Maldives Economy

Is Maldives a rich country?

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. Infrastructure projects, largely funded by China, could add significantly to debt levels. Political turmoil and the declaration of a state of emergency in February 2018 led to the issuance of travel warnings by several countries whose citizens visit Maldives in significant numbers, but the overall impact on tourism revenue was unclear.

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.

Maldives Economy Data

What is the GDP of Maldives?

Currency Name and Code Rufiyaa (MVR)
GDP - Gross Domestic Product (PPP) $4,554,000,000 (USD)
GDP - official exchange rate $3,031,000,000 (USD)
GDP - real growth rate 7.6%
GDP Per Capita $13,600.00 (USD)
GDP by Sector- agriculture 4%
GDP by Sector- Industry 23%
GDP by Sector- services 73%
Population Below Poverty Line 16%
Inflation Rate 6%
Labor Force 110,000
Labor Force By Occupation- agriculture 15%
Labor Force By Occupation- industry 15%
Labor Force By Occupation- services 70%
Unemployment Rate 14.5%
Fiscal Year calendar year
Annual Budget $476,000,000 (USD)
Budget Surplus or Deficit - percent of GDP -12.3%
Taxes and other revenues - percent of GDP 28.1%
Major Industries fish processing, tourism, shipping, boat building, coconut processing, garments, woven mats, rope, handicrafts, coral and sand mining
Industrial Growth Rate -0.9%
Agriculture Products coconuts, corn, sweet potatoes; fish
Exchange Rate per US Dollar rufiyaa (MVR)
Commercial Bank Prime Lending Rate 10.5%

Labor Force by Occupation- As reported by Maldives

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