ifting import quotas and opening some exports to the
private sector. Subsequently, it has liberalized regulations to
allow more foreign investment. Real GDP growth averaged over 7.5%
per year for more than a decade. In late December 2004, a major
tsunami left more than 100 dead, 12,000 displaced, and property
damage exceeding $300 million. As a result of the tsunami, the GDP
contracted by about 3.6% in 2005. A rebound in tourism, post-tsunami
reconstruction, and development of new resorts helped the economy
recover quickly. The trade deficit has expanded sharply as a result
of high oil prices and imports of construction material.
Diversifying beyond tourism and fishing and increasing employment
are the major challenges facing the government. Over the longer term
Maldivian authorities worry about the impact of erosion and possible
global warming on their low-lying country; 80% of the area is 1
meter or less above sea level.

GDP (purchasing power parity):

$1.588 billion (2007 est.)

GDP (official exchange rate):

$1.049 billion (2007 est.)

GDP - real growth rate:

6.6% (2007 est.)

GDP - per capita (PPP):

$4,600 (2007 est.)

GDP - composition by sector:

agriculture: 16%
industry: 7%
services: 77% (2006 est.)

Labor force:

101,300 (2004)

Labor force - by occupation:

agriculture: 22%
industry: 18%
services: 60% (1995)

Unemployment rate:

NEGL% (2003 est.)

Population below poverty line:

21% (2004)

Household income or consumption by percentage share:

lowest 10%: NA%
highest 10%: NA%

Budget:

revenues: $508 million (including foreign grants)
expenditures: $671 million (2006 est.)

Fiscal year:

calendar year

Inflation rate (consumer prices):

5% (2007 est.)

Central bank discount rate:

12.5% (31 December 2007)

Commercial bank prime lending rate:

13% (31 December 2007)

Stock of money:

$344.1 million (31 December 2007)

Stock of quasi money:

$434.9 million (31 December 2007)

Stock of domestic credit:

$1.08 billion (31 December 2007)

Agriculture - products:

coconuts, corn, sweet potatoes; fish

Industries:

tourism, fish processing, shipping, boat building, coconut
processing, garments, woven mats, rope, handicrafts, coral and sand
mining

Industrial production growth rate:

-0.9% (2004 est.)

Electricity - production:

230 million kWh (2007 est.)

Electricity - consumption:

203.7 mi