%
2019 |
29.4%
2018 |
| Income share by poorest 10% |
2.8%
2019 |
3.4%
2018 |
| Government expenditure, % of GDP |
77.4%
2026 |
15.4%
2026 |
| Consumer prices inflation |
5.9%
2025-2026 |
10.5%
2025-2026 |
| Central bank interest rate | n/a |
24.8%
2024 |
| Unemployment rate |
9.82%
2021 |
3.19%
2018 |
| Population |
35078
|
8998687
|
GDP per capita in Marshall Islands vs Sierra Leone
The Marshall Islands' GDP per capita is $7,726, ranking 96/197, compared to $807 in Sierra Leone, ranking 186/197. Adjusted for purchasing power (GDP per capita PPP), the Marshall Islands ranks 139th at $8,195, while Sierra Leone ranks 171st at $3,522.
| Year | Current $ | |||
|---|---|---|---|---|
|
Marshall Islands
|
Sierra Leone
|
|||
| GDP per capita | GDP per capita, PPP | GDP per capita | GDP per capita, PPP | |
| 1960 | - | - | $142 | - |
| 1961 | - | - | $142.3 | - |
| 1962 | - | - | $146.3 | - |
| 1963 | - | - | $146.3 | - |
| 1964 | - | - | $153.4 | - |
| 1965 | - | - | $145.6 | - |
| 1966 | - | - | $149.3 | - |
| 1967 | - | - | $136.1 | - |
| 1968 | - | - | $126.3 | - |
| 1969 | - | - | $153.6 | - |
| 1970 | $373 | - | $160.2 | - |
| 1971 | $390 | - | $151.8 | - |
| 1972 | $416 | - | $165.4 | - |
| 1973 | $472 | - | $200.6 | - |
| 1974 | $602 | - | $222.1 | - |
| 1975 | $638 | - | $228.4 | - |
| 1976 | $672 | - | $196.4 | - |
| 1977 | $724 | - | $224.2 | - |
| 1978 | $771 | - | $305 | - |
| 1979 | $859 | - | $346 | - |
| 1980 | $868 | - | $336 | - |
| 1981 | $969 | - | $334 | - |
| 1982 | $1,046 | - | $380 | - |
| 1983 | $1,199 | - | $285.8 | - |
| 1984 | $1,245 | - | $306 | - |
| 1985 | $1,162 | - | $235.5 | - |
| 1986 | $1,425 | - | $131.5 | - |
| 1987 | $1,543 | - | $172.4 | - |
| 1988 | $1,670 | - | $268.2 | - |
| 1989 | $1,670 | - | $231.3 | - |
| 1990 | $1,758 | $2,102 | $154.8 | $1,382 |
| 1991 | $1,811 | $2,131 | $183.7 | $1,445 |
| 1992 | $1,963 | $2,293 | $163.2 | $1,220 |
| 1993 | $2,112 | $2,452 | $185 | $1,269 |
| 1994 | $2,265 | $2,617 | $218.5 | $1,266 |
| 1995 | $2,491 | $2,858 | $208.4 | $1,187 |
| 1996 | $2,273 | $2,583 | $224.3 | $1,225 |
| 1997 | $2,231 | $2,434 | $199.9 | $1,157 |
| 1998 | $2,254 | $2,422 | $156.5 | $1,180 |
| 1999 | $2,258 | $2,400 | $155 | $1,167 |
| 2000 | $2,265 | $2,490 | $143.7 | $1,242 |
| 2001 | $2,394 | $2,700 | $358 | $1,121 |
| 2002 | $2,566 | $2,825 | $389 | $1,360 |
| 2003 | $2,539 | $2,824 | $414 | $1,458 |
| 2004 | $2,566 | $2,880 | $418 | $1,541 |
| 2005 | $2,659 | $3,017 | $463 | $1,615 |
| 2006 | $2,754 | $3,110 | $580 | $1,698 |
| 2007 | $2,892 | $3,309 | $632 | $1,770 |
| 2008 | $2,818 | $3,118 | $705 | $1,824 |
| 2009 | $2,907 | $3,253 | $653 | $1,814 |
| 2010 | $3,095 | $3,473 | $685 | $1,900 |
| 2011 | $3,319 | $3,537 | $761 | $2,043 |
| 2012 | $3,514 | $3,590 | $938 | $2,317 |
| 2013 | $3,678 | $3,845 | $1,117 | $2,701 |
| 2014 | $3,735 | $3,931 | $1,118 | $2,762 |
| 2015 | $3,764 | $4,125 | $965 | $2,560 |
| 2016 | $4,230 | $4,366 | $844 | $2,635 |
| 2017 | $4,593 | $4,719 | $779 | $2,501 |
| 2018 | $4,858 | $5,232 | $846 | $2,640 |
| 2019 | $5,292 | $6,045 | $844 | $2,704 |
| 2020 | $5,662 | $6,137 | $845 | $2,719 |
| 2021 | $6,315 | $6,768 | $885 | $2,849 |
| 2022 | $6,456 | $7,431 | $860 | $3,144 |
| 2023 | $6,793 | $7,549 | $758 | $3,368 |
| 2024 | $7,726 | $8,195 | $807 | $3,522 |
Spending and national debt comparison
In 2024, the Marshall Islands' government spending was $208M, accounting for 77.4% of its GDP, while Sierra Leone's spent $1.23B, or 15.4% of GDP.
Debt-to-GDP ratio is 14.2% in the Marshall Islands and 44.6% in Sierra Leone, ranking 176/185 and 120/185, respectively.
| Year | % of GDP | |||
|---|---|---|---|---|
|
Marshall Islands
|
Sierra Leone
|
|||
| Government spending | Government debt | Government spending | Government debt | |
| 1997 | 55% | 8.73% | - | - |
| 1998 | 50.5% | 18.1% | - | - |
| 1999 | 48.7% | 26.1% | - | - |
| 2000 | 56.5% | 27.3% | 10.3% | - |
| 2001 | 58.8% | 32.7% | 12% | 113.5% |
| 2002 | 55.2% | 37.2% | 12.6% | 99.8% |
| 2003 | 52.9% | 43.7% | 11.7% | 99.8% |
| 2004 | 54.5% | 46.8% | 11.1% | 93.2% |
| 2005 | 85.3% | 45.8% | 10.9% | 78.9% |
| 2006 | 61.2% | 44.4% | 9.97% | 61.9% |
| 2007 | 67.2% | 42.2% | 8.1% | 26.4% |
| 2008 | 64.3% | 44.1% | 10.3% | 46.1% |
| 2009 | 63.1% | 41.2% | 11.3% | 31.1% |
| 2010 | 59.2% | 38.8% | 12.5% | 28.9% |
| 2011 | 55.9% | 35.9% | 13.2% | 25.8% |
| 2012 | 53.2% | 37.6% | 13.5% | 24.1% |
| 2013 | 55% | 33.4% | 11.4% | 22.3% |
| 2014 | 49.2% | 34.9% | 13.5% | 26.8% |
| 2015 | 56.3% | 33.9% | 13.1% | 28.8% |
| 2016 | 56.8% | 29.2% | 14.9% | 38.9% |
| 2017 | 63.7% | 26.5% | 15% | 44.2% |
| 2018 | 60.5% | 24.7% | 13.7% | 44.2% |
| 2019 | 65.5% | 25.1% | 13.3% | 45.3% |
| 2020 | 67.8% | 21.7% | 15.6% | 46.4% |
| 2021 | 69.8% | 20.1% | 20.3% | 47.1% |
| 2022 | 67.7% | 19.8% | 19.5% | 54% |
| 2023 | 66% | 18.7% | 17.7% | 49.9% |
| 2024 | 71.8% | 16.7% | 17.6% | 43% |
| 2025 | 71.9% | 15.3% | 17.7% | 44.3% |
| 2026 | 77.4% | 14.2% | 15.4% | 44.6% |
Government deficit by year
In 2024, the Marshall Islands' government surplus, the difference between spending and revenue, was $1.71M, equivalent to 0.59% of GDP. This compares to Sierra Leone's deficit of -$322M, or -4.62% of GDP.
Over the past 25 years, the Marshall Islands recorded a fiscal deficit in 5 of those years, while Sierra Leone ran a deficit in 24 years. On average, the Marshall Islands posted an annual surplus equal to +1.5% of GDP, compared to deficit of -2.49% of GDP for Sierra Leone.
| Year | Deficit/surplus, % of GDP | |
|---|---|---|
|
Marshall Islands
|
Sierra Leone
|
|
| 1997 | 7.91% | - |
| 1998 | 13.5% | - |
| 1999 | 9.01% | - |
| 2000 | 7.84% | -1.94% |
| 2001 | 7.83% | -3.22% |
| 2002 | 5.12% | -3.03% |
| 2003 | 10.5% | -2.78% |
| 2004 | -1.6% | -1.46% |
| 2005 | -22.3% | -1.17% |
| 2006 | 0.24% | -0.93% |
| 2007 | 0.27% | 12.6% |
| 2008 | 3.68% | -2.22% |
| 2009 | 1.51% | -1.51% |
| 2010 | 3.51% | -3.09% |
| 2011 | 2.13% | -2.78% |
| 2012 | -0.76% | -3.41% |
| 2013 | -0.23% | -1.74% |
| 2014 | 3.2% | -2.77% |
| 2015 | 2.81% | -2.86% |
| 2016 | 3.88% | -5.41% |
| 2017 | 4.38% | -5.61% |
| 2018 | 2.55% | -3.57% |
| 2019 | -1.8% | -1.95% |
| 2020 | 2.54% | -3.5% |
| 2021 | 0.18% | -4.35% |
| 2022 | 0.68% | -5.93% |
| 2023 | 0.69% | -4.99% |
| 2024 | 0.59% | -4.62% |
| 2025 | 0.51% | -4.2% |
| 2026 | 0.07% | -2.02% |
Inflation comparison by year
Over the past 23 years, the Marshall Islands has recorded an average annual inflation rate of 2.97%, compared with 13.7% in Sierra Leone. In 2026, inflation was 5.9% in the Marshall Islands and 10.5% in Sierra Leone.
| Year | Inflation | |
|---|---|---|
|
Marshall Islands
|
Sierra Leone
|
|
| 1997 | - | 14.6% |
| 1998 | - | 36% |
| 1999 | - | 34.1% |
| 2000 | - | -0.9% |
| 2001 | - | 2.6% |
| 2002 | - | 0.1% |
| 2003 | - | 4% |
| 2004 | 2% | 12.9% |
| 2005 | 3.5% | 13.7% |
| 2006 | 5.3% | 10.5% |
| 2007 | 2.6% | 17% |
| 2008 | 14.7% | 8.2% |
| 2009 | 0.5% | 7.5% |
| 2010 | 1.8% | 7.2% |
| 2011 | 5.4% | 6.8% |
| 2012 | 4.3% | 6.6% |
| 2013 | 1.9% | 5.5% |
| 2014 | 1.1% | 4.6% |
| 2015 | -2.2% | 6.7% |
| 2016 | -1.5% | 10.9% |
| 2017 | 0.1% | 18.2% |
| 2018 | 0.8% | 16% |
| 2019 | -0.1% | 14.8% |
| 2020 | -0.7% | 13.4% |
| 2021 | 2.2% | 11.9% |
| 2022 | 2.8% | 27.2% |
| 2023 | 7.4% | 47.7% |
| 2024 | 5.2% | 28.4% |
| 2025 | 5.2% | 9.4% |
| 2026 | 5.9% | 10.5% |
Balance of trade
|
Marshall Islands
|
Sierra Leone
|
|
|---|---|---|
Current account balance
|
$76.3M
2021 |
-$606M
2023 |
| Current account balance ranking |
70/190
2021 |
109/190
2023 |
| Current account balance, % of GDP |
+29.2%
2021 |
-9.45%
2023 |
| Goods imports |
$133M
2021 |
$1.92B
2023 |
| Goods exports |
$121M
2021 |
$1.34B
2023 |
| Service imports |
$73.1M
2021 |
$348M
2023 |
| Service exports |
$9.44M
2021 |
$42.5M
2023 |
| Imports of goods and services, % of GDP |
81.7%
2024 |
23.3%
2024 |
| Exports of goods and services, % of GDP |
42.1%
2024 |
17.3%
2024 |
Economic freedom indices
The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.
|
Marshall Islands
|
Sierra Leone
|
|
|---|---|---|
| Economic freedom | 58 | 48 |
| Economic freedom ranking | 110/197 | 173/197 |
| Property rights | n/a | 33.8 |
| Government integrity | n/a | 36 |
| Judicial effectiveness | n/a | 41.5 |
| Tax burden | n/a | 87.8 |
| Government spending | n/a | 89 |
| Fiscal health | n/a | 53.8 |
| Business freedom | n/a | 37 |
| Labor freedom | n/a | 23.7 |
| Monetary freedom | n/a | 50.2 |
| Trade freedom | n/a | 63.6 |
| Investment freedom | n/a | 40 |
| Financial freedom | n/a | 20 |
More economic indicators
|
Marshall Islands
|
Sierra Leone
|
|
|---|---|---|
| Services, % of GDP |
67%
2024 |
42.6%
2024 |
| Industry, % of GDP |
13.2%
2024 |
25.6%
2024 |
| Agriculture, forestry, and fishing, % of GDP |
19.6%
2024 |
29.2%
2024 |
|
GNI, Atlas method
|
$319M
2024 |
$7.08B
2024 |
| GNI per capita, PPP |
$9,680
2024 |
$3,490
2024 |
| Total reserves including gold | n/a |
$433M
2024 |
| Total reserves ranking | n/a |
160/177
2024 |
|
Net foreign direct investment
|
-$499K
2021 |
-$241M
2023 |
|
Net inflows of foreign direct investment
|
$1.7M
2024 |
$274M
2024 |
|
Net outflows of foreign direct investment
|
$0
2024 |
$0
2024 |
|
Servicing debt to the IMF, % of GNI
|
n/a |
2.22%
2024 |
| Poverty at national poverty lines |
7.2%
2019 |
56.8%
2018 |
|
Gross capital formation, % of GDP
|
20.7%
2024 |
20.5%
2024 |
GDP per capita map
GDP per capita
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Economy comparisons
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.