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Maldives Economy 2017
https://theodora.com/wfbcurrent/maldives/maldives_economy.html
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES











Maldives Economy 2017
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2017

Economy - overview:
Maldives has rapidly grown into a middle-income country, driven by tourism development. In 2015, the economy’s growth slowed to 4.8%, mainly due to lower tourism sector growth as tourist arrivals from China declined. However, the slowdown is expected to reverse in 2016. Tourism, construction, transport, and the communications sector accounted for 50% of the output on average. Tourism-related tax receipts increased by 13% in 2015 due to higher tax rates. This increase in dollar tax receipts directly led to higher usable reserves in 2015. The current account deficit widened to $400 million in 2015 due to increases in construction related imports. A large and growing fiscal deficit remains an ongoing economic challenge.In July 2015, Maldives’ Parliament passed a constitutional amendment legalizing foreign ownership of land; foreign land-buyers must reclaim at least 70% of the desired land from the ocean and invest at least $1 billion in a construction project approved by Parliament.Diversifying the economy beyond tourism and fishing, reforming public finance, increasing employment opportunities, and combating corruption, cronyism, and a growing drug problem are 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):
$5.407 billion (2016 est.) $5.249 billion (2015 est.) $5.171 billion (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 172
[see also: GDP country ranks ]

GDP (official exchange rate):
$3.27 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3% (2016 est.) 1.5% (2015 est.) 6.5% (2014 est.)
country comparison to the world: 96
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$15,300 (2016 est.) $15,100 (2015 est.) $15,100 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 106
[see also: GDP - per capita country ranks ]

Gross national saving:
8.1% of GDP (2016 est.) 10.5% of GDP (2015 est.) 16.1% of GDP (2014 est.)
country comparison to the world: 159
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: NA%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: NA%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: NA%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: NA%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 108.2%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: 89.3% (2014 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 3.5%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 19.3%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 77.2% (2014 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

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:
195,100 (2014)
country comparison to the world: 174
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 15%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 15%
[see also: Labor force - by occupation - industry country ranks ]
services: 70% (2010 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
11.6% (2013 est.) 11% (2012 est.)
country comparison to the world: 131
[see also: Unemployment rate country ranks ]

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

Household income or consumption by percentage share:
lowest 10%: 1.2%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 33.3% (FY09/10)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
37.4 (2004 est.)
country comparison to the world: 78
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $960 million
[see also: Budget revenues country ranks ]
expenditures: $1.156 billion (2014 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
29.4% of GDP (2014 est.)
country comparison to the world: 81
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-6% of GDP (2014 est.)
country comparison to the world: 175
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
72.8% of GDP (2014) 66.7% of GDP (2013)
country comparison to the world: 41
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
2.1% (2016 est.) 1.4% (2015 est.)
country comparison to the world: 114
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
7% (31 December 2013) 6.96% (31 December 2011)
country comparison to the world: 46
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
10.5% (31 December 2012 est.) 10.2% (31 December 2011 est.)
country comparison to the world: 80
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$623 million (31 December 2013 est.) $547.1 million (31 December 2012 est.)
country comparison to the world: 162
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$1.538 billion (31 December 2013 est.) $1.298 billion (31 December 2012 est.)
country comparison to the world: 164
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$1.559 billion (31 December 2012 est.) $1.601 billion (31 December 2011 est.)
country comparison to the world: 150
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$555 million (31 December 2011 est.)
country comparison to the world: 112
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$389 million (2016 est.) -$296 million (2015 est.)
country comparison to the world: 99
[see also: Current account balance country ranks ]

Exports:
$300.9 million (2014 est.) $331 million (2013 est.)
country comparison to the world: 181
[see also: Exports country ranks ]

Exports - commodities:
fish

Exports - partners:
Thailand 18%, France 12.1%, Germany 10.7%, US 9.6%, Italy 6.8%, UK 6.4%, Sri Lanka 5.9%, Japan 4.6% (2015)

Imports:
$1.993 billion (2014 est.) $1.733 billion (2013 est.)
country comparison to the world: 159
[see also: Imports country ranks ]

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

Imports - partners:
UAE 18.4%, Singapore 13.8%, China 10.6%, India 10.4%, Malaysia 7%, Sri Lanka 5.6%, Thailand 5% (2015)

Reserves of foreign exchange and gold:
$627.4 million (31 December 2014 est.) $381.9 million (31 December 2013 est.)
country comparison to the world: 139
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$741.6 million (2014 est.) $792.2 million (2013 est.)
country comparison to the world: 171
[see also: Debt - external country ranks ]

Exchange rates:
rufiyaa (MVR) per US dollar - 15.25 (2016 est.) 15.25 (2015)


NOTE: The information regarding Maldives on this page is re-published from the 2017 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Maldives Economy 2017 information contained here. All suggestions for corrections of any errors about Maldives Economy 2017 should be addressed to the CIA.




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