Economy - overview During the 1980s tourism became one of the most important and highestgrowth sectors of the economy. In 1994, tourism, Maldives largest industry,accounted for about 18% of GDP and more than 60% of the Maldives' foreignexchange receipts. Fishing is a second leading growth sector. Over 90% ofgovernment tax revenue comes from import duties and tourism-related taxes.The Maldivian Government initiated an economic reform program in 1989 initiallyby lifting import quotas and opening some exports to the private sector. Subsequently,it has liberalized regulations to allow more foreign investment. Agricultureand manufacturing continue to play a minor role in the economy, constrainedby the limited availability of cultivable land and the shortage of domesticlabor. Most staple foods must be imported. In 1994, industry which consistedmainly of garment production, boat building, and handicrafts accounted forabout 15% of GDP.

GDP purchasing power parity - $423 million (1995 est.)

GDP - real growth rate 5.8% (1995 est.)

GDP - per capita purchasing power parity - $1,620 (1995 est.)

GDP - composition by sector
agriculture: 21.5%
industry: 15.3%
services: 63.2% (1994 est.)

Inflation rate - consumer price index 7.7% (1995 est.)

Labor force
total: 56,435 (1990 est.)
by occupation: fishing industry and agriculture 25%, services 21%, manufacturing andconstruction 21%, trade, restaurants, and hotels 16%, transportation and communication10%, other 7%

Unemployment rate NEGL%

Budget
revenues: $88 million (excluding foreign grants)
expenditures: $141 million, including capital expenditures of $NA (1995 est.)

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

Industrial production growth rate 6.3% (1994 est.)

Electricity - capacity 18,000 kW (1994)

Electricity - production 40 million kWh (1994)

Electricity - consumption per capita 163 kWh (1994 est.)

Agriculture - products coconuts, corn, sweet potatoes; fishing

Exports
total value: $50 million (f.o.b., 199)
commodities: fish, clothing
partners: Sri Lanka, US, Germany, Singapore, UK

Imports
total value : $268 million (f.o.b., 1995 est.)
commodities: consumer goods, intermediate and capital goods, petroleum products
partners : Singapore, India, Sri Lanka, Hong Kong, Japan, Thailand

Debt - external $137.5 million (1994 est.)

Economic aid
recipient: ODA, $NA

Currency 1 rufiyaa (Rf) = 100 laari

Exchange rates rufiyaa (Rf) per US$1 - 11.770 (January 1997), 11.770 (1996), 11.770(1995), 11.586 (1994), 10.957 (1993), 10.569 (1992)

Fiscal year calendar year

NOTE: The information regarding Maldives on this page is re-published from the 1997 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Maldives Economy 1997 information contained here. All suggestions for corrections of any errors about Maldives Economy 1997 should be addressed to the CIA.