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Maldives's Economy at a Glance

Updated as on 05, 2018

KEY ECONOMIC INDICATORS OF MALDIVES
  Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
I. Real Sector
Per Capita GDP/1 US$ 3666.6 3307.3 4161.5 4656.7 5404.4 5585.4 5903.3 6041.3 5974.5 6410.7 6858.9 7338.7 NA
Real GDP Growth/2 % 13.2 -8.1 19.9 10.2 12.7 -5.3 7.2 8.7 2.5 4.7 6.0 2.8 3.9
GDP/3 Million US$ 1202.2 1119.8 1474.7 1746.0 2110.0 2149.3 2323.4 2454.9 2509.3 2785.5 3086.2 3423.3 3765.6
Agriculture % of GDP 5.4 6.9 5.7 5.0 5.1 4.0 4.0 3.6 3.4 3.3 3.0 2.8 NA
Industry % of GDP 11.9 13.6 11.9 11.7 16.2 13.9 14.3 16.6 17.1 15.0 16.6 19.5 NA
Services % of GDP 74.3 71.5 74.8 76.3 72.3 78.7 77.8 72.2 71.9 72.0 70.2 66.4 NA
Investment % of GDP NA 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 NA
Headline Inflation/4 % -1.7 1.3 2.7 6.8 12.0 4.5 6.1 11.3 10.9 3.8 2.1 1.0 0.5
Food Inflation/5 % 16.0 7.8 4.0 16.2 19.1 0.5 7.5 19.9 17.6 7.2 0.7 0.5 0.6
Non-Food Inflation/6 % NA NA NA NA NA NA NA NA NA 1.4 2.7 1.1 0.5
Core inflation % NA NA NA NA NA NA NA NA NA NA NA NA NA
II. Fiscal Sector
Revenue Collection (CSR)/7 Million US$ 267.6 360.4 480.8 591.5 582.5 448.0 511.5 673.3 658.7 773.3 985.3 1126.0 1181.0
Fiscal Deficit (excluding grants) % of GDP -1.5 -13.0 -8.9 -7.9 -12.0 -20.5 -14.9 -8.6 -8.6 -4.4 -3.2 -9.0 -8.2
Fiscal Deficit (including grants) % of GDP -1.0 -7.3 -4.3 -3.2 -10.1 -19.0 -14.4 -6.6 -7.7 -4.1 -2.9 -7.8 -7.4
Public Debt/8 % of GDP NA NA NA NA NA NA 66.4 63.1 66.1 66.2 66.0 63.1 65.8
- of which foreign currency(debt) /8 % of GDP 25.9 27.7 23.1 22.2 20.8 24.0 26.4 27.3 28.7 26.8 22.6 19.3 20.3
- domestic debt % of GDP NA NA NA NA NA NA 40.0 35.7 37.4 39.4 43.4 43.8 45.5
- debt servicing9/ % of total revenue 10.5 8.6 5.5 5.6 8.2 10.8 9.9 9.5 11.1 7.9 7.8 6.4 6.8
III. External Sector/10
Exports (f.o.b) Million US$ NA NA NA NA NA NA NA 346.4 314.4 331.0 300.9 239.5 257.1
Imports (f.o.b.) Million US$ NA NA NA NA NA NA NA 1716.8 1575.8 1703.0 1960.9 1894.5 2096.6
Trade Deficit/11 Million US$ NA NA NA NA NA NA NA -1370.5 -1261.4 -1372.0 -1660.0 -1655.0 -1839.5
Remittances Million US$ NA NA NA NA NA NA NA 239.4 259.3 265.0 300.8 347.8 378.6
Current Account Balance Million US$ NA NA NA NA NA NA NA -383.4 -184.5 -127.4 -117.8 -294.1 -840.0
Current Account Balance % of GDP NA NA NA NA NA NA NA -15.6 -7.4 -4.6 -3.8 -8.6 -22.3
Total Foreign Investment Million US$ NA NA NA NA NA NA NA -416.4 -187.7 -67.4 -543.9 -491.0 -811.7
- Foreign Direct Investment Million US$ NA NA NA NA NA NA NA -423.5 -228.0 -360.8 -333.4 -307.7 -448.0
- Portfolio Investment Million US$ NA NA NA NA NA NA NA -0.1 -53.1 53.3 17.2 -122.9 5.1
External Debt and Forex Liabilities Million US$ 315.7 379.3 536.6 796.3 861.5 917.1 949.5 895.2 813.8 791.5 743.5 695.5 848.2
External Debt and Forex Liabilities/12 % of forex earnings NA NA NA NA NA NA NA 36.6 32.7 27.2 22.5 22.1 25.2
Short-term debt to GDP % NA NA NA NA NA NA NA NA NA NA NA NA NA
External Debt Servicing Ratio/13 *** NA NA NA NA NA NA NA 2.6 2.9 2.1 2.3 2.3 2.4
Exchange Rate/14 Per US$ 12.8 12.8 12.8 12.8 12.8 12.8 12.8 15.41 15.37 15.41 15.40 15.41 15.35
Foreign Exchange Reserves Million US$ 203.6 186.4 231.6 308.4 240.6 261.0 350.2 334.9 304.5 368.3 614.7 564.0 467.1
IV. Monetary & Capital Market
Growth Rate of M1/ 15 y-o-y 19.7 22.5 22.2 20.0 37.1 22.3 1.1 8.7 2.9 23.6 7.8 18.7 1.0
Growth Rate of M2/16 y-o-y 31.4 10.6 18.9 24.1 21.8 14.4 14.6 20.0 4.9 18.4 14.9 12.1 -0.2
Growth Rate of M3/17 y-o-y NA NA NA NA NA NA NA NA NA NA NA NA NA
Weighted Avg Lending Rate/18 % NA NA NA NA NA NA 10.4 10.2 10.5 11.4 11.4 10.8 10.6
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 2.8 11.7 10.5
Stock Market (Price Index)/19 2002=100 239.6 199.8 137.6 342.7 287.1 229.6 211.2 157.4 149.7 114.6 134.1 156.5 155.0
Market Capitalisation (as leading stock mkt) Domestic Currency in million 1334.9 1113.3 766.8 2681.7 2246.1 1862.0 1726.1 1286.9 7743.4 5926.3 6963.0 8122.8 8048.6
Market Capitalisation (as leading stock mkt) % of GDP 8.7 7.8 4.1 12.0 8.3 6.8 5.8 3.6 20.0 13.8 14.6 15.4 13.9
Market Capitalisation (as leading stock mkt) million US$ 104.3 87.0 59.9 209.5 175.5 145.5 134.8 83.5 503.8 384.6 452.1 527.1 524.3
V. Banking Sector Indicators
(information provided are annual figures)
Capital adequacy ratio %   19.8 17.2 17.5 21.0 24.7 28.9 29.3 35.8 35.1 44.5 41.5 44.6
Non performing loans %   6.4 2.4 1.6 8.9 12.7 17.2 19.4 21.0 17.7 17.4 13.6 10.5
Profitability (R.O.E.) %   37.0 53.5 30.8 19.0 13.8 11.7 15.0 13.8 23.5 20.3 17.2 20.2
Profitability (R.O.A.) %   4.5 6.4 4.1 3.1 2.2 2.0 2.6 2.6 5.0 4.6 3.8 4.7
* 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 (PPP $).
2 - Real GDP at market prices.
3 - GDP by sector as a percent of GDP, agriculture refers to primary sector, industry refers to secondary sector and services refer to tertiary sector.
4 - Maldives national series 12 month moving average is taken for Headline Inflation and Food Inflation.
5 - Refers to inflation in "Food and non-alcoholic beverages" for the national series.
6 - 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.
7 - Revenue collection (CSR) is the total revenue including grants. The exchange rate (MVR/USD) used applied from 2004-2010 is 12.80; to 2011 is 14.71; 2012-2014 is 15.39; 2015-2016 is 15.37.
These are the average of the monthly reference rates (mid-rate of the buying and selling rates) for the year.
8 - This represents central government debt only.
9 - This refers to external debt servicing calculated as a percentage of domestic revenue.
10 - Balance of payments data is only available from 2011 onwards as the methodology and assumptions of BOP data have been revised.
11 - Indicates balance of goods only
12 - Government and Commercial Banks' External Debt stock outstanding divided by Export of Goods and Services (XGS).
13 - Debt service (Principle and Interest Payment) divided by Export of Goods and Services (XGS) minus grants
14 - End of period reference rate.
15 - This refers to the narrow money.
16 - This refers to the broad money or total liquidity.
17 - M3 is not calculated in Maldives.
18 - This refers to the Weighted average lending rate to the private sector in national currency which is available from 2010 onwards.
19 - Stock market index (2002=100) represents the end of period.
20 - NA refers to not available.