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The main contributors to Maldives economy are tourism, fishing and shipping. Read more about economic conditions of Maldives Islands.

Maldives : Maldives Travel Tips : Maldives Economy

Maldives Economy

Currency: Rufiyas and Laaris
Average GDP growth rate: 10%
Main industries: Tourism, fishing & shipping
Major exports: Dried and salted fish, coconuts, shells, tortoise shells, coir rope, and ambergris
Major imports: Rice, flour, sugar and other consumer products

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.