bassy
in Maldives; the US Ambassador to Sri Lanka is accredited to Maldives
and makes periodic visits there

Flag description: red with a large green rectangle in the center
bearing a vertical white crescent; the closed side of the crescent is
on the hoist side of the flag

@Maldives:Economy

Economy-overview: Tourism, Maldives largest industry, accounts for
about 18% of GDP and more than 60% of the Maldives' foreign exchange
receipts. Over 90% of government tax revenue comes from import duties
and tourism-related taxes. About 350,000 tourists visited the islands
in 1997. Fishing is a second leading growth sector. The Maldivian
Government began 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. Industry, which consists mainly of garment
production, boat building, and handicrafts, accounts for about 15% of
GDP. Maldivian authorities worry about the impact of erosion and
possible global warming on their low-lying country; 80% of the area is
three feet or less above sea level.

GDP: purchasing power parity-$500 million (1997 est.)

GDP-real growth rate: 6.2% (1997 est.)

GDP-per capita: purchasing power parity-$1,800 (1997 est.)

GDP-composition by sector:
agriculture: 22%
industry: 15%
services: 63% (1994 est.)

Inflation rate-consumer price index: 6.3% (1996)

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: 14,000 kW (1995)

Electricity-production: 50 million kWh (1995)

Electricity-consumption per capita: 191 kWh (1995)

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

Exports: