Economy - 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. Economic growth slowed to 2.8% in 2015, mainly because of a decline in tourists from China and Russia. Despite lower growth, tourism-related tax receipts increased by 13% in 2015 because of higher tax rates. This increase in tax receipts led to higher usable foreign exchange reserves that helped partially fund increases in construction related imports.
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.
GDP (purchasing power parity):
$6.896 billion (2017 est.)
$6.596 billion (2016 est.)
$6.348 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 170
GDP (official exchange rate):
$4.52 billion (2017 est.)
GDP - real growth rate:
4.6% (2017 est.)
3.9% (2016 est.)
3.3% (2015 est.)
country comparison to the world: 49
GDP - per capita (PPP):
$19,200 (2017 est.)
$18,600 (2016 est.)
$18,200 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 93
Gross national saving:
2.8% of GDP (2017 est.)
0.4% of GDP (2016 est.)
12.7% of GDP (2015 est.)
country comparison to the world: 173
GDP - composition, by end use:
household consumption: NA%
government consumption: NA%
investment in fixed capital: NA%
investment in inventories: NA%
exports of goods and services: 108.2%
imports of goods and services: 89.3% (2016 est.)
GDP - composition, by sector of origin:
agriculture: 3%
industry: 16%
services: 81% (2015 est.)
Agriculture - products:
coconuts, corn, sweet potatoes; fish
Industries:
tourism, fish processing, shipping, boat building, coconut processing, woven mats, rope, handicrafts, coral and sand mining
Industrial production growth rate:
14% (2012 est.)
country comparison to the world: 4
Labor force:
195,100 (2017 est.)
country comparison to the world: 176
Labor force - by occupation:
agriculture: 15%
industry: 15%
services: 70% (2017 est.)
Unemployment rate:
11.6% (2017 est.)
11% (2016 est.)
country comparison to the world: 151
Population below poverty line:
16% (2009 est.)
Household income or consumption by percentage share:
lowest 10%: 1.2%
highest 10%: 33.3% (FY09/10 est.)
Distribution of family income - Gini index:
38.4 (2009 est.)
37.4 (2004 est.)
country comparison to the world: 76
Budget:
revenues: $1.481 billion
expenditures: $1.7 billion (2016 est.)
Taxes and other revenues:
32.8% of GDP (2016 est.)
country comparison to the world: 68
Budget surplus (+) or deficit (-):
-4.9% of GDP (2016 est.)
country comparison to the world: 159
Public debt:
81.5% of GDP (2017 est.)
72% of GDP (2016 est.)
country comparison to the world: 37
Fiscal year:
calendar year
Inflation rate (consumer prices):
2.5% (2017 est.)
0.8% (2016 est.)
country comparison to the world: 117
Central bank discount rate:
7% (30 September 2017 est.)
6.96% (30 September 2016 est.)
country comparison to the world: 49
Commercial bank prime lending rate:
10.5% (31 December 2012 est.)
10.2% (31 December 2011 est.)
country comparison to the world: 76
Stock of narrow money:
$338.5 million (31 October 2017 est.)
$623 million (31 October 2016 est.)
country comparison to the world: 175
Stock of broad money:
$1.337 billion (31 October 2017 est.)
$1.298 billion (31 October 2016 est.)
country comparison to the world: 167
Stock of domestic credit:
$1.559 billion (31 December 2012 est.)
$1.601 billion (31 December 2011 est.)
country comparison to the world: 157
Market value of publicly traded shares:
$555 million (31 December 2011 est.)
country comparison to the world: 113
Current account balance:
$-779 million (2017 est.)
$-831 million (2016 est.)
country comparison to the world: 120
Exports:
$239.7 million (2016 est.)
$300.9 million (2015 est.)
country comparison to the world: 185
Exports - commodities:
fish
Exports - partners:
Thailand 33.8%, Sri Lanka 10%, US 8.7%, France 8.6%, Germany 8.6%, Ireland 4.9%, Italy 4.8%, UK 4.1% (2016)
Imports:
$1.896 billion (2016 est.)
$1.993 billion (2015 est.)
country comparison to the world: 162
Imports - commodities:
petroleum products, clothing, intermediate and capital goods
Imports - partners:
UAE 15.6%, Singapore 14.3%, China 13.4%, India 12.9%, Sri Lanka 6.3%, Malaysia 5.7%, Thailand 4.7% (2016)
Reserves of foreign exchange and gold:
$565.5 million (31 December 2016 est.)
$627.4 million (31 December 2015 est.)
country comparison to the world: 142
Debt - external:
$693.7 million (31 December 2016 est.)
$741.6 million (31 December 2015 est.)
country comparison to the world: 172
Stock of direct foreign investment - at home:
$324 million (31 December 2015 est.)
$256 million (31 December 2013 est.)
country comparison to the world: 127
Stock of direct foreign investment - abroad:
$448 million (31 December 2016 est.)
$307.7 million (31 December 2015 est.)
country comparison to the world: 94
Exchange rates:
rufiyaa (MVR) per US dollar -
15.42 (2017 est.)
15.35 (2016 est.)