Economy overview: Tourism, the main economic sector of the Maldives, accounts for 20% of GDP and generates over 60% of foreign exchange earnings. More than 90% of budget revenues are generated by import duties and taxes on tourism activities. Nearly 400,000 tourists visited the islands in 1998. Fishing is the second leading economic sector. The government embarked on an economic reform program in 1989, first by increasing import quotas and opening up some export activities to the private sector. The government then eased the regulation of economic activity to attract more foreign investment. Agriculture and the manufacturing industry continue to play a secondary role in the economy, their development being hampered by the lack of cultivable land and labor shortages. Most food must be exported. Industry – mainly the production of clothing, the construction of small boats and handicrafts – accounts for about 18% of GDP. Authorities are worried about soil erosion and the impact of global warming on the archipelago’s low-lying islands, 80% of which are below one meter above sea level. 11GDP: Purchasing power parity $594 million (2000 est.).
Real GDP growth rate: 7.6% (1999 est.).
GDP per capita: at purchasing power parity – $2,000 (2000 est.).
The composition of GDP by sectors of the economy: agriculture: 20%; industry: 18%; services: 62% (1999 est.).
Proportion of the population below the poverty line: no data available.
Percentage distribution of household income or consumption: 10% of the poorest households account for: n/a; 10% of the wealthiest families account for: no data.
Inflation rate at consumer prices: 3% (2000 est.).
Labor force: 67,000 people (1995).
Employment structure: agriculture 22%, industry 18%, services 60% (1995).
Unemployment rate: negligible.
Budget: revenues: $166 million (excluding international aid); expenses: $192 million, including capital expenditures of $80 million (1999 est.).
Economic sectors: fish processing, tourism, construction of small boats, processing of coconuts, clothing production, weaving of mats, ropes, handicrafts, coral and sand mining.
Growth in industrial production: 4.4% (1996 est.).
Electricity generation: 101 million kWh (1999).
Sources of electricity generation: fossil fuels: 100%; hydropower: 0%; nuclear fuel: 0%; others: 0% (1999).
Electricity consumption: 93.9 million kWh (1999).
Electricity export: 0 kWh (1999).
Electricity import: 0 kWh (1999).
Agricultural products: coconuts, corn, sweet potatoes; fish.
Export: $88 million (free on board, 2000)
Exports: fish, clothes.
Export partners: USA, UK, Sri Lanka, Japan.
Imports: $372 million (free on board, 2000)
Imports: consumer goods, building materials and building equipment; oil products.
Import partners: Singapore, India, Sri Lanka, Japan, Canada.
External debt: $237 million (2000 est.) Recipient of economic assistance: no data.
Economic aid donor:
Currency code: MVR.
Exchange rate: MVR/USD – 11.770 (fixed exchange rate since 1995).
Fiscal year: calendar year.
Telecommunications Telephone lines: 21,000 (1999).
Mobile cellular telephones: 1,290 (1997).
Telephone system: minimal possibilities for internal and international communication; domestic: inter-island microwave communication; all inhabited islands are connected by telephone and facsimile; international: satellite earth stations – 3 Intelsat (Indian Ocean).
Broadcast stations: AM – 1, FM – 1, shortwave – 1 (1998).
Radio receivers: 35,000 (1999).
Television broadcast stations: 1 (1997).
TVs: 10,000 (1999).
Internet country code: mv
Internet service providers: 1 (2000).
Number of users: 2000 (2000).
Transport Railways: 0 km.
Roads: total: no data; coated: no data; uncoated: no data; note – in Male, 9.6 km of coral highway within the city limits (1988 est.).
Ports and harbours: Gan, Male.
Merchant fleet: total: 17 ships (displacement 1,000 tons or more) with a total displacement of 58,604 gross register tons / 81,451 long tons of gross tonnage; ships of various types: cargo ships – 16, coastal passenger ships – 1 (2000 est.).
Airports: 5 (2000 est.).
Airports with paved runways: total: 2; over 3,047 m: 1; from 2438 to 3047 m: 1 (2000 est.).
Airports with unpaved runways: total: 3; 914 to 1523 m: 3 (2000 est.).
Branches of the Armed Forces: National Security Service. See militarynous.com to know more about Maldives Military.
Total military manpower: men 15 to 49: 71,523 (2001 est.).
Eligible for military service: men aged 15 to 49: 40,006 (2001 est.).
Number of persons reaching military age each year:
Military spending in dollar terms: not available.
Military spending as part of GDP: no data available.