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 80% of the work force and accounting for over 60% of exports; it is also an important source of government revenue. During the 1980s tourism has become one of the most important and highest growth sectors of the economy. In 1988 industry accounted for about 14% of GDP. Real GDP is officially estimated to have increased by about 10% annually during the period 1974-86, and GDP estimates for 1988 show a further growth of 9% on the strength of a record fish catch and an improved tourist season.

GDP: $136 million, per capita $670; real growth rate 9.2% (1988)

Inflation rate (consumer prices): 14% (1988 est.)

Unemployment rate: NA%

Budget: revenues $51 million; expenditures $50 million, including capital expenditures of $25 million (1988 est.)

Exports: $47.0 million (f.o.b., 1988 est.); commodities--fish 57%, clothing 39%; partners--Thailand, Western Europe, Sri Lanka

Imports: $90.0 million (c.i.f., 1988 est.); commodities-- intermediate and capital goods 47%, consumer goods 42%, petroleum products 11%; partners--Japan, Western Europe, Thailand

External debt: $70 million (December 1988)

Industrial production: growth rate 3.9% (1988 est.)

Electricity: 5,000 kW capacity; 10 million kWh produced, 50 kWh per capita (1989)

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

Agriculture: accounts for almost 30% of GDP (including fishing); fishing more important than farming; limited production of coconuts, corn, sweet potatoes; most staple foods must be imported

Aid: US commitments, including Ex-Im (FY70-88), $28 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-87), $84 million; OPEC bilateral aid (1979-89), $14 million

Currency: rufiyaa (plural--rufiyaa); 1 rufiyaa (Rf) = 100 laaris

Exchange rates: rufiyaa (Rf) per US$1--9.3043 (January 1990), 9.0408 (1989), 8.7846 (1988), 9.2230 (1987), 7.1507 (1986), 7.0981 (1985)

Fiscal year: calendar year

NOTE: The information regarding Maldives on this page is re-published from the 1990 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Maldives Economy 1990 information contained here. All suggestions for corrections of any errors about Maldives Economy 1990 should be addressed to the CIA.