In this article, we will provide you with information on the Maldives economic conditions. For the past two decades, the economy of Maldives is growing at an average rate of over 10%. Tourism is on its boom in Maldives and infact; this industry has been making a significant contribution in the Maldives economy, which accounts for about 20% of the GDP.
Traditionally, the economy that was prevalent in the country was
based on agriculture, fisheries and the export of marine products.
Main exports consisted of dried and salted fish, coconuts, shells,
tortoise shells, coir rope, and ambergris and the imports included
rice, flour, sugar and other consumer products. However, the
Maldivian economy has now undergone a lot of transformation. The
reliance on the primary fisheries sector has lead to the emergence
of a new service sector based economy that is driven by tourism.
Main industries of Maldives are tourism, fishing and shipping.
The government of Maldives is open for investments by foreign
countries. Currency used in Maldives is Rufiyas and Laaris (1
Rufiya= 100 Laaris). Most common foreign currency is the US dollar.
As far as the credit cards are concerned, the common ones include
American Express, Visa, Master Card, Diners Club, JCB and Euro Card.
There is a lot of improvement in the health care facilities in the
country. The biggest hospital in Maldives is the Indira Gandhi
Memorial Hospital in Male. Telecommunication has been developing at
a fast pace. Well equipped with latest technology and international
satellite links, Maldives provides a sophisticated system of
communication. Most of the hotel resorts provide the IDD and card
phone facilities. Also, sectors like distribution, construction and
transportation are expanding rapidly.