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World > Asia > Maldives > Economy (Facts)

Maldives - Economy (Facts)
Economy - overview: Tourism, Maldives' largest industry, accounts for 28% 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. Fishing is the second leading sector. 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. Most staple foods must be imported. Industry, which consists mainly of garment production, boat building, and handicrafts, accounts for about 7% of GDP. 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. Real GDP growth averaged over 7.5% per year for more than a decade. In late December 2004, a major tsunami left more than 100 dead, 12,000 displaced, and property damage exceeding $300 million. As a result of the tsunami, the GDP contracted by about 3.6% in 2005. A rebound in tourism, post-tsunami reconstruction, and development of new resorts helped boost GDP by about 18 percent in 2006. The trade deficit has expanded sharply as a result of high oil prices and imports of construction material. Diversifying beyond tourism and fishing is the major challenge 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 one meter or less above sea level.
GDP - real growth rate: 18% (2006 est.)
GDP (purchasing power parity): $2.839 billion (2006 est.)
GDP (official exchange rate): $906 million (2006 est.)
GDP - per capita (PPP): $3,900 (2002 est.)
GDP - composition by sector: agriculture: 16%
industry: 7%
services: 77% (2006 est.)
Population below poverty line: 21% (2004)
Household income or consumption by percentage share: lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices): 6% (2005 est.)
Labor force: 101,300 (2004)
Labor force - by occupation: agriculture: 22%
industry: 18%
services: 60% (1995)
Unemployment rate: NEGL% (2003 est.)
Budget: revenues: $508 million (including foreign grants)
expenditures: $671 million (2006 est.)
Industries: tourism, fish processing, shipping, boat building, coconut processing, garments, woven mats, rope, handicrafts, coral and sand mining
Industrial production growth rate: -0.9% (2004 est.)
Electricity - production: 149.9 million kWh (2004)
Electricity - consumption: 139.4 million kWh (2004)
Electricity - exports: 0 kWh (2004)
Electricity - imports: 0 kWh (2004)
Oil - production: 0 bbl/day (2004 est.)
Oil - consumption: 7,200 bbl/day (2004 est.)
Oil - exports: NA bbl/day
Oil - imports: NA bbl/day
Oil - proved reserves: 0 bbl
Natural gas - production: 0 cu m (2004 est.)
Agriculture - products: coconuts, corn, sweet potatoes; fish
Exports: $214 million f.o.b. (2006 est.)
Exports - commodities: fish
Exports - partners: Thailand 32.1%, UK 13.9%, Sri Lanka 11.6%, Japan 10%, France 6.7%, Algeria 6% (2006)
Imports: $832 million f.o.b. (2006 est.)
Imports - commodities: petroleum products, ships, foodstuffs, clothing, intermediate and capital goods
Imports - partners: Singapore 23.3%, UAE 15.8%, India 11.1%, Malaysia 7.9%, Thailand 7%, Sri Lanka 5.7% (2006)
Debt - external: $482 million (2006 est.)
Economic aid - recipient: $27.9 million (2004)
Currency: Maldive Rufiyaa (MVR)
Currency code: MVR
Exchange rates: rufiyaa per US dollar - 12.8 (2006), 12.8 (2005), 12.8 (2004), 12.8 (2003), 12.8 (2002)
Fiscal year: calendar year


Facts at a Glance: Geography - People - Government - Economy - Communications - Transportation - Military - Climate - Current Time - Ranking Positions
Notes and Commentary: People - Economy - Government and Political Conditions - Foreign Relations - Relations with U.S.



Facts at a Glance
Geography
People
Government
Economy
Communications
Transportation
Military
Climate
Current Time
Ranking Positions


Notes and Commentary
People
Economy
Government and Political Conditions
Foreign Relations
Relations with U.S.





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