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Maldives Economy 2015
https://photius.com/world_fact_book_2015/maldives/maldives_economy.html
SOURCE: 2015 CIA WORLD FACTBOOK AND OTHER SOURCES











Maldives Economy 2015
SOURCE: 2015 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on June 20, 2014

Economy - overview:
Tourism, Maldives' largest economic activity, accounts for nearly 30% of GDP and more than 60% of foreign exchange receipts. Fishing is the second leading sector, but the fish catch has dropped sharply in recent years. 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. Lower than expected tourist arrivals and fish exports, combined with high government spending on social needs, subsidies, and civil servant salaries contributed to a balance of payments crisis, which was temporarily eased with a $79.3 million IMF Stand-By agreement. However, after the first two disbursements, the IMF withheld subsequent disbursements due to concerns over Maldives' growing budget deficit, and the government has been seeking other sources of budgetary support ever since. A new Goods and Services Tax (GST) on tourism introduced in January 2011, on general goods and services in October 2011, and a new Business Profit Tax introduced in July 2011 have provided a boost to revenue. In recent years, gross foreign reserves have hovered around $300 million, sufficient to finance about two to three months of imports. Diversifying the economy beyond tourism and fishing, reforming public finance, increasing employment opportunities, and combating corruption, cronyism, and a growing drug problem are other 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):
$3.073 billion (2013 est.)
country comparison to the world: 183
$2.97 billion (2012 est.)
$2.945 billion (2011 est.)
note: data are in 2013 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$2.27 billion (2013 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3.5% (2013 est.)
country comparison to the world: 96
0.9% (2012 est.)
6.5% (2011 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$9,100 (2013 est.)
country comparison to the world: 125
$9,000 (2012 est.)
$9,000 (2011 est.)
note: data are in 2013 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition, by sector of origin:
agriculture: 3%
industry: 17%
services: 80% (2012 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.)
country comparison to the world: 3
[see also: Industrial production growth rate country ranks ]

Labor force:
159,700 (2012)
country comparison to the world: 177
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 15%
industry: 15%
services: 70% (2010 est.)

Unemployment rate:
28% (2012 est.)
country comparison to the world: 178
14.5% (2010 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
16% (2008)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 1.2%
highest 10%: 33.3% (FY09/10)

Distribution of family income - Gini index:
37.4 (2004)
country comparison to the world: 79
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $638 million
expenditures: $917 million (2012 est.)

Taxes and other revenues:
28.1% of GDP (2012 est.)
country comparison to the world: 104
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-12.3% of GDP (2012 est.)
country comparison to the world: 210
[see also: Budget surplus (+) or deficit (-) country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
5.1% (2012 est.)
country comparison to the world: 157
16.7% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
7% (31 December 2012 est.)
country comparison to the world: 44
6.96% (31 December 2011 est.)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
10.5% (31 December 2012 est.)
country comparison to the world: 81
10.2% (31 December 2011 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$547.1 million (31 December 2012 est.)
country comparison to the world: 159
$531.4 million (31 December 2011 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$1.298 billion (31 December 2012 est.)
country comparison to the world: 163
$1.237 billion (31 December 2011 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$1.559 billion (31 December 2012 est.)
country comparison to the world: 141
$1.601 billion (31 December 2011 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$555 million (31 December 2011 est.)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$600 million (2012 est.)
country comparison to the world: 106
$437 million (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$283 million (2012 est.)
country comparison to the world: 181
$316 million (2011 est.)
[see also: Exports country ranks ]

Exports - commodities:
fish

Exports - partners:
France 18.9%, Thailand 15.8%, UK 11.4%, US 9.4%, Sri Lanka 8.6%, Italy 8.1%, Germany 6.4% (2012)

Imports:
$1.406 billion (2012 est.)
country comparison to the world: 173
$1.314 billion (2011 est.)
[see also: Imports country ranks ]

Imports - commodities:
petroleum products, clothing, intermediate and capital goods

Imports - partners:
Singapore 21.7%, UAE 20.9%, India 9.6%, Malaysia 7.6%, China 6%, Thailand 5.6%, Sri Lanka 4% (2012)

Reserves of foreign exchange and gold:
$356 million (30 November 2012 est.)
country comparison to the world: 154
$326 million (30 November 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$890.8 million (2012 est.)
country comparison to the world: 162
$684.2 million (2011 est.)
[see also: Debt - external country ranks ]

Exchange rates:
rufiyaa (MVR) per US dollar -
15.365 (2011)
14.602 (2011)
12.8 (2008)
12.8 (2007)


NOTE: 1) The information regarding Maldives on this page is re-published from the 2015 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Maldives Economy 2015 information contained here. All suggestions for corrections of any errors about Maldives Economy 2015 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order




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