Economy - overview:
Tourism, Maldives' largest economic activity, accounts for nearly 30% of GDP and more than 60% of foreign exchange receipts. Fishing is the second leading sector, but the fish catch has dropped sharply in recent years. 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.Lower than expected tourist arrivals and fish exports, combined with high government spending on social needs, subsidies, and civil servant salaries contributed to a balance of payments crisis, which was temporarily eased with a $79.3 million IMF Stand-By agreement. However, after the first two disbursements, the IMF withheld subsequent disbursements due to concerns over Maldives' growing budget deficit, and the government has been seeking other sources of budgetary support ever since. A new Goods and Services Tax (GST) on tourism introduced in January 2011, on general goods and services in October 2011, and a new Business Profit Tax introduced in July 2011 have provided a boost to revenue. In recent years, gross foreign exchange reserves have hovered around $300 million, sufficient to finance about two to three months of imports.In July 2015, Maldives’ Parliament passed a constitutional amendment legalizing foreign ownership of land; foreign land-buyers must reclaim at least 70% of the desired land from the ocean and invest at least $1 billion in a construction project approved by Parliament. The political opposition claimed publicly that the law could enable China to build military infrastructure in Maldives.Diversifying the economy beyond tourism and fishing, reforming public finance, increasing employment opportunities, and combating corruption, cronyism, and a growing drug problem are near-term 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):
$4.732 billion (2015 est.) $4.554 billion (2014 est.) $4.221 billion (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 175
[see also: GDP country ranks ]

GDP (official exchange rate):
$3.031 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
7.6% (2015 est.) 7.7% (2014 est.) 1.5% (2013 est.)
country comparison to the world: 12
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$13,600 (2015 est.) $13,300 (2014 est.) $12,500 (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 115
[see also: GDP - per capita country ranks ]

Gross national saving:
13.9% of GDP (2015 est.) 15.6% of GDP (2014 est.) 12.6% of GDP (2013 est.)
country comparison to the world: 126
[see also: Gross national saving country ranks ]

GDP - composition, by sector of origin:
agriculture: 4%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 23%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 73% (2012 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
coconuts, corn, sweet potatoes; fish

Industries:
tourism, fish processing, shipping, boat building, coconut processing, woven mats, rope, handicrafts, coral and sand mining

Industrial production growth rate:
14% (2012 est.)
country comparison to the world: 2
[see also: Industrial production growth rate country ranks ]

Labor force:
159,700 (2012)
country comparison to the world: 177
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 15%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 15%
[see also: Labor force - by occupation - industry country ranks ]
services: 70% (2010 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
11% (2012 est.) 12% (2011 est.)
country comparison to the world: 126
[see also: Unemployment rate country ranks ]

Population below poverty line:
16% (2008 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 1.2%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 33.3% (FY09/10)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
37.4 (2004 est.)
country comparison to the world: 78
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $960 million
[see also: Budget revenues country ranks ]
expenditures: $1.27 billion (2013 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
31.7% of GDP (2013 est.)
country comparison to the world: 82
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-10.2% of GDP (2013 est.)
country comparison to the world: 202
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
72.8% of GDP 66.7% of GDP
country comparison to the world: 42
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
4% (2015 est.) 10.9% (2014 est.)
country comparison to the world: 152
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
7% (31 December 2012) 6.96% (31 December 2011)
country comparison to the world: 46
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
10.5% (31 December 2012 est.) 10.2% (31 December 2011 est.)
country comparison to the world: 81
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$623 million (31 December 2013 est.) $547.1 million (31 December 2012 est.)
country comparison to the world: 162
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$1.538 billion (31 December 2013 est.) $1.298 billion (31 December 2012 est.)
country comparison to the world: 163
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$1.559 billion (31 December 2012 est.) $1.601 billion (31 December 2011 est.)
country comparison to the world: 149
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$555 million (31 December 2011 est.)
country comparison to the world: 113
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$232.4 million (2015 est.) $310 million (2014 est.)
country comparison to the world: 83
[see also: Current account balance country ranks ]

Exports:
$166 million (2013 est.) $161 million (2012 est.)
country comparison to the world: 190
[see also: Exports country ranks ]

Exports - commodities:
fish

Exports - partners:
Thailand 18.8%, France 16%, US 10.9%, Japan 7.5%, Germany 7.2%, UK 6.1%, Italy 5.5%, Sri Lanka 4.7% (2014)

Imports:
$1.728 billion (2013 est.) $1.55 billion (2012 est.)
country comparison to the world: 165
[see also: Imports country ranks ]

Imports - commodities:
petroleum products, clothing, intermediate and capital goods

Imports - partners:
Singapore 18%, UAE 18%, India 9%, Malaysia 8.3%, China 6.7%, Sri Lanka 5.7%, Thailand 5.5% (2014)

Reserves of foreign exchange and gold:
$368.3 million (31 December 2013 est.) $356 million (30 November 2012 est.)
country comparison to the world: 155
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$793.6 million (2013 est.) $890.8 million (2012 est.)
country comparison to the world: 169
[see also: Debt - external country ranks ]

Exchange rates:
rufiyaa (MVR) per US dollar - 15.365 (2015) 15.365 (2014)