Economy of The Maldives - Macro-economic Trend

Macro-economic Trend

This is a chart of trend of gross domestic product of Maldives at market prices estimated by the International Monetary Fund with figures in millions of Rufiyaa.

Year Gross Domestic Product US Dollar Exchange Per Capita Income
(as % of USA)
1980 440 7.58 Rufiyaa 3.11
1985 885 7.08 Rufiyaa 3.85
1990 2,054 9.55 Rufiyaa 4.34
1995 4,696 11.76 Rufiyaa 6.29
2000 7,348 11.77 Rufiyaa 6.77
2005 10,458 12.80 Rufiyaa 5.33
2011 10,458 15.40 Rufiyaa 7.43

For purchasing power parity comparisons, the US Dollar is exchanged at 12.85 Rufiyaa only. Mean wages were $4.15 per manhour in 2009.

The Maldives has experienced relatively low inflation throughout the recent years. Real GDP growth averaged about 10% in the 1980s. It expanded by an exceptional 16.2% in 1990, declined to 4% in 1993, and, over the 1995-2004 decade, real GDP growth averaged just over 7.5% per year. In 2005, as a result of the tsunami, the GDP contracted by about 5.5%; however, the economy rebounded in 2006 with a 13% increase.

The Maldives has been running a merchandise trade deficit in the range of $200 to $260 million since 1997. The trade deficit declined to $233 million in 2000 from $262 million in 1999. In 2004 it was $444 million.

International shipping to and from the Maldives is mainly operated by the private sector with only a small fraction of the tonnage carried on vessels operated by the national carrier, Maldives Shipping Management Ltd.

Over the years, Maldives has received economic assistance from multilateral development organizations, including the United Nations Development Programme, Asian Development Bank, and the World Bank. Individual donors, including Japan, India, Australia, and European and Arab countries (such as Islamic Development Bank and the Kuwaiti Fund) also have contributed. See: Economic Aid to Maldives

In 1956, a bilateral agreement gave United Kingdom access to Gan in Addu Atoll in the far south, to establish an air facility in Gan in return for British aid. However, the agreement ended in 1976, shortly after the closing of the Gan air station.

Read more about this topic:  Economy Of The Maldives

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