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Maldives Economy 2012

SOURCE: 2012 CIA WORLD FACTBOOK AND OTHER SOURCES











Maldives Economy 2012
SOURCE: 2012 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 23,

Economy - overview:
Tourism, Maldives' largest economic activity, accounts for 28% of GDP and more than 60% of foreign exchange receipts. Over 90% of government tax revenue comes from import duties and tourism-related taxes. Fishing is the second leading sector, but the fish catch has dropped sharply in recent years. 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. In the last decade, real GDP growth averaged around 6% per year except for 2005, when GDP declined following the Indian Ocean tsunami, and in 2009, when GDP shrank by nearly 5% as tourist arrivals declined and capital flows plunged in the wake of the global financial crisis. Falling tourist arrivals and fish exports, combined with high government spending on social needs, subsidies, and civil servant salaries contributed to a balance of payments crisis, which was eased with a December 2009, $79.3 million dollar IMF standby agreement. However, after the first two disbursements, the IMF withheld subsequent disbursements due to concerns over Maldives' growing budget deficit. Maldives has had chronic budget deficits in recent years and the government's plans to cut expenditures have not progressed well. A new Goods and Services Tax on Tourism (GST) was introduced in January 2011 and a new Business Profit Tax is to be introduced during the year. These taxes are expected to increase government revenue by about 25%. The government has privatized the main airport and is partially privatizing the energy sector. Tourism will remain the engine of the economy. The Government of the Maldives has aggressively promoted building new island resorts. Due to increasing tourist arrivals, GDP growth climbed to 8% in 2010 and around 6% in 2011. Diversifying the economy beyond tourism and fishing, reforming public finance, and increasing employment opportunities are major 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.

GDP (purchasing power parity):
$2.754 billion (2011 est.)
country comparison to the world: 179

$2.55 billion (2010 est.)
$2.346 billion (2009 est.)
note: data are in 2011 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$2.1 billion (2011 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
6.5% (2011 est.)
country comparison to the world: 31

7.1% (2010 est.)
-7.5% (2009 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$8,400 (2011 est.)
country comparison to the world: 118

$8,000 (2010 est.)
$7,600 (2009 est.)
note: data are in 2011 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 5.6%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 16.9%
[see also: GDP - composition by sector - industry country ranks ]
services: 77.5% (2009 est.)
[see also: GDP - composition by sector - services country ranks ]

Labor force:
110,000 (2010)
country comparison to the world: 181
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 11%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 23%
[see also: Labor force - by occupation - industry country ranks ]
services: 65% (2006 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
14.5% (2010 est.)
country comparison to the world: 144

14.4% (2006 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
16% (2008)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Budget:
revenues: $476 million
[see also: Budget revenues country ranks ]
expenditures: $758 million (2010 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
22.7% of GDP (2010 est.)
country comparison to the world: 133
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-13.4% of GDP (2010 est.)
country comparison to the world: 205
[see also: Budget surplus (+) or deficit (-) country ranks ]

Inflation rate (consumer prices):
6% (2010 est.)
country comparison to the world: 138

7.3% (2009 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
2.75% (31 December 2010 est.)
country comparison to the world: 11

16% (31 December 2009 est.)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
10.38% (31 December 2010 est.)
country comparison to the world: 68

13% (31 December 2009 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$588 million (31 December 2010)
country comparison to the world: 160

$581 million (31 December 2009)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$1.239 billion (31 December 2010 est.)
country comparison to the world: 162

$1.064 billion (31 December 2009 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$1.548 billion (31 December 2008 est.)
country comparison to the world: 140

$1.08 billion (31 December 2007 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]

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

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

Industrial production growth rate:
-0.9% (2004 est.)
country comparison to the world: 154
[see also: Industrial production growth rate country ranks ]

Electricity - production:
542 million kWh (2009 est.)
country comparison to the world: 159
[see also: Electricity - production country ranks ]

Electricity - consumption:
542 million kWh (2009 est.)
country comparison to the world: 162
[see also: Electricity - consumption country ranks ]

Electricity - exports:
0 kWh (2009 est.)
[see also: Electricity - exports country ranks ]

Electricity - imports:
0 kWh (2009 est.)
[see also: Electricity - imports country ranks ]

Oil - production:
0 bbl/day (2010 est.)
country comparison to the world: 202
[see also: Oil - production country ranks ]

Oil - consumption:
6,000 bbl/day (2010 est.)
country comparison to the world: 163
[see also: Oil - consumption country ranks ]

Oil - exports:
0 bbl/day (2009 est.)
country comparison to the world: 194
[see also: Oil - exports country ranks ]

Oil - imports:
6,088 bbl/day (2009 est.)
country comparison to the world: 150
[see also: Oil - imports country ranks ]

Natural gas - production:
0 cu m (2009 est.)
country comparison to the world: 103
[see also: Natural gas - production country ranks ]

Natural gas - consumption:
0 cu m (2010 est.)
country comparison to the world: 209
[see also: Natural gas - consumption country ranks ]

Natural gas - exports:
0 cu m (2010 est.)
country comparison to the world: 149
[see also: Natural gas - exports country ranks ]

Natural gas - imports:
0 cu m (2010 est.)
country comparison to the world: 98
[see also: Natural gas - imports country ranks ]

Natural gas - proved reserves:
0 cu m (1 January 2011 est.)
country comparison to the world: 170
[see also: Natural gas - proved reserves country ranks ]

Current account balance:
-$463 million (2010 est.)
country comparison to the world: 108

-$419 million (2009 est.)
[see also: Current account balance country ranks ]

Exports:
$163 million (2009 est.)
country comparison to the world: 185

$331 million (2008 est.)
[see also: Exports country ranks ]

Exports - commodities:
fish

Exports - partners:
Thailand 17.9%, Sri Lanka 16.9%, France 14.2%, UK 12.1%, Italy 9.2%, Tanzania 4.9% (2010)

Imports:
$967 million (2009 est.)
country comparison to the world: 174

$1.388 billion (2008 est.)
[see also: Imports country ranks ]

Imports - commodities:
petroleum products, ships, foodstuffs, clothing, intermediate and capital goods

Imports - partners:
Singapore 24.7%, UAE 17.2%, India 8.6%, Malaysia 8.1%, Sri Lanka 5.7%, Thailand 5.7%, China 5.6% (2010)

Debt - external:
$943 million (2010 est.)
country comparison to the world: 157

$933 million (2009 est.)
[see also: Debt - external country ranks ]

Exchange rates:
rufiyaa (MVR) per US dollar -

12.8 (2010)
12.8 (2008)
12.8 (2007)


NOTE: 1) The information regarding Maldives on this page is re-published from the 2012 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Maldives Economy 2012 information contained here. All suggestions for corrections of any errors about Maldives Economy 2012 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






This page was last modified 07-Mar-12
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