Economy 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. Over the past
decade, real GDP growth averaged over 7.5% per year. As a result of
the tsunami, the GDP contracted by about 5.5% in 2005.
GDP (purchasing power parity):
$1.25 billion (2002 est.)
GDP (official exchange rate):
$817 million
GDP - real growth rate:
-3.6% (2005 est.)
GDP - per capita (PPP):
$3,900 (2002 est.)
GDP - composition by sector: agriculture: 20% industry: 18% services: 62% (2000 est.)
Labor force: 88,000 (2000)
Labor force - by occupation: agriculture: 22% industry: 18% services: 60% (1995)
Unemployment rate:
NEGL% (2003 est.)