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    Maldives Economy - 2004
    https://immigration-usa.com/wfb2004/maldives/maldives_economy.html
    SOURCE: 2004 CIA WORLD FACTBOOK

      Economy - overview:
      Tourism, Maldives' largest industry, accounts for 20% of GDP and more than 60% of the Maldives' foreign exchange receipts. Over 90% of government tax revenue comes from import duties and tourism-related taxes. Fishing is a second leading sector. The Maldivian Government began an economic reform program in 1989 initially by lifting import quotas and opening some exports to the private sector. Subsequently, it has liberalized regulations to allow more foreign investment. Agriculture and manufacturing continue to play a lesser role in the economy, constrained by the limited availability of cultivable land and the shortage of domestic labor. Most staple foods must be imported. Industry, which consists mainly of garment production, boat building, and handicrafts, accounts for about 18% of GDP. Maldivian authorities worry about the impact of erosion and possible global warming on their low-lying country; 80% of the area is one meter or less above sea level.

      GDP:
      purchasing power parity - $1.25 billion (2002 est.)

      GDP - real growth rate:
      2.3% (2002 est.)

      GDP - per capita:
      purchasing power parity - $3,900 (2002 est.)

      GDP - composition by sector:
      agriculture: 20%
      industry: 18%
      services: 62% (2000 est.)

      Population below poverty line:
      NA%

      Household income or consumption by percentage share:
      lowest 10%: NA%
      highest 10%: NA%

      Inflation rate (consumer prices):
      1% (2002 est.)

      Labor force:
      88,000 (2000)

      Labor force - by occupation:
      agriculture 22%, industry 18%, services 60% (1995)

      Unemployment rate:
      NEGL% (2003 est.)

      Budget:
      revenues: $224 million (excluding foreign grants)
      expenditures: $282 million, including capital expenditures of $80 million (2002 est.)

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

      Industrial production growth rate:
      4.4% (1996 est.)

      Electricity - production:
      117 million kWh (2001)

      Electricity - production by source:
      fossil fuel: 100%
      hydro: 0%
      other: 0% (2001)
      nuclear: 0%

      Electricity - consumption:
      108.8 million kWh (2001)

      Electricity - exports:
      0 kWh (2001)

      Electricity - imports:
      0 kWh (2001)

      Oil - production:
      0 bbl/day (2001 est.)

      Oil - consumption:
      3,200 bbl/day (2001 est.)

      Oil - exports:
      NA

      Oil - imports:
      NA

      Agriculture - products:
      coconuts, corn, sweet potatoes; fish

      Exports:
      $90 million f.o.b. (2002 est.)

      Exports - commodities:
      fish, clothing

      Exports - partners:
      US 52.6%, Sri Lanka 13.3%, Thailand 9.5%, Japan 7.6%, UK 4.7% (2002)

      Imports:
      $392 million f.o.b. (2002 est.)

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

      Imports - partners:
      Singapore 26.6%, UAE 15%, Sri Lanka 13.2%, India 7%, Malaysia 5.7%, Thailand 4.1% (2002)

      Debt - external:
      $281 million (2003 est.)

      Economic aid - recipient:
      $NA (1995)

      Currency:
      rufiyaa (MVR)

      Currency code:
      MVR

      Exchange rates:
      rufiyaa per US dollar - 12.8 (2003), 12.8 (2002), 12.24 (2001), 11.77 (2000), 11.77 (1999)

      Fiscal year:
      calendar year


      NOTE: The information regarding Maldives on this page is re-published from the 2004 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Maldives Economy 2004 information contained here. All suggestions for corrections of any errors about Maldives Economy 2004 should be addressed to the CIA.

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    https://immigration-usa.com/wfb2004/maldives/maldives_economy.html

    Revised 21-May-04
    Copyright © 2004 Photius Coutsoukis (all rights reserved)


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