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Economy of Maldives

Maldives is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Maldives may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Maldives exports around $0.28 billion and imports roughly $1.41 billion. 5% of population in the country are unemployed. The total number of unemployed people in Maldives is 22,213. In Maldives, 16% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Maldives is fairly high, but is not reason for complete concern with regard to investments. Potential financial backers should look at other economic markers, including GDP, urbanization rate, and strength of currency, before making any decisions regarding investments. Government expenditure on education is 11.2% of GDP. The Gini Index of the country is 37.4. Maldives is experiencing good equality. The majority of citizens in Maldives fall within a narrow range of income, although some cases may show significant differences. Maldives has a Human Development Index (HDI) of 0.698. Maldives has an upper medium HDI score. This indicates that the majority of citizens will be able to attain a desirable life, though some citizens will not be able to achieve high living standards. The strength of legal rights index for Maldives is 2. Overall, it is considered to be rather weak - bankrupcy and collateral laws are unable to protect the rights of borrowers and lenders in case of credit-related complications; credit information, if any at all, is scarce and hardly accessible.

Currency

The currency of Maldives is Maldivian rufiyaa. The plural form of the word Maldivian rufiyaa is rufiyaas. The symbol used for this currency is .ރ, and it is abbreviated as MVR. The Maldivian rufiyaa is divided into Laari; there are 100 in one rufiyaa.

Credit rating

The depth of credit information index for Maldives is 5, which means that information is usually sufficient and quite accessible, although occasionally some necessary details may be lacking.

Central bank

In Maldives, the institution that manages the state's currency, money supply, and interest rates is called Maldives Monetary Authority. The average deposit interest rate offered by local banks in Maldives is 4.1%.

Public debt

Maldives has a government debt of 60.8% of the country's Gross Domestic Product (GDP), as assessed in 2012.

Tax information

The corporate tax in Maldives is set at 8%. VAT in Maldives is 6%, and it is known as GST.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Maldives is $4554 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Maldives was last recorded at $10 million. PPP in Maldives is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Maldives is 2,836 billion. Based on this statistic, Maldives is considered to have a small economy. Countries with small economies generally support less industries and opportunities for investment. However, worthwhile investment opportunities may be found. The Gross Domestic Product (GDP) per capita in Maldives was last recorded at $6 million. The average citizen in Maldives has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Maldives averaged 4.5% in 2014. According to this percentage, Maldives is currently experiencing significant growth. Countries that are experiencing significant growth offer the best chance for a substantial return on investment, as GDP growth rate is the most important indicator of economic health. As GDP grows, business, jobs, and personal income grow as well. To read more about financial information click on finances of Maldives.

Industry

Major industries in the country are tourism, fish processing, shipping, boat building, coconut processing, woven mats, rope, handicrafts, coral and sand mining. The total labor force of Maldives is 219,890 people, wherein 5% of population in the country are unemployed. The total number of unemployed people in Maldives is 22,213. The Industrial Production growth rate of Maldives is 14%.To read more about industrial information within Maldives click on industry of Maldives.

Agriculture

There are 40 km2 of arable land in Maldives, and it comprises 13% of the country's total territory. There are 130 km2 of cultivated land in Maldives. The country's major agricultural crops and products are coconuts, corn, sweet potatoes, fish.To read more about agriculture click on agriculture of Maldives.