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Maldives Economy Profile 2017

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Economy - overviewMaldives has quickly become a middle-income country, driven by the rapid growth of its tourism and fisheries sectors, but the country still contends with a large and growing fiscal deficit. Economic growth slowed to 2.8% in 2015, mainly because of a decline in tourists from China and Russia. Despite lower growth, tourism-related tax receipts increased by 13% in 2015 because of higher tax rates. This increase in tax receipts led to higher usable foreign exchange reserves that helped partially fund increases in construction related imports.

In 2015, Maldives’ Parliament passed a constitutional amendment legalizing foreign ownership of land; foreign land-buyers must reclaim at least 70% of the desired land from the ocean and invest at least $1 billion in a construction project approved by Parliament.

Diversifying the economy beyond tourism and fishing, reforming public finance, increasing employment opportunities, and combating corruption, cronyism, and a growing drug problem are 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)$5.407 billion (2016 est.)
$5.249 billion (2015 est.)
$5.171 billion (2014 est.)
note: data are in 2016 dollars
GDP (official exchange rate)$3.27 billion (2016 est.)
GDP - real growth rate3% (2016 est.)
1.5% (2015 est.)
6.5% (2014 est.)
GDP - per capita (PPP)$15,300 (2016 est.)
$15,100 (2015 est.)
$15,100 (2014 est.)
note: data are in 2016 dollars
Gross national saving8.1% of GDP (2016 est.)
10.5% of GDP (2015 est.)
16.1% of GDP (2014 est.)
GDP - composition, by end usehousehold consumption: NA%
government consumption: NA%
investment in fixed capital: NA%
investment in inventories: NA%
exports of goods and services: 108.2%
imports of goods and services: 89.3% (2014 est.)
GDP - composition by sectoragriculture: 3%
industry: 16%
services: 81% (2015 est.)
Population below poverty line16% (2008 est.)
Labor force195,100 (2014)
Labor force - by occupationagriculture: 15%
industry: 15%
services: 70% (2010 est.)
Unemployment rate11.6% (2013 est.)
11% (2012 est.)
Unemployment, youth ages 15-24total: 25.4%
male: 29.1%
female: 21.4% (2010 est.)
Household income or consumption by percentage sharelowest 10%: 1.2%
highest 10%: 33.3% (FY09/10)
Distribution of family income - Gini index38.4 (2009 est.)
37.4 (2004 est.)
Budgetrevenues: $1.481 billion
expenditures: $1.7 billion (2016 est.)
Taxes and other revenues45.3% of GDP (2016 est.)
Budget surplus (+) or deficit (-)-6.7% of GDP (2016 est.)
Public debt72.8% of GDP (2014)
66.7% of GDP (2013)
Inflation rate (consumer prices)2.1% (2016 est.)
1.4% (2015 est.)
Central bank discount rate7% (31 December 2013)
6.96% (31 December 2011)
Commercial bank prime lending rate10.5% (31 December 2012 est.)
10.2% (31 December 2011 est.)
Stock of narrow money$338.5 million (31 December 2015 est.)
$623 million (31 December 2013 est.)
Stock of broad money$1.337 billion (31 December 2015)
$1.298 billion (31 December 2012 est.)
Stock of domestic credit$1.559 billion (31 December 2012 est.)
$1.601 billion (31 December 2011 est.)
Market value of publicly traded shares$555 million (31 December 2011 est.)
Agriculture - productscoconuts, corn, sweet potatoes; fish
Industriestourism, fish processing, shipping, boat building, coconut processing, woven mats, rope, handicrafts, coral and sand mining
Industrial production growth rate14% (2012 est.)
Current Account Balance-$606 million (2016 est.)
-$326 million (2015 est.)
Exports$239.7 million (2015 est.)
$300.9 million (2014 est.)
Exports - commoditiesfish
Exports - partnersThailand 17.4%, France 11.7%, Germany 10.3%, US 9.3%, Sri Lanka 8.5%, Italy 6.6%, UK 6.2%, Japan 4.5% (2015)
Imports$1.896 billion (2015 est.)
$1.993 billion (2014 est.)
Imports - commoditiespetroleum products, clothing, intermediate and capital goods
Imports - partnersUAE 18.1%, Singapore 13.6%, China 10.5%, India 10.3%, Malaysia 6.9%, Thailand 4.9%, Sri Lanka 4.7% (2015)
Reserves of foreign exchange and gold$565.5 million (31 December 2015 est.)
$627.4 million (31 December 2014 est.)
Debt - external$693.7 million (2015 est.)
$741.6 million (2014 est.)
Stock of direct foreign investment - at home$324 million (31 December 2015)
$256 million (31 December 2013)
Exchange ratesrufiyaa (MVR) per US dollar -
15.25 (2016 est.)
15.25 (2015)
Fiscal yearcalendar year

Source: CIA World Factbook
This page was last updated on July 9, 2017