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| Economy - overview | Tourism, Maldives' largest industry, accounts for 28% 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 the second leading sector. 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 7% of GDP. 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. Real GDP growth averaged over 7.5% per year for more than a decade. In late December 2004, a major tsunami left more than 100 dead, 12,000 displaced, and property damage exceeding $300 million. As a result of the tsunami, the GDP contracted by about 3.6% in 2005. A rebound in tourism, post-tsunami reconstruction, and development of new resorts helped boost GDP by about 18 percent in 2006. The trade deficit has expanded sharply as a result of high oil prices and imports of construction material. Diversifying beyond tourism and fishing is the major challenge 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 one meter or less above sea level. | | | GDP | 5.5% (2005 est.) | | | GDP - real growth rate | 18% (2006 est.) | | | GDP - composition by sector | agriculture: 16%
industry: 7%
services: 77% (2006 est.) | | | Population below poverty line | 21% (2004) | | Household income or consumption
by percentage share | lowest 10%: NA%
highest 10%: NA% | | | Labor force | 101,300 (2004) | | | Labor force - by occupation | agriculture: 22%
industry: 18%
services: 60% (1995) | | | Unemployment rate | NEGL% (2003 est.) | | | Budget | revenues: $508 million (including foreign grants)
expenditures: $671 million (2006 est.) | | | 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.) | | Electricity -
production | 149.9 million kWh (2004) | | Electricity -
production by source | fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (2001) | | Electricity -
consumption | 139.4 million kWh (2004) | | Electricity -
exports | 0 kWh (2004) | | Electricity -
imports | 0 kWh (2004) | | | Oil - production | 0 bbl/day (2004 est.) | | | Oil - consumption | 7,200 bbl/day (2004 est.) | | | Oil - exports | NA bbl/day | | | Oil - imports | NA bbl/day | | | Agriculture - products | coconuts, corn, sweet potatoes; fish | | | Exports | $214 million f.o.b. (2006 est.) | | | Exports - commodities | fish | | | Exports - partners | Japan 22.8%, Thailand 22.7%, Sri Lanka 16.4%, UK 12.6%, Singapore 5.8%, Germany 4.8%, France 4.3% (2005) | | | Imports | $832 million f.o.b. (2006 est.) | | | Imports - commodities | petroleum products, ships, foodstuffs, clothing, intermediate and capital goods | | | Imports - partners | Singapore 24.1%, UAE 15.7%, India 11.3%, Malaysia 7.2%, Sri Lanka 5.7%, UK 4.5% (2005) | | | Debt - external | $482 million (2006 est.) | | | Economic aid - recipient | $27.9 million (2004) | | | Currency code | MVR | | | Exchange rates | rufiyaa per US dollar - 12.8 (2006), 12.8 (2005), 12.8 (2004), 12.8 (2003), 12.8 (2002) | | | Fiscal year | calendar year | |
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