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Maldives Economy
Maldives Economy: A summary of information about Maldives Economy, from government research data as well as independent research and other sources.
Maldives: Economy
Economy - overview
Tourism, Maldives largest industry, accounts for 20% of GDP and more than 60% of the Maldives' foreign exchange receipts. Over 90% of government tax revenue comes from import duties and tourism-related taxes. Almost 400,000 tourists visited the islands in 1998. Fishing is a second leading sector. The Maldivian Government began an economic reform program in 1989 initially by lifting import quotas and opening some exports to the private sector. Subsequently, it has liberalized regulations to allow more foreign investment. Agriculture and manufacturing continue to play a minor role in the economy, constrained by the limited availability of cultivable land and the shortage of domestic labor. Most staple foods must be imported. Industry, which consists mainly of garment production, boat building, and handicrafts, accounts for about 18% of GDP. Maldivian authorities worry about the impact of erosion and possible global warming on their low-lying country; 80% of the area is one meter or less above sea level.
GDP
purchasing power parity - $540 million (1999 est.)
GDP - real growth rate
7% (1999 est.)
GDP - per capita
purchasing power parity - $1,800 (1999 est.)
GDP - composition by sector
agriculture: 20% industry: 18% services: 62% (1999 est.)
Population below poverty line
NA%
Household income or consumption by percentage share
lowest 10%: NA% highest 10%: NA%
Inflation rate (consumer prices)
3% (1999 est.)
Labor force
67,000 (1995)
Labor force - by occupation
agriculture 22%, industry 18%, services 60% (1995)
Unemployment rate
NEGL%
Budget
revenues: $166 million (excluding foreign grants) expenditures: $192 million, including capital expenditures of $80 million (1999 est.)
Industries
fish processing, tourism, shipping, boat building, coconut processing, garments, woven mats, rope, handicrafts, coral and sand mining
Industrial production growth rate
4.4% (1996 est.)
Electricity - production
85 million kWh (1998)
Electricity - production by source
fossil fuel: 100% hydro: 0% nuclear: 0% other: 0% (1998)
Electricity - consumption
79 million kWh (1998)
Electricity - exports
0 kWh (1998)
Electricity - imports
0 kWh (1998)
Agriculture - products
coconuts, corn, sweet potatoes; fish
Exports
$98 million (f.o.b., 1998)
Exports - commodities
fish, clothing
Exports - partners
US, UK, Sri Lanka, Japan
Imports
$312 million (f.o.b., 1998)
Imports - commodities
consumer goods, intermediate and capital goods, petroleum products
Imports - partners
Singapore, India, Sri Lanka, Japan, Canada
Debt - external
$188 million (1998 est.)
Economic aid - recipient
$NA
Currency
1 rufiyaa (Rf) = 100 laari
Exchange rates
rufiyaa (Rf) per US$1 - 11.770 (fixed rate since 1995)
Fiscal year
calendar year
