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1994-05-02
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<text>
<title>
Maldives: Economy
</title>
<article><hdr>The World Factbook 1993: Maldives
Economy</hdr><body>
<p>Overview: The economy is based on fishing, tourism, and shipping.
Agriculture is limited to the production of a few subsistence crops
that provide only 10% of food requirements. Fishing is the largest
industry, employing 25% of the work force and accounting for over 60%
of exports; it is also an important source of government revenue.
During the 1980s tourism became one of the most important and highest
growth sectors of the economy. In 1988 industry accounted for about
5% of GDP. Real GDP is officially estimated to have increased by
about 10% annually during the period 1974-90.
</p>
<p>National product: GDP - exchange rate conversion - $140 million
(1991 est.)
</p>
<p>National product real growth rate: 4.7% (1991 est.)
</p>
<p>National product per capita: $620 (1991 est.)
</p>
<p>Inflation rate (consumer prices): 11.5% (1991 est.)
</p>
<p>Unemployment rate: NEGL%
</p>
<p>Budget: revenues $52 million (excluding foreign transfers);
expenditures $83 million, including capital expenditures of $39
million (1991 est.)
</p>
<list>
<l>Exports: $53.7 million (f.o.b., 1991)</l>
<l> commodities: fish, clothing</l>
<l> partners: US, UK, Sri Lanka</l>
<l>Imports: $150.9 million (c.i.f., 1991)</l>
<l> commodities: consumer goods, intermediate and capital goods,
petroleum products</l>
<l> partners: Singapore, Germany, Sri Lanka, India</l>
</list>
<p>External debt: $90 million (1991)
</p>
<p>Industrial production: growth rate 24.0% (1990); accounts for 6% of
GDP
</p>
<p>Electricity: 5,000 kW capacity; 11 million kWh produced, 50 kWh per
capita (1990)
</p>
<p>Industries: fishing and fish processing, tourism, shipping, boat
building, some coconut processing, garments, woven mats, coir (rope),
handicrafts
</p>
<p>Agriculture: accounts for almost 25% of GDP (including fishing);
fishing more important than farming; limited production of coconuts,
corn, sweet potatoes; most staple foods must be imported; fish catch
of 67,000 tons (1990 est.)
</p>
<p>Economic aid: 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
</p>
<p>Currency: 1 rufiyaa (Rf)=100 laaris
</p>
<p>Exchange rates: rufiyaa (Rf) per US$1 - 10.506 (January 1993),
10.569 (1992), 10.253 (1991), 9.509 (1990), 9.0408 (1989), 8.7846
(1988)
</p>
<p>Fiscal year: calendar year
</p></body></article></text>