Economy Of Maldives
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Economy overview
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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.
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GDP
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purchasing power parity - $1.25 billion (2002 est.)
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GDP - real growth rate
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2.3% (2002 est.)
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GDP - per capita
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purchasing power parity - $3,900 (2002 est.)
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GDP - composition by sector
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agriculture: 20%
industry: 18%
services: 62% (2000 est.)
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Investment gross fixed
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Population below poverty line
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NA
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Household income or consumption by percentage share
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lowest 10%: NA
highest 10%: NA
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Distribution of family income - Gini index
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Inflation rate consumer prices
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1% (2002 est.)
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Labor force
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88,000 (2000)
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Labor force by occupation
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agriculture 22%, industry 18%, services 60% (1995)
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Unemployment rate
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NEGL% (2003 est.)
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Budget
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revenues: $224 million (excluding foreign grants)
expenditures: $282 million, including capital expenditures of $80 million (2002 est.)
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Public debt
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Agriculture products
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coconuts, corn, sweet potatoes; fish
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Industries
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fish processing, tourism, shipping, boat building, coconut processing, garments, woven mats, rope, handicrafts, coral and sand mining
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Industrial production growth rate
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4.4% (1996 est.)
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Electricity production
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117 million kWh (2001)
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Electricity production by source
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fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%
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Electricity consumption
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108.8 million kWh (2001)
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Electricity exports
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0 kWh (2001)
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Electricity imports
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0 kWh (2001)
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Oil production
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0 bbl/day (2001 est.)
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Oil consumption
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3,200 bbl/day (2001 est.)
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Oil exports
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NA (2001)
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Oil imports
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NA (2001)
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Oil proved reserves
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Natural gas production
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Natural gas consumption
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Natural gas exports
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Natural gas imports
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Natural gas proved reserves
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Current account balance
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Exports
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$90 million f.o.b. (2002 est.)
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Exports commodities
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fish, clothing
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Exports partners
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US 32.1%, Thailand 17%, Sri Lanka 13.4%, Japan 10.7%, UK 9.8%, Indonesia 4.5% (2003)
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Imports
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$392 million f.o.b. (2002 est.)
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Imports commodities
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consumer goods, intermediate and capital goods, petroleum products
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Imports partners
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Singapore 24.8%, Sri Lanka 13.8%, India 10.2%, Malaysia 7.6%, UAE 7.6%, Thailand 5.1% (2003)
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Reserves of foreign exchange gold
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Debt external
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$281 million (2003 est.)
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Economic aid recipient
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NA (1995)
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Currency
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rufiyaa (MVR)
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Currency code
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MVR
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Exchange rates
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rufiyaa per US dollar - 12.8 (2003), 12.8 (2002), 12.2421 (2001), 11.77 (2000), 11.77 (1999)
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Fiscal year
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calendar year
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This information was reproduced in part from the CIA World Fact book.
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