Maldives Economy - 2022

GEOGRAPHICAL NAMES 

Economic 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.

Real GDP (purchasing power parity)

$7.05 billion (2020 est.)

$10.37 billion (2019 est.)

$9.69 billion (2018 est.)

note: data are in 2017 dollars

Real GDP growth rate

4.8% (2017 est.)

4.5% (2016 est.)

2.2% (2015 est.)

Real GDP per capita

$13,000 (2020 est.)

$19,500 (2019 est.)

$18,800 (2018 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$4.505 billion (2017 est.)

Inflation rate (consumer prices)

2.3% (2017 est.)

0.8% (2016 est.)

Credit ratings

Fitch rating: CCC (2020)

Moody's rating: B3 (2020)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 3% (2015 est.)

industry: 16% (2015 est.)

services: 81% (2015 est.)

GDP - composition, by end use

household consumption: (2016 est.) NA

government consumption: (2016 est.) NA

investment in fixed capital: (2016 est.) NA

investment in inventories: (2016 est.) NA

exports of goods and services: 93.6% (2016 est.)

imports of goods and services: 89% (2016 est.)

Agricultural products

papayas, vegetables, roots/tubers nes, nuts, fruit, other meat, tomatoes, coconuts, bananas, maize

Industries

tourism, fish processing, shipping, boat building, coconut processing, woven mats, rope, handicrafts, coral and sand mining

Industrial production growth rate

14% (2012 est.)

Labor force

222,200 (2017 est.)

Labor force - by occupation

agriculture: 7.7%

industry: 22.8%

services: 69.5% (2017 est.)

Unemployment rate

2.9% (2017 est.)

3.2% (2016 est.)

Youth unemployment rate (ages 15-24)

total: 13.9%

male: 9.7%

female: 17.2% (2019 est.)

Population below poverty line

8.2% (2016 est.)

Gini Index coefficient - distribution of family income

31.3 (2016 est.)

37.4 (2004 est.)

Household income or consumption by percentage share

lowest 10%: 1.2%

highest 10%: 33.3% (FY09/10)

Budget

revenues: 1.19 billion (2016 est.)

expenditures: 1.643 billion (2016 est.)

Budget surplus (+) or deficit (-)

-10.1% (of GDP) (2016 est.)

Public debt

63.9% of GDP (2017 est.)

61.7% of GDP (2016 est.)

Taxes and other revenues

26.4% (of GDP) (2016 est.)

Fiscal year

calendar year

Current account balance

-$876 million (2017 est.)

-$1.033 billion (2016 est.)

Exports

$3.72 billion (2019 est.) note: data are in current year dollars

$3.58 billion (2018 est.) note: data are in current year dollars

Exports - partners

Thailand 24%, United States 13%, China 12%, France 11%, Germany 11%, Italy 5%, United Kingdom 5% (2019)

Exports - commodities

fish products, natural gas, scrap iron, jewelry, liquid pumps (2019)

Imports

$4.09 billion (2019 est.) note: data are in current year dollars

$4.1 billion (2018 est.) note: data are in current year dollars

Imports - partners

United Arab Emirates 24%, China 16%, Singapore 14%, India 11%, Malaysia 6%, Thailand 5% (2019)

Imports - commodities

refined petroleum, fruits, furniture, broadcasting equipment, lumber (2019)

Reserves of foreign exchange and gold

$477.9 million (31 December 2016 est.)

$575.8 million (31 December 2015 est.)

Debt - external

$848.8 million (31 December 2016 est.)

$696.2 million (31 December 2015 est.)

Exchange rates

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 2022 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Maldives 2022 information contained here. All suggestions for corrections of any errors about Maldives 2022 should be addressed to the CIA or the source cited on each page.