Asia > Maldives > Economy

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Agriculture > products coconuts, corn, sweet potatoes; fish
Aid as % of GDP	3.5%		[57th of 129]
Consumer price index	108.47 %		[137th of 165]
Current account balance	-$472,000,000.00		[114th of 181]
Debt > External	$482,000,000.00		[129th of 136]
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 the economy recover quickly. The trade deficit has expanded sharply as a result of high oil prices and imports of construction material. Diversifying beyond tourism and fishing and increasing employment are the major 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.
Exchange rates rufiyaa per US dollar - 12.8 (2004), 12.8 (2003), 12.8 (2002), 12.24 (2001), 11.77 (2000)
Exports	$167,000,000.00		[170th of 189]
Exports to US	$31,000,000.00		[114th of 224]
GDP	$915,207,000.00		[148th of 203]
GDP (purchasing power parity)	$1,588,000,000.00		[172nd of 187]
GDP > Real growth rate	6.6%		[55th of 198]
GDP growth > annual %	-5.19 annual %		[170th of 187]
Gross National Income	$561,693,000.00		[151st of 172]
Human Development Index	0.745		[96th of 178]
Inflation rate (consumer prices)	5%		[94th of 192]
Population below poverty line	21%		[32nd of 46]
Total reserves minus gold > current US$	186,263,800 $		[144th of 178]
Tourist arrivals	366,000		[79th of 152]
Tourist arrivals by region of origin > Europe	306,856		[79th of 195]

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