In 2023, the GDP composition of the Maldives reveals a strong reliance on the services sector, which accounts for 34.53% of the GDP. The wholesale, retail trade, restaurants, and hotels sector follows closely at 32.93%, underscoring the significance of tourism. Transport, storage, and communication contribute 14.5%, while construction and agriculture, hunting, forestry, and fishing add 7.04% and 6.81% respectively. The mining, manufacturing, and utilities sectors contribute a lesser 4.19%.
Over recent years, there has been consistent growth in the tourism-linked segments, suggesting ongoing expansion. The CAGR from 2019 to 2023 indicates a steady climb, particularly in service-related industries, although detailed year-on-year variations are essential for a nuanced understanding.
Looking ahead, the Maldives’ GDP is expected to continue its dependence on tourism and related services. Key trends to watch include sustainability initiatives impacting agriculture and a potential rise in digital infrastructure investment, which could alter the composition favorably towards more diverse economic activities.
Top countries in GDP Composition by Sector
| # | 6 Countries | Percent | Last Year | |
|---|---|---|---|---|
| 1 | 1 Services | 34.53 | 2016 | |
| 2 | 2 Wholesale, retail trade, restaurants and hotels | 32.93 | 2016 | |
| 3 | 3 Transport, storage and communication | 14.5 | 2016 | |
| 4 | 4 Construction | 7.04 | 2016 | |
| 5 | 5 Agriculture, hunting, forestry, fishing | 6.81 | 2016 | |
| 6 | 6 Mining, Manufacturing, Utilities | 4.19 | 2016 |
