Maldives Economy

The Maldives had demonstrated a steadfast growth over the years, with the nominal GDP of the country increasing from US$ 0.8 Billion in 2000 to US$ 3 Billion in 2015 Nominal GDP per capita increased from US $ 2,967 in 2000 to US $ 8,714 in 2015 Tourism remains the main economic driver of the country, contributing to about 70% of the country’s GDP

The array of resources available to the country, facilitating industries such as tourism, fisheries, agriculture, communication and construction are the main contributors to the economy. Tourism has been the dominant industry in the Maldives for the past four decades, accounting for more than one third of the GDP, followed by fisheries. The industries of construction & communications are also industries on the raise.

The government’s protocol on enhancing the economic status of the country is reflected through the establishment of Special Economic Zones and its liberal economic policy on incentives awarded to investors. There is no corporate profit tax or property tax in the Maldives and the Maldives does not impose any foreign exchange restrictions on the repatriation of economic profits. According to the World Bank in 2013, the Maldives ranked second on ease of doing business with among the South Asian countries.