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Maldives

 Flag of Maldives

Last reviewed: 27 October 2009

Country information

ECONOMY

Basic Economic Facts

GDP: US$1.259bn (Est. 2008)
GDP per head: US$ 3,494 (Est. 2008)
GDP growth: 5.7%
Average Inflation: 12.8% (Est. 2008)
Major Industries: Tourism (26%), Transport and Communications (19%), Govt administration (17%), manufacturing (7%), construction (7%), fisheries (5%)
Major trading partners: Sri Lanka, Thailand, Japan, UK, Italy, France, UAE, India.
Total exports: US$  330 million (2008)
Total imports: US$ 1,387 (2008)
Exchange rate: 12.8 Rufiyaa = 1 US$, 24.6 Rufiyaa = £1 Sterling (July 2009)

The major industry is tourism, accounting for more than one third of the GDP. The traditional fishing industry now only accounts for 5%, although it remains an important part of the economy through its employment and exports (mainly tuna). Major imports include machinery and electrical items, mineral products, textiles, processed foods, vegetable products and vehicles. The principal import sources for the Maldives in 2008 were Singapore, Sri Lanka, United Arab Emirates, India and Malaysia.

The Maldives principal export destinations in 2008 were the US, Sri Lanka (16.2%), Thailand, and the UK. Over half of the total exports are marine products - canned and dried fish (54%), the majority of the rest of the Maldives exports are apparel and accessories.

The Maldives is projected to graduate from the UN’s Least Developed Countries list in 2011.

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