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.
4.8% (2017 est.)
4.5% (2016 est.)
2.2% (2015 est.)
2.3% (2017 est.)
0.8% (2016 est.)
Fitch rating: CCC (2020)
Moody's rating: B3 (2020)
$10.37 billion (2019 est.)
$9.692 billion (2018 est.)
$8.964 billion (2017 est.)
note: data are in 2017 dollars
$4.505 billion (2017 est.)
$19,531 (2019 est.)
$18,796 (2018 est.)
$18,058 (2017 est.)
note: data are in 2017 dollars
18.4% of GDP (2019 est.)
19.6% of GDP (2018 est.)
20.5% of GDP (2017 est.)
agriculture: 3% (2015 est.)
industry: 16% (2015 est.)
services: 81% (2015 est.)
household consumption: NA (2016 est.)
government consumption: NA (2016 est.)
investment in fixed capital: NA (2016 est.)
investment in inventories: NA (2016 est.)
exports of goods and services: 93.6% (2016 est.)
imports of goods and services: 89% (2016 est.)
Overall score: 53.3 (2020)
Starting a Business score: 89.2 (2020)
Trading score: 55.9 (2020)
Enforcement score: 52.5 (2020)
papayas, vegetables, roots/tubers nes, nuts, fruit, other meat, tomatoes, coconuts, bananas, maize
tourism, fish processing, shipping, boat building, coconut processing, woven mats, rope, handicrafts, coral and sand mining
14% (2012 est.)
222,200 (2017 est.)
agriculture: 7.7%
industry: 22.8%
services: 69.5% (2017 est.)
2.9% (2017 est.)
3.2% (2016 est.)
8.2% (2016 est.)
31.3 (2016 est.)
37.4 (2004 est.)
lowest 10%: 1.2%
highest 10%: 33.3% (FY09/10)
revenues: 1.19 billion (2016 est.)
expenditures: 1.643 billion (2016 est.)
26.4% (of GDP) (2016 est.)
-10.1% (of GDP) (2016 est.)
63.9% of GDP (2017 est.)
61.7% of GDP (2016 est.)
calendar year
-$876 million (2017 est.)
-$1.033 billion (2016 est.)
$256.2 million (2016 est.)
$239.8 million (2015 est.)
Thailand 24%, United States 13%, China 12%, France 11%, Germany 11%, Italy 5%, United Kingdom 5% (2019)
fish products, natural gas, scrap iron, jewelry, liquid pumps (2019)
$2.125 billion (2016 est.)
$1.896 billion (2015 est.)
United Arab Emirates 24%, China 16%, Singapore 14%, India 11%, Malaysia 6%, Thailand 5% (2019)
refined petroleum, fruits, furniture, broadcasting equipment, lumber (2019)
$477.9 million (31 December 2016 est.)
$575.8 million (31 December 2015 est.)
$848.8 million (31 December 2016 est.)
$696.2 million (31 December 2015 est.)
rufiyaa (MVR) per US dollar -
15.42 (2017 est.)
15.35 (2016 est.)
NOTE: The information regarding Maldives on this page is re-published from the 2021 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Maldives 2021 information contained here. All suggestions for corrections of any errors about Maldives 2021 should be addressed to the CIA or the source cited on each page.
This page was last modified 16 Dec 23, Copyright © 2023 ITA all rights reserved.