Overview: The economy is based on fishing, tourism, and shipping. Agriculture is limited to the production of a few subsistence crops that provide only 10% of food requirements. Fishing is the largest industry, employing 25% of the work force and accounting for over 60% of exports; it is also an important source of government revenue. During the 1980s tourism became one of the most important and highest growth sectors of the economy. In 1988 industry accounted for about 5% of GDP. Real GDP is officially estimated to have increased by about 10% annually during the period 1974-90.

National product: GDP - exchange rate conversion - $140 million (1991 est.)

National product real growth rate: 6% (1993 est.)

National product per capita: $620 (1991 est.)

Inflation rate (consumer prices): 15% (1993 est.)

Unemployment rate: NEGL%

Budget:
revenues: $95 million (excluding foreign transfers)
expenditures: $143 million, including capital expenditures of $71 million (1993 est.)

Exports: $56.3 million (f.o.b., 1993 est.)
commodities: fish, clothing
partners: US, UK, Sri Lanka

Imports: $173.6 million (c.i.f., 1993 est.)
commodities: consumer goods, intermediate and capital goods, petroleum products
partners: Singapore, Germany, Sri Lanka, India

External debt: $148 million (1993 est.)

Industrial production: growth rate 24% (1990); accounts for 6% of GDP

Electricity:
capacity: 5,000 kW
production: 11 million kWh
consumption per capita: 50 kWh (1990)

Industries: fishing and fish processing, tourism, shipping, boat building, some coconut processing, garments, woven mats, coir (rope), handicrafts

Agriculture: accounts for almost 25% of GDP (including fishing); fishing more important than farming; limited production of coconuts, corn, sweet potatoes; most staple foods must be imported; fish catch of 67,000 tons (1990 est.)

Economic aid:
recipient: US commitments, including Ex-Im (FY70-88), $28 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $125 million; OPEC bilateral aid (1979-89), $14 million

Currency: 1 rufiyaa (Rf) = 100 laari
Exchange rates: rufiyaa (Rf) per US$1 - 11.105 (January 1994), 10.957 (1993), 10.569 (1992), 10.253 (1991), 9.509 (1990), 9.0408 (1989)

Fiscal year: calendar year

NOTE: The information regarding Maldives on this page is re-published from the 1995 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Maldives Economy 1995 information contained here. All suggestions for corrections of any errors about Maldives Economy 1995 should be addressed to the CIA.