Maldives/

Tourism, Maldives’ largest economic activity, accounts for 28% of GDP and more than 60% of 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. The Maldivian Government implemented economic reforms, beginning in 1989 that initially lifted import quotas, opened some exports to the private sector, and liberalized regulations to allow more foreign investment. Real GDP growth averaged over 7.5% per year for more than a decade, and registered 18% in 2006, due to a rebound in tourism and reconstruction following the tsunami of December 2004. GDP slowed in 2007-08, then contracted in 2009 due to the global recession. Falling 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 eased with a December 2009, $79.3 million dollar IMF standby agreement. Diversifying the economy beyond tourism and fishing, reforming public finance, and increasing employment opportunities are 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.

$1.767 billion (2010 est.)

$1.708 billion (2009 est.)

$1.763 billion (2008 est.)

$1.433 billion (2010 est.)

3.4% (2010 est.)

-3.1% (2009 est.)

6.2% (2008 est.)

$4,500 (2010 est.)

$4,300 (2009 est.)

$4,600 (2008 est.)

144,000 (2009)

14.4% (2006 est.)

16% (2008)

7.3% (2009 est.)

12.3% (2008 est.)

13% (31 December 2009)

13% (31 December 2008)

13% (31 December 2009 est.)

13% (31 December 2008 est.)

$460 million (31 October 2009)

$475.2 million (31 December 2008)

$1.065 billion (31 December 2009)

$946.1 million (31 December 2008)

$1.548 billion (31 December 2008 est.)

$1.08 billion (31 December 2007 est.)

$NA

coconuts, corn, sweet potatoes; fish

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

-0.9% (2004 est.)

542 million kWh (2009 est.)

542 million kWh (2009 est.)

0 kWh (2009 est.)

0 kWh (2009 est.)

0 bbl/day (2009 est.)

6,000 bbl/day (2009 est.)

0 bbl/day (2009 est.)

5,490 bbl/day (2008 est.)

0 bbl (1 January 2010 est.)

0 cu m (2009 est.)

0 cu m (2009 est.)

0 cu m (2009 est.)

0 cu m (2009 est.)

0 cu m (1 January 2010 est.)

-$370 million (2009 est.)

-$638 million (2008 est.)

$88 million (2009 est.)

$125 million (2008 est.)

fish

France 17.01%, Thailand 15.16%, Italy 13.49%, UK 13.13%, Sri Lanka 12.38% (2009)

$782 million (2008 est.)

$1.221 billion (2008 est.)

petroleum products, ships, foodstuffs, clothing, intermediate and capital goods

Singapore 24.62%, UAE 15.7%, India 11.02%, Malaysia 8.98%, Sri Lanka 5.4%, Thailand 5.36% (2009)

$589 million (2009 est.)

$477 million (2008 est.)

rufiyaa (MVR) per US dollar - 12.8 (2009), 12.8 (2008), 12.8 (2007), 12.8 (2006)