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    Maldives Index 2006

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    Maldives Economy - 2006
    https://theodora.com/wfbcurrent/maldives/maldives_economy.html
    SOURCE: 2006 CIA WORLD FACTBOOK

      Economy - overview:
      Tourism, Maldives' largest industry, accounts for 20% of GDP and more than 60% of the Maldives' foreign exchange receipts. Over 90% of government tax revenue comes from import duties and tourism-related taxes. Fishing is a second leading sector. The Maldivian Government began 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 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. Industry, which consists mainly of garment production, boat building, and handicrafts, accounts for about 18% of GDP. Maldivian authorities worry about the impact of erosion and possible global warming on their low-lying country; 80% of the area is one meter or less above sea level. In late December 2004, a major tsunami left more than 100 dead, 12,000 displaced, and property damage exceeding $300 million. Over the past decade, real GDP growth averaged over 7.5% per year. As a result of the tsunami, the GDP contracted by about 5.5% in 2005.

      GDP (purchasing power parity):
      $1.25 billion (2002 est.)

      GDP (official exchange rate):
      NA

      GDP - real growth rate:
      -5.5% (2005 est.)

      GDP - per capita (PPP):
      $3,900 (2002 est.)

      GDP - composition by sector:
      agriculture: 20%
      industry: 18%
      services: 62% (2000 est.)

      Labor force:
      88,000 (2000)

      Labor force - by occupation:
      agriculture: 22%
      industry: 18%
      services: 60% (1995)

      Unemployment rate:
      NEGL% (2003 est.)

      Population below poverty line:
      NA%

      Household income or consumption by percentage share:
      lowest 10%: NA%
      highest 10%: NA%

      Inflation rate (consumer prices):
      5.6% (2005 est.)

      Budget:
      revenues: $265 million (excluding foreign grants)
      expenditures: $362 million; including capital expenditures of $80 million (2004 est.)

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

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

      Industrial production growth rate:
      -0.9% (2004 est.)

      Electricity - production:
      135 million kWh (2003)

      Electricity - consumption:
      125.6 million kWh (2003)

      Electricity - exports:
      0 kWh (2003)

      Electricity - imports:
      0 kWh (2003)

      Oil - production:
      0 bbl/day (2003 est.)

      Oil - consumption:
      4,000 bbl/day (2003 est.)

      Oil - exports:
      NA bbl/day

      Oil - imports:
      NA bbl/day

      Natural gas - production:
      0 cu m (2003 est.)

      Natural gas - consumption:
      0 cu m (2003 est.)

      Exports:
      $123 million f.o.b. (2004 est.)

      Exports - commodities:
      fish, clothing

      Exports - partners:
      US 26.5%, Thailand 23.5%, Sri Lanka 12.3%, Japan 11.7%, UK 9.8%, Germany 4.9% (2004)

      Imports:
      $567 million f.o.b. (2004 est.)

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

      Imports - partners:
      Singapore 24.9%, Sri Lanka 10.6%, UAE 10.3%, India 10.2%, Malaysia 7.6%, Bahrain 5.4% (2004)

      Debt - external:
      $316 million (2004 est.)

      Economic aid - recipient:
      $NA (2004)

      Currency (code):
      rufiyaa (MVR)

      Exchange rates:
      rufiyaa per US dollar - 12.8 (2005), 12.8 (2004), 12.8 (2003), 12.8 (2002), 12.24 (2001)

      Fiscal year:
      calendar year


      NOTE: The information regarding Maldives on this page is re-published from the 2006 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Maldives Economy 2006 information contained here. All suggestions for corrections of any errors about Maldives Economy 2006 should be addressed to the CIA.

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    https://theodora.com/wfbcurrent/maldives/maldives_economy.html

    Revised 06-Jun-06
    Copyright © 2006 Photius Coutsoukis (all rights reserved)


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