Includes historical data for Maldives’ Gross Domestic Product growth, debt-to-GDP ratio and more, as well as information on trade, banking and financial sector leadership.
Economy Powered By Tourism And Foreign Investment
A nation of more than 520,000 people spread across 185 islands, the Maldives is an upper-middle-income country, with tourism remaining a cornerstone of its economy, contributing nearly one-third of the nation’s GDP.
In recent years, political reforms have aimed at diversifying the country’s revenue sources, improving transport infrastructure, and enhancing transparency. Yet, while the Maldives welcomes foreign investment and maintains numerous bilateral trade agreements, relatively underdeveloped regulatory frameworks pose challenges. Other weaknesses include geographical isolation and related heavy import dependence, political volatility, heightened exposure to climate risks, and a shortage of skilled labor.
Macroeconomy & Sovereign Data
| Type of Government | Presidential republic |
|---|---|
| Capital | Male |
| Sovereign Ratings |
S&P: A– Moody’s: A3 Fitch: BBB+ |
| Total Population | 523,787 |
| Median Age | 32.1 |
| Adult Per Capita Income (PPP) | 27,008.33 |
| Total GDP (2023) | USD 7.5 billion |
Maldives GDP & Economic Overview
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Trade & Investment
| Total Exports | USD 3.1 billion (2022) |
|---|---|
| Leading Exports |
Refined Petroleum Fruits Furniture Broadcasting Equipment Lumber |
| Total Imports | USD 773.3 million (2022) |
| Leading Imports |
Skipjack And Stripe-Bellied Bonito Fish Fillets Propane Tuna Butane Scrap Iron |
| Source: | World Integrated Trade Solution |
Maldives Leading Companies
| Bank of Maldives | Financials |
|---|---|
| Maldives National Airline (MNA) | Transportation, Airlines |
| Housing Development Corporation | Real Estate Development & Services |
| Maldives Integrated Tourism Development Corporation (MITDC) | Hotels, Resorts & Leisure |
| State Trading Organization (STO) | Consumer Staples, Food & Beverage Distribution |
Major Trade Partners — Import
| Oman | 13.1% |
|---|---|
| United Arab Emirates | 13.0% |
| China | 12.6% |
| India | 12.4% |
| Singapore | 10.2% |
Major Trade Partners — Export
| Thailand | 46.4% |
|---|---|
| Germany | 11.4% |
| United Kingdom | 6.8% |
| France | 4.1% |
| India | 3.9% |
Global Finance Rankings & Awards
Data Sources:
IMF World Economic Outlook
UN World Population Prospects
World Inequality Report
S&P Global Ratings
Moody’s
Fitch Ratings
IMF Direction of Trade Statistics (DOTS)
UN Conference on Trade and Development (UNCTAD)
CIA The World Factbook
World Bank’s World Integrated Trade Solution
Forbes Global 2000