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 - $1.2 billion (2001 est.)

GDP - real growth rate 7% (2001 est.)

GDP - per capita purchasing power parity - $3,870 (2001 est.)

GDP - composition by sector
agriculture: 20%
industry: 18%
services: 62% (2000 est.)

Population below poverty line NA%

Household income or consumption by percentage share
lowest 10%: NA%
highest 10%: NA%

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 110 million kWh (2000)

Electricity - production by source
fossil fuel: 100%
hydro: 0%
other: 0% (2000)
nuclear: 0%

Electricity - consumption 102.3 million kWh (2000)

Electricity - exports 0 kWh (2000)

Electricity - imports 0 kWh (2000)

Agriculture - products coconuts, corn, sweet potatoes; fish

Exports $88 million (f.o.b., 2000 est.)

Exports - commodities fish, clothing

Exports - partners US, UK, 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.)

Economic aid - recipient $NA

Currency rufiyaa (MVR)

Currency code MVR

Exchange rates rufiyaa per US dollar - 11.770 (fixed rate since 1995)

Fiscal year calendar year

NOTE: The information regarding Maldives on this page is re-published from the 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Maldives Economy 2002 information contained here. All suggestions for corrections of any errors about Maldives Economy 2002 should be addressed to the CIA.