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Maldives Economy

Maldives Economy

The Maldivian unit of currency is Rufiyaa.The Maldives is not blessed with many natural resources except for her beauty and the riches of the sea. In fact, 99% of its territory consists of water. The economy is based on three principal activities: fishing, tourism and shipping. Poor soil and lack of cultivable land limit agriculture. Traditional industries consist of local boat or dhoni building, handicrafts such as mat-weaving, jewelry-making and lacquer work. Export-oriented industries include tuna fish canning and manufacture of garments.

The vegetation is limited to the growth of few tropical fruits, vegetables and root crops. Dearth of proper resources has resulted in poor manufacturing prospects of basic essentials and consumer goods. So, almost everything is imported in Maldives.

Export

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.

Agriculture

Due to poor soil and scarceness of arable land in the islands agicultre is limited to only a few subsistence crops like coconut, banana, breatfruit, papaya, mangoes, taro, betel, sweet patato, and onions.It contributes about 6% of GDP.

Tourism

Tourism forms the cornerstone of the economy of Maldives and is worth more than 60% of the foreign exchange earned by the state and 28 % of its GDP. The import duties and the taxes imposed on tourism account for almost 90% of the total tax revenues .

Fishing

Fishing is one of the prominent sectors in Maldives. Foreign investment and private sector also contribute a lot to the economy of country offering ample jobs in Maldives.

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