Asia > Maldives > Economy

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Agriculture > products coconuts, corn, sweet potatoes; fish
Aid as % of GDP	3.5%		[57th of 129]
Source: CIA World Factbook, 28 July 2005
Consumer price index	108.47 %		[137th of 165]
Source: calculated on the basis of data on ODA from OECD (Organisation for Economic Co-operation and Development), Development Assistance Committee. 2002. DAC Online. Database. Paris.; and data on GDP from World Bank. 2002. World Development Indicators 2002. CD-ROM. Washington, DC
Current account balance	-$472,000,000.00		[114th of 181]
Source: World Development Indicators database
Debt > External	$482,000,000.00		[129th of 136]
Source: All CIA World Factbooks 18 December 2003 to 18 December 2008
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.
Source: All CIA World Factbooks 18 December 2003 to 18 December 2008
Exchange rates rufiyaa per US dollar - 12.8 (2004), 12.8 (2003), 12.8 (2002), 12.24 (2001), 11.77 (2000)
Source: All CIA World Factbooks 18 December 2003 to 18 December 2008
Exports	$167,000,000.00		[170th of 189]
Source: CIA World Factbook, 28 July 2005
Exports to US	$31,000,000.00		[114th of 224]
Source: All CIA World Factbooks 18 December 2003 to 18 December 2008
GDP	$915,207,000.00		[148th of 203]
Source: US Census Bureau
GDP (purchasing power parity)	$1,588,000,000.00		[172nd of 187]
Source: World Development Indicators database and CIA World Factbook
GDP > Real growth rate	6.6%		[55th of 198]
Source: All CIA World Factbooks 18 December 2003 to 18 December 2008
GDP growth > annual %	-5.19 annual %		[170th of 187]
Source: All CIA World Factbooks 18 December 2003 to 18 December 2008
Gross National Income	$561,693,000.00		[151st of 172]
Source: World Development Indicators database
Human Development Index	0.745		[96th of 178]
Inflation rate (consumer prices)	5%		[94th of 192]
Source: Human Development Report 2006, United Nations Development Programme
Population below poverty line	21%		[32nd of 46]
Source: All CIA World Factbooks 18 December 2003 to 18 December 2008
Total reserves minus gold > current US$	186,263,800 $		[144th of 178]
Source: All CIA World Factbooks 18 December 2003 to 18 December 2008
Tourist arrivals	366,000		[79th of 152]
Source: World Development Indicators database
Tourist arrivals by region of origin > Europe	306,856		[79th of 195]
Source: United Nations World Statistics Pocketbook and Statistical Yearbook

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