Maldives Economy:
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. 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 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 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. In late December 2004, a major tsunami left more than 100 dead, 12,000 displaced, and property damage exceeding $300 million.
GDP (purchasing power parity):
$1.25 billion (2002 est.)
GDP — real growth rate:
2.3% (2002 est.)
GDP — per capita:
purchasing power parity: $3,900 (2002 est.)
GDP — composition by sector:
agriculture: 20%
industry: 18%
services: 62%
(2000)
Labor force:
88,000 (2000 est.)
Labor force — by occupation:
services: 60%, agriculture: 22%, industry: 18% (1995 est.)
Unemployment rate:
NEGL% (2003 est.)
Population below poverty line:
NA
Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices):
1% (2002 est.)
Budget:
revenues: $224 million (excluding foreign grants) (2002 est.)
expenditures: $282 million including capital expenditures of $80 million (2002 est.)
Agriculture — products:
Coconuts, corn, sweet potatoes; fish
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:
124.4 million kWh (2002 est.)
Electricity — consumption:
115.7 million kWh (2002 est.)
Electricity — exports:
0 kWh (2002 est.)
Electricity — imports:
0 kWh (2002 est.)
Oil — production:
0 bbl/day (2001 est.)
Oil — consumption:
3,200 bbl/day (2001 est.)
Oil — exports:
NA
Oil — imports:
NA
Exports:
$90 million (f.o.b. 2002 est.)
Exports — commodities:
fish, clothing
Exports — partners:
US 26.5%, Thailand 23.5%, UK 9.8%, Sri Lanka 12.3%, Japan 11.7%, Germany 4.9% (2004)
Imports:
$392 million (f.o.b. 2002 est.)
Imports — commodities:
ships, foodstuffs, textiles, clothing, intermediate, capital goods, petroleum products
Imports — partners:
Singapore 24.9%, Sri Lanka 10.6%, UAE 10.3%, India 10.2%, Malaysia 7.6%, Bahrain 5.4%, (2004)
Debt — external:
$281 million (2003 est.)
Economic aid — recipient:
NA (1995 est.)
Currency:
rufiyaa (MVR)
Exchange rates:
rufiyaa per US$: 12.8 (2004 est.), 12.8 (2003 est.), 12.8 (2002 est.), 12.24 (2001 est.), 11.77 (2000 est.)
Fiscal year:
calendar year
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