Economy of the Maldives

Common card · No. 403631

The economy of the Maldives is a mixed economy that is based on the principal activities of tourism, fishing and shipping. Since the 1970s the economy of the Maldives has developed rapidly. Annual growth of gross domestic product (GDP) has been high, averaging about 6 percent in the 2010s, and the gross national income (GNI) per capita reached the level of most upper middle-income countries by the late 2010s. In ancient times, Maldives were renowned for cowries, coir rope, dried tuna fish (Maldive fish), ambergris (maavaharu) and coco de mer (tavakkaashi). Local and foreign trading ships used to load these products in the Maldives and bring them abroad. Tourism is the largest industry in the Maldives, accounting for 28% of GDP and more than 60% of the Maldives' foreign exchange receipts. It powered the current GDP per capita to expand 265% in the 1980s and a further 115% in the 1990s. Over 90% of government tax revenue flows in from import duties and tourism-related taxes. Fishing is the...

Read on Wikipedia · Image Shahee Ilyas, CC BY 3.0