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. Infrastructure projects, largely funded by China, could add significantly to debt levels. Political turmoil and the declaration of a state of emergency in February 2018 led to the issuance of travel warnings by several countries whose citizens visit Maldives in significant numbers, but the overall impact on tourism revenue was unclear.
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): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): Gross national saving: GDP - composition, by end use: GDP - composition, by sector of origin: Agriculture - products: Industries: Industrial production growth rate: Labor force: Labor force - by occupation: Unemployment rate: Population below poverty line: Household income or consumption by percentage share: Distribution of family income - Gini index: Budget: Taxes and other revenues: Budget surplus (+) or deficit (-): Public debt: Fiscal year: Inflation rate (consumer prices): Central bank discount rate: Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Current account balance: Exports: Exports - partners: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Stock of direct foreign investment - at home: Stock of direct foreign investment - abroad: Exchange rates:
$6.901 billion
(2017 est.)
$6.583 billion
(2016 est.)
$6.3 billion
(2015 est.)
note: data are in 2017 dollars
country comparison to the world:
168
[see also: GDP country ranks ]
$4.505 billion
(2017 est.)
[see also: GDP (official exchange rate) country ranks ]
4.8%
(2017 est.)
4.5%
(2016 est.)
2.2%
(2015 est.)
country comparison to the world:
57
[see also: GDP - real growth rate country ranks ]
$19,200
(2017 est.)
$18,600
(2016 est.)
$18,100
(2015 est.)
note: data are in 2017 dollars
country comparison to the world:
93
[see also: GDP - per capita country ranks ]
0.5% of GDP
(2017 est.)
-4.5% of GDP
(2016 est.)
12.6% of GDP
(2015 est.)
country comparison to the world:
180
[see also: Gross national saving country ranks ]
household consumption:
NA
(2016 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption:
NA
(2016 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital:
NA
(2016 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories:
NA
(2016 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 93.6%
(2016 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: 89%
(2016 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]
agriculture: 3%
(2015 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 16%
(2015 est.)
[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 ]
coconuts, corn, sweet potatoes; fish
tourism, fish processing, shipping, boat building, coconut processing, woven mats, rope, handicrafts, coral and sand mining
14%
(2012 est.)
country comparison to the world:
4
[see also: Industrial production growth rate country ranks ]
222,200
(2017 est.)
country comparison to the world:
168
[see also: Labor force country ranks ]
agriculture: 7.7%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 22.8%
[see also: Labor force - by occupation - industry country ranks ]
services: 69.5%
(2017 est.)
[see also: Labor force - by occupation - services country ranks ]
2.9%
(2017 est.)
3.2%
(2016 est.)
country comparison to the world:
35
[see also: Unemployment rate country ranks ]
15%
(2009 est.)
[see also: Population below poverty line country ranks ]
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 ]
38.4
(2009 est.)
37.4
(2004 est.)
country comparison to the world:
77
[see also: Distribution of family income - Gini index country ranks ]
revenues: 1.19 billion
(2016 est.)
[see also: Budget - revenues country ranks ]
expenditures: 1.643 billion
(2016 est.)
[see also: Budget - expenditures country ranks ]
26.4% (of GDP)
(2016 est.)
country comparison to the world:
111
[see also: Taxes and other revenues country ranks ]
-10.1% (of GDP)
(2016 est.)
country comparison to the world:
212
[see also: Budget surplus (+) or deficit (-) country ranks ]
63.9% of GDP
(2017 est.)
61.7% of GDP
(2016 est.)
country comparison to the world:
62
[see also: Public debt country ranks ]
calendar year
2.3%
(2017 est.)
0.8%
(2016 est.)
country comparison to the world:
116
[see also: Inflation rate (consumer prices) country ranks ]
7%
(30 September 2017)
7%
(30 September 2016)
country comparison to the world:
50
[see also: Central bank discount rate country ranks ]
10.5%
(31 December 2012 est.)
10.2%
(31 December 2011 est.)
country comparison to the world:
82
[see also: Commercial bank prime lending rate country ranks ]
$908.6 million
(31 October 2017 est.)
$865.9 million
(31 October 2016 est.)
country comparison to the world:
160
[see also: Stock of narrow money country ranks ]
$1.982 billion
(31 October 2017)
$2.043 billion
(31 October 2016 est.)
country comparison to the world:
143
[see also: Stock of broad money country ranks ]
$1.559 billion
(31 December 2012 est.)
$1.601 billion
(31 December 2011 est.)
country comparison to the world:
160
[see also: Stock of domestic credit country ranks ]
$555 million
(31 December 2011 est.)
country comparison to the world:
112
[see also: Market value of publicly traded shares country ranks ]
-$876 million
(2017 est.)
-$1.033 billion
(2016 est.)
country comparison to the world:
137
[see also: Current account balance country ranks ]
$256.2 million
(2016 est.)
$239.8 million
(2015 est.)
country comparison to the world:
188
[see also: Exports country ranks ]
Thailand 42.8%, Sri Lanka 8.7%, Bangladesh 6.4%, France 6.2%, US 6.1%, Germany 5%, Ireland 4.6%
(2017)
$2.125 billion
(2016 est.)
$1.896 billion
(2015 est.)
country comparison to the world:
164
[see also: Imports country ranks ]
petroleum products, clothing, intermediate and capital goods
UAE 17.1%, India 13.5%, Singapore 13.3%, China 10.8%, Sri Lanka 6.7%, Malaysia 6%, Thailand 4.5%
(2017)
$477.9 million
(31 December 2016 est.)
$575.8 million
(31 December 2015 est.)
country comparison to the world:
153
[see also: Reserves of foreign exchange and gold country ranks ]
$848.8 million
(31 December 2016 est.)
$696.2 million
(31 December 2015 est.)
country comparison to the world:
168
[see also: Debt - external country ranks ]
$324 million
(31 December 2015)
$256 million
(31 December 2013)
country comparison to the world:
133
[see also: Stock of direct foreign investment - at home country ranks ]
$448 million
(31 December 2016 est.)
$307.7 million
(31 December 2015)
country comparison to the world:
98
[see also: Stock of direct foreign investment - abroad country ranks ]
rufiyaa (MVR) per US dollar -
15.42
(2017 est.)
15.35
(2016 est.)