Maldives/Economy

Economy - overview: Tourism, Maldives largest industry, accounts for 20% 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. Almost 400,000 tourists visited the islands in 1998. Fishing is a second leading sector. 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. Agriculture and manufacturing continue to play a minor 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 18% of GDP. 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: purchasing power parity - $540 million (1999 est.)

GDP - real growth rate: 7% (1999 est.)

GDP - per capita: purchasing power parity - $1,800 (1999 est.)

GDP - composition by sector:
agriculture: 20%
industry: 18%
services: 62% (1999 est.)

Population below poverty line: NA%

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices): 3% (1999 est.)

Labor force: 67,000 (1995)

Labor force - by occupation: agriculture 22%, industry 18%, services 60% (1995)

Unemployment rate: NEGL%

Budget:
revenues: $166 million (excluding foreign grants)
expenditures: $192 million, including capital expenditures of $80 million (1999 est.)

Industries: fish processing, tourism, shipping, boat building, coconut processing, garments, woven mats, rope, handicrafts, coral and sand mining

Industrial production growth rate: 4.4% (1996 est.)

Electricity - production: 85 million kWh (1998)

Electricity - production by source:
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1998)

Electricity - consumption: 79 million kWh (1998)

Electricity - exports: 0 kWh (1998)

Electricity - imports: 0 kWh (1998)

Agriculture - products: coconuts, corn, sweet potatoes; fish

Exports: $98 million (f.o.b., 1998)

Exports - commodities: fish, clothing

Exports - partners: US, UK, Sri Lanka, Japan

Imports: $312 million (f.o.b., 1998)

Imports - commodities: consumer goods, intermediate and capital goods, petroleum products

Imports - partners: Singapore, India, Sri Lanka, Japan, Canada

Debt - external: $188 million (1998 est.)

Economic aid - recipient: $NA

Currency: 1 rufiyaa (Rf) = 100 laari

Exchange rates: rufiyaa (Rf) per US$1 - 11.770 (fixed rate since 1995)

Fiscal year: calendar year