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, tomatoes, bananas, maize, pulses, coconuts, papayas (2022).
More about the economy of Maldives
| Labor force | 260,000 (2023 est.) |
|---|---|
| Industrial production growth rate | 7.26% (2023 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 | 19.45% (of GDP) (2021 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | rufiyaa (MVR) per US dollar - |
| 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.) |
| Exchange rates 2019 | 15.382 (2019 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2023 | $590.523 million (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $832.094 million (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $805.808 million (2021 est.) |
| Current account balance | |
| Current account balance 2022 | -$1.033 billion (2022 est.) |
| Current account balance 2021 | -$455.003 million (2021 est.) |
| Current account balance 2020 | -$1.327 billion (2020 est.) |
| Public debt | |
| Public debt 2017 | 63.9% of GDP (2017 est.) |
| Budget | |
| Revenues | $1.407 billion (2021 est.) |
| Expenditures | $1.548 billion (2021 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 0.07% of GDP (2023 est.) |
| Remittances 2022 | 0.08% of GDP (2022 est.) |
| Remittances 2021 | 0.09% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 3.8% (2019 est.) |
| Highest 10% | 23.3% (2019 est.) |
| Imports | |
| Imports 2022 | $4.904 billion (2022 est.) |
| Imports 2021 | $3.484 billion (2021 est.) |
| Imports 2020 | $2.449 billion (2020 est.) |
| Imports (partners) | India 16%, China 16%, UAE 10%, Oman 9%, Malaysia 6% (2022) |
| Comodities Imports force | refined petroleum, ships, aircraft, plastic products, broadcasting equipment (2022) |
| Exports | |
| Imports 2022 | $4.904 billion (2022 est.) |
| Imports 2021 | $3.484 billion (2021 est.) |
| Imports 2020 | $2.449 billion (2020 est.) |
| Exports (partners) | India 71%, Thailand 12%, Germany 3%, Oman 2%, UK 2% (2022) |
| Comodities Exports force | aircraft, fish, natural gas, scrap iron, refined petroleum (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $11.651 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $11.206 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $9.838 billion (2021 est.) |
| GDP (official exchange rate) | $6.6 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $22,400 (2023 est.) |
| Real GDP per capita 2022 | $21,400 (2022 est.) |
| Real GDP per capita 2021 | $18,900 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 4.9% (2022 est.) |
| Industry | 10.3% (2022 est.) |
| Services | 73.3% (2022 est.) |
| GDP - composition, by end use | |
| Exports of goods and services | 93.6% (2016 est.) |
| Imports of goods and services | 89% (2016 est.) |
| Unemployment rate | |
| Unemployment rate 2023 | 4.13% (2023 est.) |
| Unemployment rate 2022 | 4.42% (2022 est.) |
| Unemployment rate 2021 | 5.02% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 14.9% (2023 est.) |
| Male | 18.6% (2023 est.) |
| Female | 9.2% (2023 est.) |
All Important Facts about Maldives
Want to know more about Maldives? Check all different factbooks for Maldives below.
