chief of mission: Ambassador Mohamed Hussain MANIKU chancery: 800 2nd Avenue, Suite 400E, New York, NY 10017 telephone: [1] (212) 599-6194 FAX: [1] (212) 599-6195
Diplomatic representation from the US:
the US does not have an embassy in Maldives; the US Ambassador to Sri Lanka is accredited to Maldives and makes periodic visits
Flag description:
red with a large green rectangle in the center bearing a vertical white crescent; the closed side of the crescent is on the hoist side of the flag
Economy
Maldives
Economy - overview:
Tourism, Maldives' largest industry, accounts for 28% 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 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. Industry, which consists mainly of garment production, boat building, and handicrafts, accounts for about 7% of GDP. 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. Real GDP growth averaged over 7.5% per year for more than a decade. In late December 2004, a major tsunami left more than 100 dead, 12,000 displaced, and property damage exceeding $300 million. As a result of the tsunami, the GDP contracted by about 3.6% in 2005. A rebound in tourism, post-tsunami reconstruction, and development of new resorts helped the economy recover quickly. The trade deficit has expanded sharply as a result of high oil prices and imports of construction material. Diversifying beyond tourism and fishing and increasing employment are the 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):
$1.588 billion (2007 est.)