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Maldives Economy 1996

Overview:

Fishing is the largest industry, employing 25% of the work force and accounting for over 60% of exports. Over 90% of government tax revenue comes from import duties and tourism-related taxes. During the 1980s tourism became one of the most important and highest growth sectors of the economy. In 1993, tourism accounted for 17% of GDP and more than 60% of the Maldives' foreign exchange receipts. The Maldivian government initiated 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. Agriculture and manufacturing continue to play a minor role in the economy, constrained by the limited availability of cultivatable land and the shortage of domestic labor. Most staple foods must be imported. In 1993, industry which consisted mainly of garment production, boat building, and handicrafts accounted for about 6% of GDP.

National product:

GDP - purchasing power parity - $360 million (1993 est.)

National product real growth rate:

5.4% (1993 est.)

National product per capita:

$1,500 (1993 est.)

Inflation rate (consumer prices):

20% (1993)

Unemployment rate:

NEGL%

Budget:

revenues:

$95 million (excluding foreign transfers)

expenditures:

$143 million, including capital expenditures of $71 million (1993 est.)

Exports:

$38.5 million (f.o.b., 1993 est.)

commodities:

fish, clothing

partners:

US, UK, Sri Lanka, Singapore, Germany

Imports:

$177.8 million (c.i.f., 1993)

commodities:

consumer goods, intermediate and capital goods, petroleum products

partners:

Singapore, Germany, Sri Lanka, India, Japan

External debt:

$130 million (1993 est.)

Industrial production:

growth rate 24% (1990); accounts for 6% of GDP

Electricity:

capacity:

5,000 kW

production:

30 million kWh

consumption per capita:

123 kWh (1993)

Industries:

fishing and fish processing, tourism, shipping, boat building, some coconut processing, garments, woven mats, coir (rope), handicrafts

Agriculture:

fishing, coconuts, corn, sweet potatoes

Economic aid:

recipient:

US commitments, including Ex-Im (FY70-88), $28 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $125 million; OPEC bilateral aid (1979-89), $14 million

Currency:

1 rufiyaa (Rf) = 100 laari

Exchange rates:

rufiyaa (Rf) per US$1 - 11.770 (January 1995), 11.586 (1994), 10.957 (1993), 10.569 (1992), 10.253 (1991), 9.509 (1990)

Fiscal year:

calendar year

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