Economy of Maldives
An Overview
Maldives is an archipelago of 1190 islands but the economy of Maldives is based on the 20 administrative regions or Atolls of this archipelago.While tourism has the major importance in the economy of the Maldives fishing is the second leading sector. Importance of tourism industry in the economy of Maldives The economy of the Maldives is mainly dominated by the tourism industry. This largest industry of Maldives economy accounts for 60% of Maldives foreign exchange receipts. Therefore, more than 95% of government treasury gets its revenues from tourism related taxes. The hotels and resorts welcome all tourists with splendid facilities thus contributing towards the further growth of tourism industry in Maldives. Fishing industry in the economy of the Maldives The second leading industry in the economy of the Maldives is fishing. It contributes a great proportion of gross domestic product to Maldives economy and offers employment to a vast population. With the abundance of sea resources like fishes, corals and shells, fishing industry has flourished to a considerable extent. Moreover, fish is also the main source of protein for people in Maldives. Importance of other industries in the Maldives Economy After fishing, the next important industry includes mining and manufacturing. In the economy of Maldives, the women mainly contribute with traditional activities like coir rope making, mat weaving, thatch weaving and garment making. But agriculture flourishes limitedly in the economy of the Maldives because Maldives lacks vast areas of cultivated land and proper domestic laborers. In order to enhance the Maldives economy the president of Maldives aims to increase the standard of living of the residents. The aim is to meet the growing demands of future growth of the economy of the Maldives. Following are some of the other specific characteristics of the economy of Maldives: - Labor force - 56, 435
- Electricity production - 60 million kWh
- Imports - $ 302 million
- Import partners - Singapore, Sri Lanka, Japan, Thailand, India
- Import commodities - Petroleum products, consumer goods and capital goods
- Exports - $59 million
- Export partners - US, Germany, UK, Singapore and Sri Lanka
- Export commodities - fish and garments
The inhabitants of the country work their best to bring development to the economy of the Maldives.Economy of Maldives - Related Articles
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