Economy - overview:
Tourism, Maldives' largest economic activity, accounts for 30% of GDP and more than 60% of foreign exchange receipts. 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. 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 temporarily eased with a $79.3 million IMF standby agreement. However, after the first two disbursements, the IMF withheld subsequent disbursements due to concerns over Maldives' growing budget deficit, and the government has been seeking other sources of budgetary support ever since. A new Goods and Services Tax (GST) on tourism introduced in January 2011 and a new Business Profit Tax introduced in 2012 have provided a boost to revenue. Economic growth slowed to 3.5% of GDP in 2012, compared to 5.8% in 2011 because of slower tourist arrivals and weak global conditions. Diversifying the economy beyond tourism and fishing, reforming public finance, and increasing employment opportunities are major near-term 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): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): GDP - composition by sector: Labor force: Labor force - by occupation: Unemployment rate: Population below poverty line: Household income or consumption by percentage share: Budget: Taxes and other revenues: Budget surplus (+) or deficit (-): Inflation rate (consumer prices): Central bank discount rate: Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Agriculture - products: Industries: Industrial production growth rate: Current account balance: Exports: Exports - partners: Imports: Imports - commodities: Imports - partners: Debt - external: Exchange rates: Fiscal year:
NOTE: 1) The information regarding Maldives on this page is re-published from the 2013 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Maldives Economy 2013 information contained here. All suggestions for corrections of any errors about Maldives Economy 2013 should be addressed to the CIA.
$2.945 billion (2012 est.)
country comparison to the world: 179
note:
data are in 2012 US dollars
[see also: GDP country ranks ]
$1.424 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]
3.5% (2012 est.)
country comparison to the world: 98
[see also: GDP - real growth rate country ranks ]
$8,700 (2012 est.)
country comparison to the world: 122
note:
data are in 2012 US dollars
[see also: GDP - per capita country ranks ]
agriculture: 3%
[see also: GDP - composition by sector - agriculture country ranks ]
industry:
14%
services:
83% (2011 est.)
110,000 (2010)
country comparison to the world: 182
[see also: Labor force country ranks ]
agriculture: 11%
[see also: Labor force - by occupation - agriculture country ranks ]
industry:
23%
services:
65% (2006 est.)
28% (2012 est.)
country comparison to the world: 175
[see also: Unemployment rate country ranks ]
16% (2008)
[see also: Population below poverty line country ranks ]
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%:
NA%
revenues: $591 million
[see also: Budget revenues country ranks ]
expenditures:
$790 million (2011 est.)
41.5% of GDP (2011 est.)
country comparison to the world: 46
[see also: Taxes and other revenues country ranks ]
-14% of GDP (2011 est.)
country comparison to the world: 210
[see also: Budget surplus (+) or deficit (-) country ranks ]
12.8% (2011 est.)
country comparison to the world: 206
[see also: Inflation rate (consumer prices) country ranks ]
6.96% (31 December 2011 est.)
country comparison to the world: 108
[see also: Central bank discount rate country ranks ]
10.2% (31 December 2011 est.)
country comparison to the world: 88
[see also: Commercial bank prime lending rate country ranks ]
$974.9 million (31 December 2011 est.)
country comparison to the world: 150
[see also: Stock of narrow money country ranks ]
$1.237 billion (31 December 2011 est.)
country comparison to the world: 162
[see also: Stock of broad money country ranks ]
$1.548 billion (31 December 2008 est.)
country comparison to the world: 143
[see also: Stock of domestic credit country ranks ]
$555 million (31 December 2011 est.)
[see also: Market value of publicly traded shares country ranks ]
coconuts, corn, sweet potatoes; fish
tourism, fish processing, shipping, boat building, coconut processing, garments, woven mats, rope, handicrafts, coral and sand mining
-0.9% (2004 est.)
country comparison to the world: 151
[see also: Industrial production growth rate country ranks ]
-$490 million (2011 est.)
country comparison to the world: 96
[see also: Current account balance country ranks ]
$346.4 million (2011 est.)
country comparison to the world: 179
[see also: Exports country ranks ]
France 19.2%, Thailand 18.7%, UK 10.4%, Sri Lanka 10.1%, India 8.5%, Italy 8.2%, Germany 4.7% (2011)
$1.465 billion (2011 est.)
country comparison to the world: 172
[see also: Imports country ranks ]
petroleum products, ships, foodstuffs, clothing, intermediate and capital goods
Singapore 23.2%, UAE 18%, India 8.7%, China 7.1%, Malaysia 6.9%, Sri Lanka 5.3%, Thailand 4.9% (2011)
$1.015 billion (2011 est.)
country comparison to the world: 157
[see also: Debt - external country ranks ]
rufiyaa (MVR) per US dollar -
calendar year
2) The rank that you see is the CIA reported rank, which may habe the following issues:
a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order
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This page was last modified 11-Mar-13