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Maldives Economy 2010
https://workmall.com/wfb2010/maldives/maldives_economy.html
SOURCE: 2010 CIA WORLD FACTBOOK AND OTHER SOURCES

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Maldives Economy 2010
SOURCE: 2010 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 15, 2010

Economy - overview:
Tourism, Maldives' largest economic activity, accounts for 28% of GDP and more than 60% of 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. The Maldivian Government implemented economic reforms, beginning in 1989 that initially lifted import quotas, opened some exports to the private sector, and liberalized regulations to allow more foreign investment. Real GDP growth averaged over 7.5% per year for more than a decade, and registered 18% in 2006, due to a rebound in tourism and reconstruction following the tsunami of December 2004. GDP slowed in 2007-08, then contracted in 2009 due to the global recession. Falling tourist arrivals and fish exports, combined with high government spending on social needs, subsidies, and civil servant salaries contributed to a balance of payments crisis, which was eased with a December 2009, $79.3 million dollar IMF standby agreement. Diversifying the economy beyond tourism and fishing, reforming public finance, and increasing employment opportunities are 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):
$1.674 billion (2009 est.)

$1.744 billion (2008 est.)
$1.648 billion (2007 est.)
note: data are in 2009 US dollars

GDP (official exchange rate):
$807.5 million (2009 est.)

GDP - real growth rate:
-4% (2009 est.)

5.8% (2008 est.)
7.2% (2007 est.)

GDP - per capita (PPP):
$4,200 (2009 est.)

$4,500 (2008 est.)
$4,500 (2007 est.)
note: data are in 2009 US dollars

GDP - composition by sector:
agriculture: 5.6%
industry: 16.9%
services: 77.5% (2006 est.)

Labor force:
144,000 (2007)

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

Unemployment rate:
14.4% (2006 est.)

Population below poverty line:
16% (2004)

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

Budget:
revenues: $762 million (including foreign grants)
expenditures: $884 million (2008 est.)

Inflation rate (consumer prices):
7.3% (2009 est.)

12.8% (2007 est.)

Central bank discount rate:
13% (31 December 2008)

12.5% (31 December 2007)

Commercial bank prime lending rate:
13% (31 December 2008)

13% (31 December 2007)

Stock of money:
$475.2 million (31 December 2008)

$344.1 million (31 December 2007)

Stock of quasi money:
$487.8 million (31 December 2008)

$434.9 million (31 December 2007)

Stock of domestic credit:
$1.548 billion (31 December 2008)

$1.08 billion (31 December 2007)

Market value of publicly traded shares:
$NA

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

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

Industrial production growth rate:
-0.9% (2004 est.)

Electricity - production:
542 million kWh (2007 est.)

Electricity - consumption:
542 million kWh (2007 est.)

Electricity - exports:
0 kWh (2008 est.)

Electricity - imports:
0 kWh (2008 est.)

Oil - production:
0 bbl/day (2008 est.)

Oil - consumption:
5,490 bbl/day (2008 est.)

Oil - exports:
0 bbl/day (2007 est.)

Oil - imports:
5,490 bbl/day (2007 est.)

Oil - proved reserves:
0 bbl (1 January 2009 est.)

Natural gas - production:
0 cu m (2008 est.)

Natural gas - consumption:
0 cu m (2008 est.)

Natural gas - exports:
0 cu m (2008 est.)

Natural gas - imports:
0 cu m (2008 est.)

Natural gas - proved reserves:
0 cu m (1 January 2009 est.)

Current account balance:
$-370 million (2009 est.)

$-638 million (2007 est.)

Exports:
$113 million (2008 est.)

$167 million (2006 est.)

Exports - commodities:
fish

Exports - partners:
Thailand 34.4%, UK 13.8%, France 12.2%, Italy 9%, Sri Lanka 8.5% (2008)

Imports:
$1.276 billion (2008 est.)

$930 million (2006 est.)

Imports - commodities:
petroleum products, ships, foodstuffs, clothing, intermediate and capital goods

Imports - partners:
Singapore 27.2%, UAE 16.9%, Malaysia 9.7%, India 7.7%, Thailand 4.9%, Sri Lanka 4.6%, Germany 4.1% (2008)

Debt - external:
$589 million (2009 est.)

$477 million (2006 est.)

Exchange rates:
rufiyaa (MVR) per US dollar - 12.8 (2009), 12.8 (2008), 12.8 (2007), 12.8 (2006), 12.8 (2005)


NOTE: The information regarding Maldives on this page is re-published from the 2010 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Maldives Economy 2010 information contained here. All suggestions for corrections of any errors about Maldives Economy 2010 should be addressed to the CIA.






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