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Maldives:
Economy

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Economy - overview
Definition
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 the economy recover quickly. The trade deficit has expanded sharply as a result of high oil prices and imports of construction material. Diversifying beyond tourism and fishing and increasing employment are the 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)
Definition - World rank and map
$1.588 billion (2007 est.)
GDP (official exchange rate)
Definition
$1.049 billion (2007 est.)
GDP - real growth rate
Definition - World rank and map
6.6% (2007 est.)
GDP - per capita
Definition - World rank and map
$4,600 (2007 est.)
GDP - composition by sector
Definition
agriculture: 16%
industry: 7%
services: 77% (2006 est.)
Labor force
Definition
101,300 (2004)
Labor force - by occupation
Definition
agriculture: 22%
industry: 18%
services: 60% (1995)
Unemployment rate
Definition - World rank and map
NEGL% (2003 est.)
Population below poverty line
Definition
21% (2004)
Household income or consumption by percentage share
Definition
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices)
Definition - World rank and map
5% (2007 est.)
Budget
Definition
revenues: $508 million (including foreign grants)
expenditures: $671 million (2006 est.)
Agriculture - products
Definition
coconuts, corn, sweet potatoes; fish
Industries
Definition
tourism, fish processing, shipping, boat building, coconut processing, garments, woven mats, rope, handicrafts, coral and sand mining
Industrial production growth rate
Definition - World rank and map
-0.9% (2004 est.)
Electricity - production
Definition - World rank and map
169 million kWh (2005)
Electricity - consumption
Definition - World rank and map
157.1 million kWh (2005)
Electricity - consumption per capita
Definition - World rank and map
414.4 kWh (2005)
Electricity - exports
Definition
0 kWh (2005)
Electricity - imports
Definition
0 kWh (2005)
Oil - production
Definition - World rank and map
0 bbl/day (2005 est.)
Oil - consumption
Definition - World rank and map
5,000 bbl/day (2005 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
13.2 bbl/day (2005 est.)
Oil - exports
Definition - World rank and map
1,517 bbl/day (2004)
Oil - imports
Definition - World rank and map
6,390 bbl/day (2004)
Oil - proved reserves
Definition - World rank and map
0 bbl (1 January 2006 est.)
Natural gas - production
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption per capita
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - exports
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - imports
Definition - World rank and map
0 cu m (2005)
Natural gas - proved reserves
Definition - World rank and map
0 cu m (1 January 2006 est.)
Current account balance
Definition - World rank and map
-$472 million (2007)
Exports
Definition - World rank and map
$167 million f.o.b. (2006)
Exports - commodities
Definition
fish
Exports - partners
Definition
Thailand 26.9%, UK 17%, Sri Lanka 14.5%, France 8.4%, Algeria 7.8%, Japan 6.1% (2006)
Imports
Definition - World rank and map
$930 million f.o.b. (2006)
Imports - commodities
Definition
petroleum products, ships, foodstuffs, clothing, intermediate and capital goods
Imports - partners
Definition
Singapore 22.7%, UAE 15.5%, India 11.2%, Malaysia 10.8%, Sri Lanka 5.7%, Thailand 5.3% (2006)
Debt - external
Definition - World rank and map
$482 million (2006 est.)
Market value of publicly traded shares
Definition
$NA
Economic aid - recipient
Definition
$66.83 million (2005)
Currency (code)
Definition
rufiyaa (MVR)
Exchange rates
Definition
rufiyaa per US dollar - NA (2007), 12.8 (2006), 12.8 (2005), 12.8 (2004), 12.8 (2003)
Fiscal year
Definition
calendar year


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