Maldives Economy - 2024

Economic overview

upper middle-income Indian Ocean island economy; major tourism, fishing, and shipping industries; high public debt; systemic corruption; crippled by COVID-19; ongoing deflation; poverty has tripled since pandemic began

Real GDP (purchasing power parity)

$9.785 billion (2021 est.)
$6.903 billion (2020 est.)
$10.38 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

41.75% (2021 est.)
-33.49% (2020 est.)
7.1% (2019 est.)

Real GDP per capita

$18,800 (2021 est.)
$13,400 (2020 est.)
$20,600 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$4.505 billion (2017 est.)

Inflation rate (consumer prices)

0.54% (2021 est.)
-1.37% (2020 est.)
0.22% (2019 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

4.51% (2021 est.)

Labor force

229,300 (2021 est.)

Unemployment rate

6.08% (2021 est.)
6.33% (2020 est.)
5.34% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 17.7% (2021 est.)

male: 19.9%

female: 12.6%

Population below poverty line

8.2% (2016 est.)

Gini Index coefficient - distribution of family income

29.3 (2019 est.)

Household income or consumption by percentage share

lowest 10%: 1.2%

highest 10%: 33.3% (FY09/10)

Remittances

0.09% of GDP (2021 est.)
0.12% of GDP (2020 est.)
0.08% of GDP (2019 est.)

Budget

revenues: $993 million (2020 est.)

expenditures: $1.797 billion (2020 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

-$457.562 million (2021 est.)
-$1.327 billion (2020 est.)
-$1.49 billion (2019 est.)

Exports

$3.95 billion (2021 est.) note: data are in current year dollars
$1.787 billion (2020 est.) note: data are in current year dollars
$3.742 billion (2019 est.)

Exports - partners

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

Exports - commodities

skipjack and stripe-bellied bonito, fish fillets, propane, tuna, butane, scrap iron (2021)

Imports

$3.501 billion (2021 est.) note: data are in current year dollars
$2.449 billion (2020 est.) note: data are in current year dollars
$4.09 billion (2019 est.)

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

$805,808,200 (31 December 2021 est.)
$984,930,700 (31 December 2020 est.)
$753,496,300 (31 December 2019 est.)

Debt - external

$848.8 million (31 December 2016 est.)
$696.2 million (31 December 2015 est.)

Exchange rates

rufiyaa (MVR) per US dollar -

Exchange rates:
15.373 (2021 est.)
15.381 (2020 est.)
15.382 (2019 est.)
15.391 (2018 est.)
15.387 (2017 est.)