| Economy | Maldives |
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Economy - overview:
|
Tourism, Maldives' largest economic activity, accounts for 28% of GDP and more than 60% of foreign exchange receipts. Over 90% of government tax revenue comes from import duties and tourism-related taxes. Fishing is the second leading sector, but the fish catch has dropped sharply in recent years. Agriculture and manufacturing continue to play a lesser role in the economy, constrained by the limited availability of cultivable land and the shortage of domestic labor. Most staple foods must be imported. In the last decade, real GDP growth averaged around 6% per year except for 2005, when GDP declined following the Indian Ocean tsunami, and in 2009, when GDP shrank by nearly 5% as tourist arrivals declined and capital flows plunged in the wake of the global financial crisis. Falling tourist arrivals and fish exports, combined with high government spending on social needs, subsidies, and civil servant salaries contributed to a balance of payments crisis, which was eased with a December 2009, $79.3 million dollar IMF standby agreement. However, after the first two disbursements, the IMF withheld subsequent disbursements due to concerns over Maldives' growing budget deficit. Maldives has had chronic budget deficits in recent years and the government's plans to cut expenditures have not progressed well. A new Goods and Services Tax on Tourism (GST) was introduced in January 2011 and a new Business Profit Tax is to be introduced during the year. These taxes are expected to increase government revenue by about 25%. The government has privatized the main airport and is partially privatizing the energy sector. Tourism will remain the engine of the economy. The Government of the Maldives has aggressively promoted building new island resorts. Due to increasing tourist arrivals, GDP growth climbed to 8% in 2010 and around 6% in 2011. Diversifying the economy beyond tourism and fishing, reforming public finance, and increasing employment opportunities are major challenges facing the government. Over the longer term Maldivian authorities worry about the impact of erosion and possible global warming on their low-lying country; 80% of the area is 1 meter or less above sea level. |
GDP (purchasing power parity):
|
$2.754 billion (2011 est.)
$2.55 billion (2010 est.)
$2.346 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
|
$8,400 (2011 est.)
$8,000 (2010 est.)
$7,600 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
|
$2.1 billion (2011 est.) |
GDP - real growth rate:
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6.5% (2011 est.)
7.1% (2010 est.)
-7.5% (2009 est.) |
GDP - composition by sector:
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agriculture: 5.6%
industry: 16.9%
services: 77.5% (2009 est.) |
Investment (gross fixed):
|
void |
Population below poverty line:
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16% (2008) |
Household income or consumption by percentage share:
|
lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
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6% (2010 est.)
7.3% (2009 est.) |
Central bank discount rate:
|
2.75% (31 December 2010 est.)
16% (31 December 2009 est.) |
Commercial bank prime lending rate:
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10.38% (31 December 2010 est.)
13% (31 December 2009 est.) |
Stock of money:
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$460 million (31 October 2009)
$475.2 million (31 December 2008) |
Stock of money - per capita:
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1,165 USD per capita |
Stock of quasi money:
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$488 million (31 October 2009)
$487.8 million (31 December 2008) |
Stock of quasi money - per capita:
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1,236 USD per capita |
Stock of domestic credit:
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$1.548 billion (31 December 2008 est.)
$1.08 billion (31 December 2007 est.) |
Stock of domestic credit - per capita:
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3,919 USD per capita |
Stock of narrow money:
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$588 million (31 December 2010)
$581 million (31 December 2009) |
Stock of broad money:
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$1.239 billion (31 December 2010 est.)
$1.064 billion (31 December 2009 est.) |
Labor force:
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110,000 (2010) |
Labor force participation rate:
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27.85 % of population |
Labor force - by occupation:
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agriculture: 11%
industry: 23%
services: 65% (2006 est.) |
Unemployment rate:
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14.5% (2010 est.)
14.4% (2006 est.) |
Unemployment, youth ages 15-24:
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total: 22.2%
male: 15.5%
female: 30.5% (2006) |
Budget:
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revenues: $476 million
expenditures: $758 million (2010 est.) |
Budget revenues per capita:
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1,206 USD per capita |
Taxes and other revenues:
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22.7% of GDP (2010 est.) |
Budget surplus (+) or deficit (-):
|
-13.4% of GDP (2010 est.) |
Public debt:
|
void |
Industries:
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tourism, fish processing, shipping, boat building, coconut processing, garments, woven mats, rope, handicrafts, coral and sand mining |
Industrial production growth rate:
|
-0.9% (2004 est.) |
Electricity - production:
|
542 million kWh (2009 est.) |
Electricity - production per capita:
|
1,373 kWh per capita |
Electricity - consumption:
|
542 million kWh (2009 est.) |
Electricity - consumption - per capita:
|
1,373 kWh per capita |
Electricity - exports:
|
0 kWh (2009 est.) |
Electricity - imports:
|
0 kWh (2009 est.) |
Oil - production:
|
0 bbl/day (2010 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
|
6,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
|
5.54 bbl/year per capita |
Oil - exports:
|
0 bbl/day (2009 est.) |
Oil - imports:
|
6,088 bbl/day (2009 est.) |
Oil - proved reserves:
|
0 bbl (1 January 2011 est.) |
Natural gas - production:
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0 cu m (2009 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2010 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
0 cu m (2010 est.) |
Natural gas - imports:
|
0 cu m (2010 est.) |
Natural gas - proved reserves:
|
0 cu m (1 January 2011 est.) |
Agriculture - products:
|
coconuts, corn, sweet potatoes; fish |
Current account balance:
|
-$463 million (2010 est.)
-$419 million (2009 est.) |
Current account balance - per capita:
|
-1,172 USD per capita |
Exports:
|
$163 million (2009 est.)
$331 million (2008 est.) |
Exports per capita:
|
413 USD per capita |
Exports - commodities:
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fish |
Exports - partners:
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Thailand 17.9%, Sri Lanka 16.9%, France 14.2%, UK 12.1%, Italy 9.2%, Tanzania 4.9% (2010) |
Imports:
|
$967 million (2009 est.)
$1.388 billion (2008 est.) |
Imports per capita:
|
2,449 USD per capita |
Imports - commodities:
|
petroleum products, ships, foodstuffs, clothing, intermediate and capital goods |
Imports - partners:
|
Singapore 24.7%, UAE 17.2%, India 8.6%, Malaysia 8.1%, Sri Lanka 5.7%, Thailand 5.7%, China 5.6% (2010) |
Reserves of foreign exchange and gold:
|
void |
Reserves of foreign exchange and gold - per capita:
|
void |
Debt - external:
|
$943 million (2010 est.)
$933 million (2009 est.) |
Debt - external - per capita:
|
2,388 USD per capita |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
void |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
|
$NA |
Market value of publicly traded shares - per capita:
|
void |
Currency (code):
|
rufiyaa (MVR) |
Exchange rates:
|
rufiyaa (MVR) per US dollar -
12.8 (2010)
12.8 (2008)
12.8 (2007) |
Fiscal year:
|
calendar year |
|
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