| Economy | Maldives |
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Economy - overview:
|
Tourism, Maldives' largest industry, 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. 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. Industry, which consists mainly of garment production, boat building, and handicrafts, accounts for about 7% of GDP. 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. Real GDP growth averaged over 7.5% per year for more than a decade. In late December 2004, a major tsunami left more than 100 dead, 12,000 displaced, and property damage exceeding $300 million. As a result of the tsunami, the GDP contracted by about 4.6% in 2005. A rebound in tourism, post-tsunami reconstruction, and development of new resorts helped the economy recover quickly, with GDP growth registering 5.7% in 2008. The trade deficit has expanded sharply as a result of high oil prices and imports of construction material. Diversifying beyond tourism and fishing, reforming public finance, and increasing employment are the 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. Government spending on social needs, subsidies, and civil servant salaries have created a large budget deficit and inflation has picked up sharply, reaching nearly 13% in October 2008 due to high oil and food prices. |
GDP (purchasing power parity):
|
$1.738 billion (2008 est.)
$1.636 billion (2007)
$1.516 billion (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
|
$5,000 (2008 est.)
$4,500 (2007 est.)
$4,400 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
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$1.259 billion (2008 est.) |
GDP - real growth rate:
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5.7% (2008 est.)
7.6% (2007 est.)
18% (2006 est.) |
GDP - composition by sector:
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agriculture: 7%
industry: 17%
services: 76% (2006 est.) |
Investment (gross fixed):
|
void |
Population below poverty line:
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21% (2004) |
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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12.8% (October 2008 est.) |
Central bank discount rate:
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13% (31 December 2008) |
Commercial bank prime lending rate:
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8% (31 December 2008) |
Stock of money:
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$475 million (31 December 2008) |
Stock of money - per capita:
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1,199 USD per capita |
Stock of quasi money:
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$487 million (31 December 2008) |
Stock of quasi money - per capita:
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1,229 USD per capita |
Stock of domestic credit:
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$1.548 billion (31 December 2008) |
Stock of domestic credit - per capita:
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3,906 USD per capita |
Labor force:
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128,800 (2006) |
Labor force participation rate:
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32.50 % of population |
Labor force - by occupation:
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agriculture: 22%
industry: 18%
services: 60% (1995) |
Unemployment rate:
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14.4% (2006 est.) |
Budget:
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revenues: $762 million (including foreign grants)
expenditures: $884 million (2008 est.) |
Budget revenues per capita:
|
1,923 USD per capita |
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:
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270 million kWh (2007 est.) |
Electricity - production per capita:
|
682 kWh per capita |
Electricity - consumption:
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203.7 million kWh (2006 est.) |
Electricity - consumption - per capita:
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514 kWh per capita |
Electricity - exports:
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0 kWh (2008 est.) |
Electricity - imports:
|
0 kWh (2008 est.) |
Oil - production:
|
0 bbl/day (2008 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
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5,490 bbl/day (2006 est.) |
Oil - consumption - per capita:
|
5.06 bbl/year per capita |
Oil - exports:
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1,499 bbl/day (2005) |
Oil - imports:
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5,362 bbl/day (2005) |
Oil - proved reserves:
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0 bbl (1 January 2008 est.) |
Natural gas - production:
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0 cu m (2008 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
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0 cu m (2008 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
0 cu m (2008 est.) |
Natural gas - imports:
|
0 cu m (2008 est.) |
Natural gas - proved reserves:
|
0 cu m (1 January 2008 est.) |
Agriculture - products:
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coconuts, corn, sweet potatoes; fish |
Current account balance:
|
-$638 million (2008 est.) |
Current account balance - per capita:
|
-1,609 USD per capita |
Exports:
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$113 million f.o.b. (2008 est.) |
Exports per capita:
|
286 USD per capita |
Exports - commodities:
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fish |
Exports - partners:
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Thailand 28.3%, UK 17.6%, France 8.8%, Sri Lanka 8.6%, Algeria 8.2%, Japan 6.4%, Italy 4.1% (2007) |
Imports:
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$1.276 billion f.o.b. (2008 est.) |
Imports per capita:
|
3,220 USD per capita |
Imports - commodities:
|
petroleum products, ships, foodstuffs, clothing, intermediate and capital goods |
Imports - partners:
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Canada 35.2%, Singapore 15%, UAE 10.2%, India 7.4%, Malaysia 7.1% (2007) |
Reserves of foreign exchange and gold:
|
void |
Reserves of foreign exchange and gold - per capita:
|
void |
Debt - external:
|
$477 million (2008 est.) |
Debt - external - per capita:
|
1,204 USD per capita |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
void |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
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$NA |
Market value of publicly traded shares - per capita:
|
void |
Economic aid - donor:
|
void |
Economic aid - recipient:
|
$66.83 million (2005) |
Economic aid - recipient per capita:
|
169 USD per capita |
Currency (code):
|
rufiyaa (MVR) |
Exchange rates:
|
rufiyaa (MVR) per US dollar - 12.8 (2008), 12.8 (2007), 12.8 (2006), 12.8 (2005), 12.8 (2004) |
Fiscal year:
|
calendar year |
|
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