Maldives - Economy
How is the economy of Maldives? Based on the information we have, Maldives has a upper middle-income Indian Ocean island economy; major tourism, fishing, and shipping industries; high public debt; systemic corruption; crippled by COVID-19; ongoing deflation; poverty has tripled since pandemic began. Key agricultural products in this country include: fruits, vegetables, nuts, other meats, papayas, bananas, tomatoes, maize, pulses, chillies/peppers (2023).
More about the economy of Maldives
| Labor force | 270,300 (2024 est.) |
|---|---|
| Industrial production growth rate | -2.7% (2024 est.) |
| Industries | tourism, fish processing, shipping, boat building, coconut processing, woven mats, rope, handicrafts, coral and sand mining |
| Population below poverty line | 5.4% (2019 est.) |
| Taxes and other revenues | 19.5% (of GDP) (2021 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | rufiyaa (MVR) per US dollar - |
| Exchange rates 2024 | 15.389 (2024 est.) |
| Exchange rates 2023 | 15.387 (2023 est.) |
| Exchange rates 2022 | 15.387 (2022 est.) |
| Exchange rates 2021 | 15.373 (2021 est.) |
| Exchange rates 2020 | 15.381 (2020 est.) |
| Debt - external | |
| Debt - external 2023 | $3.113 billion (2023 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2024 | $673.886 million (2024 est.) |
| Reserves of foreign exchange and gold 2023 | $590.523 million (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $832.094 million (2022 est.) |
| Current account balance | |
| Current account balance 2024 | -$1.257 billion (2024 est.) |
| Current account balance 2023 | -$1.4 billion (2023 est.) |
| Current account balance 2022 | -$1.042 billion (2022 est.) |
| Public debt | |
| Public debt 2016 | 61.7% of GDP (2016 est.) |
| Budget | |
| Revenues | $1.407 billion (2021 est.) |
| Expenditures | $1.939 billion (2021 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2024 | 0.1% of GDP (2024 est.) |
| Remittances 2023 | 0.1% of GDP (2023 est.) |
| Remittances 2022 | 0.1% of GDP (2022 est.) |
| Household income | |
| Lowest 10% | 3.8% (2019 est.) |
| Highest 10% | 23.3% (2019 est.) |
| Imports | |
| Imports 2024 | $5.344 billion (2024 est.) |
| Imports 2023 | $4.984 billion (2023 est.) |
| Imports 2022 | $4.939 billion (2022 est.) |
| Imports (partners) | India 15%, UAE 15%, Oman 14%, China 12%, Singapore 8% (2023) |
| Comodities Imports force | refined petroleum, plastic products, aircraft, granite, ships (2023) |
| Exports | |
| Imports 2024 | $5.344 billion (2024 est.) |
| Imports 2023 | $4.984 billion (2023 est.) |
| Imports 2022 | $4.939 billion (2022 est.) |
| Exports (partners) | Thailand 32%, India 21%, Singapore 9%, UK 7%, Germany 5% (2023) |
| Comodities Exports force | fish, aircraft, refined petroleum, scrap iron, natural gas (2023) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2024 | $12.325 billion (2024 est.) |
| Real GDP (purchasing power parity) 2023 | $11.723 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $11.194 billion (2022 est.) |
| GDP (official exchange rate) | $6.975 billion (2024 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2024 | $23,400 (2024 est.) |
| Real GDP per capita 2023 | $22,300 (2023 est.) |
| Real GDP per capita 2022 | $21,400 (2022 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 3% (2024 est.) |
| Industry | 9% (2024 est.) |
| Services | 73.8% (2024 est.) |
| GDP - composition, by end use | |
| Household consumption | 51.4% (2023 est.) |
| Government consumption | 17.1% (2023 est.) |
| Investment in fixed capital | 35% (2023 est.) |
| Investment in inventories | -2% (2023 est.) |
| Exports of goods and services | 74.4% (2023 est.) |
| Imports of goods and services | -75.7% (2023 est.) |
| Unemployment rate | |
| Unemployment rate 2024 | 4.7% (2024 est.) |
| Unemployment rate 2023 | 4.3% (2023 est.) |
| Unemployment rate 2022 | 4.5% (2022 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 16.1% (2024 est.) |
| Male | 20% (2024 est.) |
| Female | 9.5% (2024 est.) |
All Important Facts about Maldives
Want to know more about Maldives? Check all different factbooks for Maldives below.
