hing is a
second leading growth sector. Over 90% of government tax revenue comes
from import duties and tourism-related taxes. The Maldivian Government
initiated an economic reform program in 1989 initially by lifting
import quotas and opening some exports to the private sector.
Subsequently, it has liberalized regulations to allow more foreign
investment. Agriculture and manufacturing continue to play a minor
role in the economy, constrained by the limited availability of
cultivable land and the shortage of domestic labor. Most staple foods
must be imported. In 1994, industry which consisted mainly of garment
production, boat building, and handicrafts accounted for about 15% of
GDP.

GDP: purchasing power parity - $423 million (1995 est.)

GDP - real growth rate: 5.8% (1995 est.)

GDP - per capita: purchasing power parity - $1,620 (1995 est.)

GDP - composition by sector:
agriculture: 21.5%
industry: 15.3%
services: 63.2% (1994 est.)

Inflation rate - consumer price index: 7.7% (1995 est.)

Labor force:
total: 56,435 (1990 est.)
by occupation: fishing industry and agriculture 25%, services 21%,
manufacturing and construction 21%, trade, restaurants, and hotels
16%, transportation and communication 10%, other 7%

Unemployment rate: NEGL%

Budget:
revenues: $88 million (excluding foreign grants)
expenditures: $141 million, including capital expenditures of $NA
(1995 est.)

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

Industrial production growth rate: 6.3% (1994 est.)

Electricity - capacity: 18,000 kW (1994)

Electricity - production: 40 million kWh (1994)

Electricity - consumption per capita: 163 kWh (1994 est.)

Agriculture - products: coconuts, corn, sweet potatoes; fishing

Exports:
total value: $50 million (f.o.b., 199)
commodities: fish, clothing
partners: Sri Lanka, US, Germany, Singapore, UK

Imports:
total value : $268 million (f.o.b., 1995 est.)
commodities: consumer goods, intermediate and capital goods, petroleum
products
partners : Singapore, India, Sri Lanka, Hong Kong, Japan, Thailand

Debt - external: $137.5 million (1994 est.)

Economic aid:
recipient: ODA, $NA

Currency: 1 rufiyaa (Rf) = 100 laari

Exchange rates: rufiyaa (Rf) per US$1 - 11.770 (January 1997), 11.770
(1996), 11.770 (1995), 11.586 (1994), 10.957 (1993), 10.569 (1992)

Fiscal year: calendar year

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