Topic
World
Business | Asia
| Asia
Business |  Maldives
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. 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 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. 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. In late December 2004,
a major tsunami left more than 100 dead, 12,000 displaced, and property
damage exceeding $300 million.
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Accommodations
Asia
Hotels, Motels, and Inns
Agriculture - Products: coconuts,
corn, sweet potatoes; fish
Airlines
Airlines
in Asia
Airlines
Worldwide
Airports
Airports
in Asia
Airports
Worldwide
Country Budget
revenues: $224 million (excluding
foreign grants)
expenditures: $282 million, including
capital expenditures of $80 million (2002 est.)
Currency (code): rufiyaa (MVR)
Currency Exchange Rates
rufiyaa per US dollar - 12.8 (2004),
12.8 (2003), 12.8 (2002), 12.24 (2001), 11.77 (2000)
Fiscal Year: calendar year
GDP (Gross Domestic Product)
GDP (purchasing power parity):
$1.25 billion (2002 est.)
GDP - real growth rate:
2.3% (2002 est.)
GDP - per capita: purchasing
power parity - $3,900 (2002 est.)
GDP - composition by sector:
agriculture: 20%
industry: 18%
services: 62% (2000 est.)
Imports / Exports
Exports: $90 million
f.o.b. (2002 est.)
Exports - commodities:
fish, clothing
Exports - partners:
US 26.5%, Thailand 23.5%, Sri Lanka 12.3%, Japan 11.7%, UK 9.8%, Germany
4.9% (2004)
Imports: $392 million
f.o.b. (2002 est.)
Imports - commodities:
petroleum products, ships, foodstuffs, textiles, clothing, intermediate
and capital goods
Imports - partners:
Singapore 24.9%, Sri Lanka 10.6%, UAE 10.3%, India 10.2%, Malaysia 7.6%,
Bahrain 5.4% (2004)
Industries
fish processing, tourism, shipping,
boat building, coconut processing, garments, woven mats, rope, handicrafts,
coral and sand mining
Investing
Forex,
Foreign Exchange Market: Currency Trading
Labor Force & Unemployment Rate
Labor force: 88,000
(2000)
Labor force - by occupation:
agriculture 22%, industry 18%, services 60% (1995)
Unemployment rate: NEGL%
(2003 est.)
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