Economy of Maldives

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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 - $594 million (2000 est.)
GDP - real growth rate: 7.6% (2000 est.)
GDP - per capita: purchasing power parity - $2,000 (2000 est.)
GDP - composition by sector:
agriculture:  20%
industry:  18%
services:  62% (2000 est.)
Inflation rate (consumer prices): 3% (2000 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: 101 million kWh (1999)
Electricity - production by source:
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1999)
Electricity - consumption: 93.9 million kWh (1999)
Agriculture - products: coconuts, corn, sweet potatoes; fish
Exports: $88 million (f.o.b., 2000 est.)
Exports - commodities: fish, clothing
Exports - partners: United States, United Kingdom, Sri Lanka, Japan
Imports: $372 million (f.o.b., 2000 est.)
Imports - commodities: consumer goods, intermediate and capital goods, petroleum products
Imports - partners: Singapore, India, Sri Lanka, Japan, Canada
Debt - external: $237 million (2000 est.)
Currency: rufiyaa (MVR)

SOURCE: The World Factbook

Mother Earth Travel > Country Index > Maldives > Map Economy History