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Maldives's Economy At a Glance

Updated as on September, 2016

 

KEY ECONOMIC INDICATORS OF MALDIVES
  Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
I. Real Sector                          
Per Capita GDP/1 US$ 3,666.6 3,307.3 4,161.5 4,656.7 5,404.4 5,585.4 5,903.3 6,041.3 5,974.5 6,410.7 6,791.6 7,215.3
Real GDP Growth/2 % 13.2 -8.1 19.9 10.2 12.7 -5.3 7.2 8.7 2.5 4.7 6.5 1.5
GDP/3 Million US$ 1,202.2 1,119.8 1,474.7 1,746.0 2,110.0 2,149.3 2,323.4 2,454.9 2,509.3 2,785.5 3,055.9 3,365.7
Agriculture/4 % of GDP 6 7.8 6.4 5.6 5.7 4.3 4.3 4.1 3.8 3.9 3.5 NA
Industry/5 % of GDP 13.3 15.3 13.5 13.2 18 15.1 15.5 18.8 19.4 17.3 19.3 NA
Services/6 % of GDP 83.1 80.7 84.7 86.4 80.6 85.2 84.7 81.7 81.4 83.4 81.8 NA
Investment % of GDP NA NA NA NA NA NA NA NA NA NA NA NA
National Savings % of GDP NA NA NA NA NA NA NA NA NA NA NA NA
Headline Inflation/7 % -1.7 1.3 2.7 6.8 12 4.5 6.1 11.3 10.9 4 2.4 1.4
-Food Inflation/8 % 16 7.8 4 16.2 19.1 0.5 7.5 19.9 17.7 7.5 1 0.8
-Non-Food Inflation/9 % NA NA NA NA NA NA NA NA NA NA 2.9 1.6
-Core inflation % NA NA NA NA NA NA NA NA NA NA NA NA
II. Fiscal Sector                          
Revenue Collection (CSR)/10 Million US$ 267.6 360.4 480.8 591.5 582.5 448 511.5 673.3 658.7 773.3 985.3 1151.6
Fiscal Deficit (excluding grants) % of GDP -1.5 -13 -8.9 -7.9 -12 -20.5 -14.9 -8.6 -8.6 -4.4 -3.3 -9
Fiscal Deficit (including grants) % of GDP -1 -7.3 -4.3 -3.2 -10.1 -19 -14.4 -6.6 -7.7 -4.1 -2.9 -6.9
Public Debt/11 % of GDP NA NA NA NA NA NA NA NA NA NA NA NA
- of which foreign currency (excluding guranteed debt) % of GDP 26.3 33.9 37.8 46.6 41.6 43.4 40.9 36.7 32.3 28.4 24.3 20.4
- domestic debt (excluding guranteed debt) % of GDP 0.1 0.1 11.1 11.1 15.8 28.7 40 35.7 37.4 39.4 43.8 44.5
- debt servicing % of total revenue NA NA NA NA NA NA NA NA NA NA NA NA
III. External Sector/12                          
Exports (f.o.b) Million US$ NA NA NA NA NA NA NA 346.4 314.4 331 300.9 239.7
Imports (f.o.b.) Million US$ NA NA NA NA NA NA NA 1,716.8 1,575.8 1,703.0 1,960.9 1,894.5
Trade Deficit/13 Million US$ NA NA NA NA NA NA NA -1,370.5 -1,261.4 -1,372.0 -1,660.0 -1,654.8
Remittances/14 Million US$ NA NA NA NA NA NA NA -239.4 -259.3 -265 -300.8 -362.9
Current Account Balance Million US$ NA NA NA NA NA NA NA -383.4 -184.5 -127.4 -117.8 -295.5
Current Account Balance % of GDP NA NA NA NA NA NA NA -15.6 -7.4 -4.6 -3.9 -8.8
Total Foreign Investment Million US$ NA NA NA NA NA NA NA 423.7 281 307.5 316.1 319
- Foreign Direct Investment Million US$ NA NA NA NA NA NA NA 423.5 228 360.8 333.4 323.9
- Portfolio Investment Million US$ NA NA NA NA NA NA NA 0.1 53.1 -53.3 -17.2 -4.9
External Debt and Forex Liabilities Million US$ 315.7 379.3 557.6 812.9 878.7 933.7 949.6 900.4 811.1 792.2 741.6 688.2
External Debt and Forex Liabilities % of forex earnings NA NA NA NA NA NA NA 36.7 32.5 27.1 22.4 21.9
Short-term debt to GDP % NA NA NA NA NA NA NA NA NA NA NA NA
External Debt Servicing Ratio/15 *** NA NA NA NA NA NA NA 2.6 2.9 2.1 2.3 2.2
Exchange Rate/16 Per US$ 12.8 12.8 12.8 12.8 12.8 12.8 12.8 15.41 15.37 15.41 15.4 15.41
Foreign Exchange Reserves Million US$ 203.6 186.4 231.6 308.4 240.6 261 350.2 334.9 304.5 368.3 614.7 564
IV. Monetary & Capital Market                          
Growth Rate of M1/17 y-o-y 19.7 22.5 22.2 20 37.1 22.3 1.1 8.7 2.9 23.6 7.5 18.9
Growth Rate of M2/18 y-o-y 31.4 10.6 18.9 24.1 21.8 14.4 14.6 20 4.9 18.4 14.7 13.6
Growth Rate of M3/19 y-o-y NA NA NA NA NA NA NA NA NA NA NA NA
Weighted Avg Lending Rate/20 % NA NA NA NA NA NA 10.4 10.2 10.5 11.4 11.4 10.8
Credit growth to Private Sector % 58.2 59.7 48.6 49.4 29.7 -4.1 -2.3 5.9 -9.9 0.9 3.1 12.6
Stock Market (Price Index)/21 2002=100 239.6 199.8 137.6 342.7 287.1 229.6 211.2 157.4 149.7 114.6 134.1 156.5
Market Capitalisation (as leading stock mkt) Domestic Currency in million NA 1,113.3 766.8 11,450.2 2,246.1 1,862.0 1,726.1 1,286.9 7,528.1 NA NA NA
Market Capitalisation (as leading stock mkt) % of GDP NA 8.8 4.6 58 9.3 7.3 6.3 4.1 22.1 NA NA NA
Market Capitalisation (as leading stock mkt) million US$ NA 87 59.9 894.5 175.5 145.5 134.9 83.5 490 NA NA NA
V. Banking Sector Indicators                          
(information provided are annual figures)                          
Capital adequacy ratio % 19.81 16.73 17.21 15.02 20 24.71 28.85 29.3 35.9 35.2 44.5 37.2
Non performing loans % 6.37 6.59 2.36 1.59 8.9 12.84 17.02 19.37 20.87 17.7 17.4 14.1
Profitability (R.O.E.) % 37 40.8 53.5 32.1 23.4 13.8 11.7 14.74 13.8 23.5 20.3 16.2
Profitability (R.O.A.) % 4.5 4.8 6.4 4 3.4 2.2 2 2.56 2.6 5 4.6 3.6
* The last column of the table will be updated on half yearly basis and 1st column of yearly data will be taken out with inclusion of new year data.
*** The ratio of debt service (interest and principal payments due) during a year, expressed as a percentage of current receipts minus official transfers. (This is the formula used while computing DSR in India).
Footnotes
1 - Refers to nominal GDP per capita.
2 - Real GDP at market prices.
3 - Refers to nominal GDP
4 - Agriculture refers to primary sector.
5 - Industry refers to secondary sector.
6 - Services refer to tertiary sector.
7 - Maldives Male' series 12 month moving average is taken for Headline Inflation and Food Inflation.
8 - Refers to inflation in "Food and non-alcoholic beverages" for the Male' series.
9 - Since CPI basket was rebased in June 2012, nonfood inflation series is not available as data is not available for the period before June 2012.
10 - Revenue collection (CSR) is the total revenue including grants. The exchange rate (MVR/USD) used applied from 2004-2010 is 12.8; to 2011 is 14.71; 2012-2014 is 15.39; 2015 is 15.37. These are the average of the monthly reference rates (mid-rate of the buying and selling rates) for the year.
11 - Total public debt is not available as publicly guranteed debt is not available.
12 - Balance of payments data is only available from 2011 onwards as the methodology and assumptions of BOP data have been revised.
13 - Refers to trade deficit of goods.
14 - Refers to workers remittance.
15 - Government and Commercial Banks' External Debt stock outstanding Debt service (Principle and Interest Payment) divided by Export of Goods and Services (XGS).
16 - End of period reference rate.
17 - Refers to narrow money.
18 - Refers to broad money or total liquidity.
19 - M3 is not calculated in Maldives.
20 - This refers to the weighted average lending rate to the private sector in national currency which is available from 2010 onwards.
21 - Stock market index (2002=100) represents the end of period.