Economy
Economy - overview: During the 1980s tourism became one of the most important and highest growth sectors of the economy. In 1994, tourism, Maldives largest industry, accounted for about 18% of GDP and more than 60% of the Maldives' foreign exchange receipts. Fishing is a second leading growth sector. Over 90% of government tax revenue comes from import duties and tourism-related taxes. The Maldivian Government initiated 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. In 1994, industry which consisted mainly of garment production, boat building, and handicrafts accounted for about 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 and construction 21%, trade, restaurants, and hotels 16%, transportation and communication 10%, other 7%
Unemployment rate: NEGL%
Budget: revenues: $88 million (excluding foreign grants) expenditures: $141 million, including capital expenditures of $NA (1995 est.)