Maldives Economy 2018, CIA World Factbook
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Maldives Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











Maldives Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

Economy - overview:
Maldives has quickly become a middle-income country, driven by the rapid growth of its tourism and fisheries sectors, but the country still contends with a large and growing fiscal deficit. Economic growth slowed to 2.8% in 2015, mainly because of a decline in tourists from China and Russia. Despite lower growth, tourism-related tax receipts increased by 13% in 2015 because of higher tax rates. This increase in tax receipts led to higher usable foreign exchange reserves that helped partially fund increases in construction related imports.In 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):
$6.896 billion (2017 est.) $6.596 billion (2016 est.) $6.348 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 170

GDP (official exchange rate):
$4.52 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
4.6% (2017 est.) 3.9% (2016 est.) 3.3% (2015 est.)
country comparison to the world: 49
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$19,200 (2017 est.) $18,600 (2016 est.) $18,200 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 93

Gross national saving:
2.8% of GDP (2017 est.) 0.4% of GDP (2016 est.) 12.7% of GDP (2015 est.)
country comparison to the world: 173
[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%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 16%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 81% (2015 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: 4
[see also: Industrial production growth rate country ranks ]

Labor force:
195,100 (2014)
country comparison to the world: 176
[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: 149
[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)

Distribution of family income - Gini index:
38.4 (2009 est.) 37.4 (2004 est.)
country comparison to the world: 71
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $1.481 billion
[see also: Budget - revenues country ranks ]
expenditures: $1.7 billion (2016, est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
32.8% of GDP (2016, est.)
country comparison to the world: 69
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-4.9% of GDP (2016, est.)
country comparison to the world: 159
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
81.5% of GDP (2016 est.) 72% of GDP (2015 est.)
country comparison to the world: 37
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
2.5% (2017 est.) 0.8% (2016 est.)
country comparison to the world: 116
[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: 49
[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: 76
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$338.5 million (31 December 2015 est.) $623 million (31 December 2013 est.)
country comparison to the world: 175
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$1.337 billion (31 December 2015) $1.298 billion (31 December 2012 est.)
country comparison to the world: 167
[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: 157
[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: 113
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$779 million (2017 est.) -$831 million (2016 est.)
country comparison to the world: 120
[see also: Current account balance country ranks ]

Exports:
$239.7 million (2015 est.) $300.9 million (2014 est.)
country comparison to the world: 186
[see also: Exports country ranks ]

Exports - commodities:
fish

Exports - partners:
Thailand 33.8%, Sri Lanka 10%, US 8.7%, France 8.6%, Germany 8.6%, Ireland 4.9%, Italy 4.8%, UK 4.1% (2016)

Imports:
$1.896 billion (2015 est.) $1.993 billion (2014 est.)
country comparison to the world: 162
[see also: Imports country ranks ]

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

Imports - partners:
UAE 15.6%, Singapore 14.3%, China 13.4%, India 12.9%, Sri Lanka 6.3%, Malaysia 5.7%, Thailand 4.7% (2016)

Reserves of foreign exchange and gold:
$565.5 million (31 December 2015 est.) $627.4 million (31 December 2014 est.)
country comparison to the world: 141
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$693.7 million (2015 est.) $741.6 million (2014 est.)
country comparison to the world: 172
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$324 million (31 December 2015) $256 million (31 December 2013)
country comparison to the world: 127
[see also: Stock of direct foreign investment - at home country ranks ]

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


NOTE: 1) The information regarding Maldives on this page is re-published from the 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Maldives Economy 2018 information contained here. All suggestions for corrections of any errors about Maldives Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The 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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