Maldives Economy - 2004

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)