Countries
Maldives
Key Economic Indicators
$13.82 billion
$26,183
3.49%
1.4%
4.51%
$6.975 billion (2024 est.)
61.7% of GDP (2016 est.)
$-1,319,027,948
Economic Overview
upper middle-income Indian Ocean island economy; major tourism, fishing, and shipping industries; high public debt; systemic corruption; crippled by COVID-19; ongoing deflation; poverty has tripled since pandemic began
All Economic Data
Agricultural products
fruits, vegetables, nuts, other meats, papayas, bananas, tomatoes, maize, pulses, chillies/peppers (2023)
note:
<b>note:</b> top ten agricultural products based on tonnage
Budget
Expenditures:
$1.939 billion (2021 est.)
Note:
<b>note:</b> central government revenues and expenses (excluding grants/extrabudgetary units/social security funds) converted to US dollars at average official exchange rate for year indicated
Revenues:
$1.407 billion (2021 est.)
Currency
code:
MVR
name:
Maldivian rufiyaa (MVR) [.ރ]
Current account balance
$-1,319,027,948
Current account balance 2022:
-$1.042 billion (2022 est.)
Current account balance 2023:
-$1.4 billion (2023 est.)
Current account balance 2024:
-$1.257 billion (2024 est.)
Note:
<b>note:</b> balance of payments - net trade and primary/secondary income in current dollars
Debt - external
$4.69 billion
Debt - external 2023:
$3.113 billion (2023 est.)
Note:
<strong>note:</strong> present value of external debt in current US dollars
Exchange rates
Currency:
rufiyaa (MVR) per US dollar -
Exchange rates 2020:
15.381 (2020 est.)
Exchange rates 2021:
15.373 (2021 est.)
Exchange rates 2022:
15.387 (2022 est.)
Exchange rates 2023:
15.387 (2023 est.)
Exchange rates 2024:
15.389 (2024 est.)
Exports
$5.52 billion
Exports 2022:
$5.096 billion (2022 est.)
Exports 2023:
$4.88 billion (2023 est.)
Exports 2024:
$5.413 billion (2024 est.)
Note:
<b>note:</b> balance of payments - exports of goods and services in current dollars
Exports - commodities
fish, aircraft, refined petroleum, scrap iron, natural gas (2023)
note:
<b>note:</b> top five export commodities based on value in dollars
Exports - partners
Thailand 32%, India 21%, Singapore 9%, UK 7%, Germany 5% (2023)
note:
<b>note:</b> top five export partners based on percentage share of exports
Foreign direct investment
net inflows:
$806.2 million
GDP - composition, by end use
Exports of goods and services:
74.4% (2023 est.)
Government consumption:
17.1% (2023 est.)
Household consumption:
51.4% (2023 est.)
Imports of goods and services:
-75.7% (2023 est.)
Investment in fixed capital:
35% (2023 est.)
Investment in inventories:
-2% (2023 est.)
GDP - composition, by sector of origin
Agriculture:
3% (2024 est.)
Industry:
9% (2024 est.)
Note:
<b>note:</b> figures may not total 100% due to non-allocated consumption not captured in sector-reported data
Services:
73.8% (2024 est.)
GDP (official exchange rate)
$6.975 billion (2024 est.)
note:
<b>note:</b> data in current dollars at official exchange rate
GDP per capita (nominal)
$13,379
Gini Index coefficient - distribution of family income
31.3 (2016)
Gini Index coefficient - distribution of family income 2019:
29.3 (2019 est.)
Note:
<b>note:</b> index (0-100) of income distribution; higher values represent greater inequality
GNI (gross national income)
$6.31 billion
GNI per capita
$11,640
Gross domestic investment
31 % of GDP
Household income or consumption by percentage share
Highest 10%:
23.3% (2019 est.)
Lowest 10%:
3.8% (2019 est.)
Note:
<b>note:</b> % share of income accruing to lowest and highest 10% of population
Imports
$5.53 billion
Imports 2022:
$4.939 billion (2022 est.)
Imports 2023:
$4.984 billion (2023 est.)
Imports 2024:
$5.344 billion (2024 est.)
Note:
<b>note:</b> balance of payments - imports of goods and services in current dollars
Imports - commodities
refined petroleum, plastic products, aircraft, granite, ships (2023)
note:
<b>note:</b> top five import commodities based on value in dollars
Imports - partners
India 15%, UAE 15%, Oman 14%, China 12%, Singapore 8% (2023)
note:
<b>note:</b> top five import partners based on percentage share of imports
Industrial production growth rate
-2.7% (2024 est.)
note:
<b>note:</b> annual % change in industrial value added based on constant local currency
Industries
tourism, fish processing, shipping, boat building, coconut processing, woven mats, rope, handicrafts, coral and sand mining
Inflation rate (consumer prices)
1.4%
Inflation rate (consumer prices) 2022:
2.3% (2022 est.)
Inflation rate (consumer prices) 2023:
2.9% (2023 est.)
Inflation rate (consumer prices) 2024:
1.4% (2024 est.)
Note:
<b>note:</b> annual % change based on consumer prices
Labor force
270,300 (2024 est.)
note:
<b>note:</b> number of people ages 15 or older who are employed or seeking work
total:
272,320 persons
Labor force - by occupation
agriculture:
11.31%
industry:
16.93%
services:
71.77%
Population below poverty line
5.4% (2019 est.)
note:
<b>note:</b> % of population with income below national poverty line
Public debt
Public debt 2016:
61.7% of GDP (2016 est.)
Real GDP (purchasing power parity)
$13.82 billion
Note:
<b>note:</b> data in 2021 dollars
Real GDP (purchasing power parity) 2022:
$11.194 billion (2022 est.)
Real GDP (purchasing power parity) 2023:
$11.723 billion (2023 est.)
Real GDP (purchasing power parity) 2024:
$12.325 billion (2024 est.)
Real GDP growth rate
3.49%
Note:
<b>note:</b> annual GDP % growth based on constant local currency
Real GDP growth rate 2022:
13.8% (2022 est.)
Real GDP growth rate 2023:
4.7% (2023 est.)
Real GDP growth rate 2024:
5.1% (2024 est.)
Real GDP per capita
$26,183
Note:
<b>note:</b> data in 2021 dollars
Real GDP per capita 2022:
$21,400 (2022 est.)
Real GDP per capita 2023:
$22,300 (2023 est.)
Real GDP per capita 2024:
$23,400 (2024 est.)
Remittances
$5.65 million
Note:
<b>note:</b> personal transfers and compensation between resident and non-resident individuals/households/entities
Remittances 2022:
0.1% of GDP (2022 est.)
Remittances 2023:
0.1% of GDP (2023 est.)
Remittances 2024:
0.1% of GDP (2024 est.)
Reserves of foreign exchange and gold
$673.89 million
Note:
<b>note:</b> holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars
Reserves of foreign exchange and gold 2022:
$832.094 million (2022 est.)
Reserves of foreign exchange and gold 2023:
$590.523 million (2023 est.)
Reserves of foreign exchange and gold 2024:
$673.886 million (2024 est.)
Revenue (excl grants)
25 % of GDP
Tax revenue
19 % of GDP
Taxes and other revenues
19.5% (of GDP) (2021 est.)
note:
<strong>note:</strong> central government tax revenue as a % of GDP
Unemployment rate
4.51%
Note:
<b>note:</b> % of labor force seeking employment
Unemployment rate 2022:
4.5% (2022 est.)
Unemployment rate 2023:
4.3% (2023 est.)
Unemployment rate 2024:
4.7% (2024 est.)
Youth unemployment rate (ages 15-24)
Female:
9.5% (2024 est.)
Male:
20% (2024 est.)
Note:
<b>note:</b> % of labor force ages 15-24 seeking employment
Total:
16.1% (2024 est.)
World Bank Indicators
Currency
Maldivian rufiyaa (MVR) . (2025)
Gini Index
31.30 (2016)
Languages
Maldivian (2025)
Economic Rankings
GDP Growth Rate
#8
GDP per Capita
#77
External Debt
#85
Unemployment Rate
#112
Exports
#138
Imports
#147
Reserves
#147
Gini Index
#148
GDP (Nominal)
#157
GDP (PPP)
#159
Inflation Rate
#183
Quick Facts
Industries
tourism, fish processing, shipping, boat building, coconut processing, woven mats, rope, handicrafts, coral and sand mining
Agricultural products
fruits, vegetables, nuts, other meats, papayas, bananas, tomatoes, maize, pulses, chillies/peppers (2023)
Labor force
270,300 (2024 est.)
Exports - partners
Thailand 32%, India 21%, Singapore 9%, UK 7%, Germany 5% (2023)
Imports - partners
India 15%, UAE 15%, Oman 14%, China 12%, Singapore 8% (2023)
Exchange rates
rufiyaa (MVR) per US dollar -
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