unbekannter Gast

Maldives: Economy#

Tourism, Maldives' largest economic activity, accounts for nearly 30% of GDP and more than 60% of foreign exchange receipts. 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. Lower than expected 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 temporarily eased with a $79.3 million IMF Stand-By agreement. However, after the first two disbursements, the IMF withheld subsequent disbursements due to concerns over Maldives' growing budget deficit, and the government has been seeking other sources of budgetary support ever since. A new Goods and Services Tax (GST) on tourism introduced in January 2011, on general goods and services in October 2011, and a new Business Profit Tax introduced in July 2011 have provided a boost to revenue. In recent years, gross foreign reserves have hovered around $300 million, sufficient to finance about two to three months of imports. Diversifying the economy beyond tourism and fishing, reforming public finance, increasing employment opportunities, and combating corruption, cronyism, and a growing drug problem are other 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.

Economic Facts#

GDP (purchasing power parity)$3.073 billion (2013 est.)
$2.97 billion (2012 est.)
$2.945 billion (2011 est.)
note: data are in 2013 US dollars
GDP - real growth rate3.5% (2013 est.)
0.9% (2012 est.)
6.5% (2011 est.)
GDP - per capita (PPP)$9,100 (2013 est.)
$9,000 (2012 est.)
$9,000 (2011 est.)
note: data are in 2013 US dollars
GDP - composition, by sector of originagriculture: 3%
industry: 17%
services: 80% (2012 est.)
Population below poverty line16% (2008)
Household income or consumption by percentage sharelowest 10%: 1.2%
highest 10%: 33.3% (FY09/10)
Labor force - by occupationagriculture: 15%
industry: 15%
services: 70% (2010 est.)
Exports - commoditiesfish
Exports - partnersFrance 18.9%, Thailand 15.8%, UK 11.4%, US 9.4%, Sri Lanka 8.6%, Italy 8.1%, Germany 6.4% (2012)
Agriculture - productscoconuts, corn, sweet potatoes; fish
Budgetrevenues: $638 million
expenditures: $917 million (2012 est.)
Imports - commoditiespetroleum products, clothing, intermediate and capital goods
Imports - partnersSingapore 21.7%, UAE 20.9%, India 9.6%, Malaysia 7.6%, China 6%, Thailand 5.6%, Sri Lanka 4% (2012)
Exchange ratesrufiyaa (MVR) per US dollar -
15.365 (2011)
14.602 (2011)
12.8 (2008)
12.8 (2007)
Exports$283 million (2012 est.)
$316 million (2011 est.)
Debt - external$890.8 million (2012 est.)
$684.2 million (2011 est.)
Fiscal yearcalendar year
Imports$1.406 billion (2012 est.)
$1.314 billion (2011 est.)
Industrial production growth rate14% (2012 est.)
Industriestourism, fish processing, shipping, boat building, coconut processing, woven mats, rope, handicrafts, coral and sand mining
Inflation rate (consumer prices)5.1% (2012 est.)
16.7% (2011 est.)
Labor force159,700 (2012)
Unemployment rate28% (2012 est.)
14.5% (2010 est.)
Distribution of family income - Gini index37.4 (2004)
Current account balance-$600 million (2012 est.)
$437 million (2011 est.)
Reserves of foreign exchange and gold$356 million (30 November 2012 est.)
$326 million (30 November 2011 est.)
GDP (official exchange rate)$2.27 billion (2013 est.)
Market value of publicly traded shares$555 million (31 December 2011 est.)
Central bank discount rate7% (31 December 2012 est.)
6.96% (31 December 2011 est.)
Commercial bank prime lending rate10.5% (31 December 2012 est.)
10.2% (31 December 2011 est.)
Stock of domestic credit$1.559 billion (31 December 2012 est.)
$1.601 billion (31 December 2011 est.)
Stock of narrow money$547.1 million (31 December 2012 est.)
$531.4 million (31 December 2011 est.)
Stock of broad money$1.298 billion (31 December 2012 est.)
$1.237 billion (31 December 2011 est.)
Taxes and other revenues28.1% of GDP (2012 est.)
Budget surplus (+) or deficit (-)-12.3% of GDP (2012 est.)