| Economy - overview | Maldives 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) | $6.896 billion (2017 est.) $6.596 billion (2016 est.) $6.348 billion (2015 est.) note: data are in 2017 dollars |
| GDP (official exchange rate) | $4.52 billion (2016 est.) |
| GDP - real growth rate | 4.6% (2017 est.) 3.9% (2016 est.) 3.3% (2015 est.) |
| GDP - per capita (PPP) | $19,200 (2017 est.) $18,600 (2016 est.) $18,200 (2015 est.) note: data are in 2017 dollars |
| Gross national saving | 2.8% of GDP (2017 est.) 0.4% of GDP (2016 est.) 12.7% of GDP (2015 est.) |
| GDP - composition, by end use | household 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 sector | agriculture: 3% industry: 16% services: 81% (2015 est.) |
| Population below poverty line | 16% (2008 est.) |
| Labor force | 195,100 (2014) |
| Labor force - by occupation | agriculture: 15% industry: 15% services: 70% (2010 est.) |
| Unemployment rate | 11.6% (2013 est.) 11% (2012 est.) |
| Unemployment, youth ages 15-24 | total: 25.4% male: 29.1% female: 21.4% (2010 est.) |
| Household income or consumption by percentage share | lowest 10%: 1.2% highest 10%: 33.3% (FY09/10) |
| Distribution of family income - Gini index | 38.4 (2009 est.) 37.4 (2004 est.) |
| Budget | revenues: $1.481 billion expenditures: $1.7 billion (2016, est.) |
| Taxes and other revenues | 32.8% of GDP (2016, est.) |
| Budget surplus (+) or deficit (-) | -4.9% of GDP (2016, est.) |
| Public debt | 81.5% of GDP (2016 est.) 72% of GDP (2015 est.) |
| Inflation rate (consumer prices) | 2.5% (2017 est.) 0.8% (2016 est.) |
| Central bank discount rate | 7% (31 December 2013) 6.96% (31 December 2011) |
| Commercial bank prime lending rate | 10.5% (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 - products | coconuts, corn, sweet potatoes; fish |
| Industries | tourism, fish processing, shipping, boat building, coconut processing, woven mats, rope, handicrafts, coral and sand mining |
| Industrial production growth rate | 14% (2012 est.) |
| Current Account Balance | -$779 million (2017 est.) -$831 million (2016 est.) |
| Exports | $239.7 million (2015 est.) $300.9 million (2014 est.) |
| Exports - commodities | fish |
| Exports - partners | Thailand 33.8%, Sri Lanka 10%, US 8.7%, France 8.6%, Germany 8.6%, Ireland 4.9%, Italy 4.8%, UK 4.1% (2016) |
| Imports | $1.896 billion (2015 est.) $1.993 billion (2014 est.) |
| Imports - commodities | petroleum products, clothing, intermediate and capital goods |
| Imports - partners | UAE 15.6%, Singapore 14.3%, China 13.4%, India 12.9%, Sri Lanka 6.3%, Malaysia 5.7%, Thailand 4.7% (2016) |
| 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 rates | rufiyaa (MVR) per US dollar - 15.25 (2016) |
| Fiscal year | calendar year |
Source: CIA World Factbook
This page was last updated on January 20, 2018
