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Economy of Maldives vs Oman compared: GDP & Debt

Updated on by Georank team

Maldives has a GDP of $7.06B compared to $107B for Oman, ranking 159/197 and 70/197 by economy size, respectively.

Maldives has $9.41B in government debt (133.3% of GDP), compared to $38B (35.5% of GDP) in Oman.

Maldives vs Oman GDP by year

Maldives
Oman
1x
Year GDP, current $
Maldives Oman
2024 $7,061,608,267 $107,137,198,769
2023 $6,621,008,704 $106,174,708,037
2022 $6,177,123,352 $109,852,795,839
2021 $5,252,457,370 $87,323,797,139
2020 $3,712,604,583 $75,909,492,848
2019 $5,726,094,799 $88,060,858,257
2018 $5,404,344,163 $91,505,851,756
2017 $4,816,426,257 $80,856,697,009
2016 $4,409,942,624 $75,128,738,622
2015 $4,129,505,319 $78,710,793,238
2014 $3,697,353,039 $92,699,089,727
2013 $3,295,009,238 $89,936,020,806
2012 $2,886,163,997 $87,408,842,653
2011 $2,774,350,240 $77,497,529,259
2010 $2,588,176,055 $64,993,498,049
2009 $2,345,294,875 $55,454,096,229
2008 $2,271,646,188 $69,804,681,404
2007 $1,868,383,461 $48,300,390,117
2006 $1,575,200,391 $42,577,633,290
2005 $1,163,362,438 $35,506,892,068
2004 $1,226,829,563 $28,378,933,680
2003 $1,052,121,055 $24,733,680,104
2002 $897,031,250 $23,065,539,662
2001 $870,031,677 $22,205,721,717
2000 $624,337,145 $22,259,557,867
1999 $589,239,754 $17,832,769,831
1998 $540,096,398 $16,044,213,264
1997 $508,223,602 $18,039,791,938
1996 $450,382,328 $17,402,080,624
1995 $398,988,955 $15,722,236,671
1994 $356,014,932 $14,715,214,564
1993 $322,417,837 $14,230,429,129
1992 $284,875,809 $14,183,615,085
1991 $244,396,762 $12,918,335,501
1990 $215,043,970 $13,310,273,082
1989 $189,514,434 $9,372,171,651
1988 $168,514,513 $8,386,215,865
1987 $141,223,029 $7,811,183,095
1986 $141,882,254 $7,324,167,369
1985 $127,190,758 $10,005,645,420
1984 $109,503,546 $8,821,443,151
1983 $57,829,787 $7,932,541,691
1982 $47,911,340 $7,554,719,456
1981 $44,781,457 $7,259,120,151
1980 $42,463,576 $5,981,760,278
1979 $38,523,364 $3,733,352,635
1978 $24,369,109 $2,740,301,390
1977 $20,853,789 $2,741,169,948
1976 $22,399,467 $2,560,220,035
1975 $24,540,878 $2,096,699,189
1974 $39,120,171 $1,645,917,776
1973 $30,862,042 $483,066,991
1972 $25,177,138 $366,883,548
1971 $21,566,404 $301,010,587
1970 $19,328,038 $256,319,795
1969 - $239,999,808
1968 - $188,879,849
1967 - $107,151,832
1966 - $67,759,973
1965 - $63,279,975
1964 - $61,872,526
1963 - $59,912,763
1962 - $56,273,202
1961 - $45,634,487
1960 - $44,234,656

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/maldives/oman | CC BY

GDP per capita in Maldives vs Oman by year

Maldives
GDP per capita

GDP per capita, PPP
Oman
GDP per capita

GDP per capita, PPP
1x
Year Current $
Maldives Oman
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $13,379 $26,183 $20,285 $41,740
2023 $12,588 $24,786 $21,028 $41,945
2022 $11,786 $22,881 $23,224 $42,616
2021 $10,176 $19,053 $19,403 $38,719
2020 $7,394 $13,425 $16,785 $35,163
2019 $11,740 $23,077 $19,180 $37,251
2018 $11,423 $21,899 $19,902 $37,780
2017 $10,510 $19,768 $17,820 $33,619
2016 $9,948 $18,770 $17,110 $33,334
2015 $9,645 $17,875 $18,808 $36,058
2014 $8,939 $16,723 $23,161 $44,236
2013 $8,236 $15,264 $23,458 $47,013
2012 $7,461 $13,989 $24,642 $49,989
2011 $7,425 $13,726 $25,188 $52,393
2010 $7,174 $12,797 $23,570 $55,667
2009 $6,734 $12,266 $20,656 $55,127
2008 $6,757 $13,779 $26,577 $52,841
2007 $5,758 $12,852 $18,793 $48,627
2006 $5,019 $12,075 $16,931 $46,091
2005 $3,797 $9,704 $14,435 $43,673
2004 $4,070 $10,770 $11,801 $42,142
2003 $3,549 $10,065 $10,464 $40,935
2002 $3,076 $8,823 $9,869 $41,511
2001 $3,034 $8,236 $9,612 $41,679
2000 $2,214 $8,526 $9,754 $39,443
1999 $2,124 $8,162 $7,915 $36,792
1998 $1,980 $7,710 $7,219 $36,666
1997 $1,898 $7,226 $8,235 $36,809
1996 $1,717 $6,687 $8,068 $34,661
1995 $1,555 $6,223 $7,414 $33,598
1994 $1,419 $5,520 $7,068 $31,925
1993 $1,317 $5,138 $7,039 $30,987
1992 $1,194 $4,881 $7,318 $29,773
1991 $1,054 $4,604 $6,977 $28,109
1990 $957 $4,528 $7,546 $26,904
1989 $870 - $5,591 -
1988 $799 - $5,279 -
1987 $692 - $5,204 -
1986 $720 - $5,182 -
1985 $669 - $7,549 -
1984 $594 - $7,070 -
1983 $323 - $6,714 -
1982 $274.8 - $6,759 -
1981 $264.1 - $6,866 -
1980 $257.6 - $5,974 -
1979 $240.2 - $3,934 -
1978 $156.1 - $3,044 -
1977 $137.3 - $3,205 -
1976 $151.8 - $3,143 -
1975 $171.4 - $2,692 -
1974 $281.5 - $2,203 -
1973 $228.7 - $670 -
1972 $192.2 - $524 -
1971 $169.8 - $442 -
1970 $156.9 - $387 -
1969 - - $372 -
1968 - - $300 -
1967 - - $174.7 -
1966 - - $113.2 -
1965 - - $108.1 -
1964 - - $108.1 -
1963 - - $106.8 -
1962 - - $102.3 -
1961 - - $84.5 -
1960 - - $83.4 -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/maldives/oman | CC BY

Maldives' GDP per capita is $13,379, ranking 75/197, compared to $20,285 in Oman, ranking 57/197. Adjusted for purchasing power (GDP per capita PPP), Maldives ranks 81st at $26,183, while Oman ranks 55th at $41,740.

Economic indicators

Maldives Oman
Gross domestic product
$7.06B
2024
$107B
2024
GDP rank
159/197
2024
70/197
2024
GDP growth
3.49%
2023-2024
1.63%
2023-2024
GDP per capita
$13,379
2024
$20,285
2024
GDP per capita rank
75/197
2024
57/197
2024
GDP per capita, PPP
$26,183
2024
$41,740
2024
GDP per capita PPP rank
81/197
2024
55/197
2024
Government debt
$9.41B
2024
$38B
2024
Debt-to-GDP ratio
133.3%
2024
35.5%
2024
Government debt per person
$17,837
2024
$7,204
2024
Government debt per person rank
35/185
2024
67/185
2024
Average annual personal income after taxes
$9,909
2026
$20,894
2026
Market capitalization of domestic companies n/a
$22.3B
2022
Number of billionaires n/a
2
2025
Income share by richest 10%
23.3%
2019
n/a
Income share by poorest 10%
3.8%
2019
n/a
Government expenditure, % of GDP
46.1%
2024
28.7%
2024
Consumer prices inflation
1.4%
2023-2024
0.6%
2023-2024
Central bank interest rate n/a
4.5%
2025
Unemployment rate
4.56%
2019
3.3%
2024
Population
532057
5761708

Spending and national debt comparison by year

Maldives
Spending

Debt
Oman
Spending

Debt
1x
Year % of GDP
Maldives Oman
Government spending Government debt Government spending Government debt
2024 46.1% 133.3% 28.7% 35.5%
2023 46.7% 122.4% 27.5% 37.5%
2022 42% 111.6% 30.9% 41.7%
2021 40.6% 123.4% 36.5% 61.9%
2020 50.4% 155.7% 44.5% 67.9%
2019 32.9% 77.2% 38.8% 52.5%
2018 31.9% 70.7% 38.3% 44.7%
2017 30.4% 63.8% 39.4% 40.1%
2016 37.3% 61.9% 44.6% 29.3%
2015 33.8% 54.8% 44.5% 13.9%
2014 29.1% 55.1% 41.4% 4.04%
2013 27% 55.9% 39.3% 4.66%
2012 29.8% 57.1% 38.6% 4.59%
2011 31.3% 51.9% 34.5% 4.44%
2010 33.2% 52.7% 30.6% 5.46%
2009 37% 48.4% 33.4% 5.8%
2008 35.6% 39% 25.6% 3.2%
2007 34.8% 35.8% 30.7% 4.44%
2006 35% 36.8% 30.1% 7.56%
2005 38.8% 43.2% 30.6% 8.39%
2004 24.1% 34.7% 34.1% 14.5%
2003 26.4% 37.6% 34% 13%
2002 29.6% 44.3% 34.1% 15.9%
2001 29.6% 41.8% 33.3% 22.5%
2000 29% 39% 31.2% 21.7%
1999 28% 38.9% 34.2% 28.9%
1998 25.9% 39.3% 36.1% 30.9%
1997 25.2% 38.1% 32.1% 20.8%
1996 27.3% 46.9% 33.5% 21.2%
1995 31.3% 52.2% 38.2% 21.9%
1994 30.7% 54.6% 39.7% 23.6%
1993 34.7% 55.7% 40.1% 22.2%
1992 36.1% 49% 40.1% 23.1%
1991 37.7% 46.7% 37.4% 22.6%
1990 33.3% 42.4% 36.5% 17.8%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1990–1996, retrieved 2026-02-20).

GeoRank.org/economy/maldives/oman | CC BY

In 2024, Maldives' government spending was $3.25B, accounting for 46.1% of its GDP, while Oman spent $30.7B, or 28.7% of GDP.

Debt-to-GDP ratio is 133.3% in Maldives and 35.5% in Oman, ranking 10/185 and 145/185, respectively.

Government deficit by year

Deficit/surplus
Maldives

Oman
1x
Year Deficit/surplus, % of GDP
Maldives Oman
2024 -13.9% 3.31%
2023 -13.2% 6.87%
2022 -11.2% 10.5%
2021 -14.2% -3.17%
2020 -23.7% -15.7%
2019 -6.54% -4.83%
2018 -5.17% -6.72%
2017 -3.02% -10.5%
2016 -9.93% -19.6%
2015 -6.52% -13.5%
2014 -2.42% -1.58%
2013 -3.49% 2.78%
2012 -6.91% 4.07%
2011 -8.13% 8.24%
2010 -13.6% 4.95%
2009 -17.9% -0.27%
2008 -9.92% 14.7%
2007 -3.16% 10.5%
2006 -4.52% 12.2%
2005 -7.81% 11.2%
2004 -2.26% 5.43%
2003 -3.45% 5.92%
2002 -3.97% 5.31%
2001 -3.97% 7.55%
2000 -3.89% 12.2%
1999 -3.03% 0.3%
1998 -2.25% -4.37%
1997 -1.46% 4.77%
1996 -2.01% 2.22%
1995 -5.66% -3.9%
1994 -4.82% -7.47%
1993 -13.9% -6.84%
1992 -12.6% -4.85%
1991 -10.2% 0.12%
1990 -12.8% 4.78%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20).

GeoRank.org/economy/maldives/oman | CC BY

In 2024, Maldives' government deficit, the difference between spending and revenue, was $982M, equivalent to 13.9% of GDP. This compares to Oman's surplus of $3.54B, or 3.31% of GDP.

Over the past 35 years, Maldives recorded a fiscal deficit in 35 of those years, while Oman ran a deficit in 14 years. On average, Maldives posted an annual deficit equal to 7.75% of GDP, compared to surplus of 0.99% of GDP for Oman.

Inflation comparison by year

Inflation
Maldives

Oman
1x
Year Consumer prices inflation
Maldives Oman
2024 1.4% 0.6%
2023 2.6% 1%
2022 2.6% 2.5%
2021 0.2% 1.7%
2020 -1.6% -0.4%
2019 1.3% 0.5%
2018 1.4% 0.7%
2017 2.3% 1.5%
2016 0.8% 0.9%
2015 1.4% 0.1%
2014 2.4% 1.2%
2013 4% 1.3%
2012 10.9% 2.9%
2011 11.3% 4.1%
2010 6.1% 3.3%
2009 4.5% 3.5%
2008 12% 12.6%
2007 6.8% 5.9%
2006 3.5% 3.2%
2005 2.5% 1.9%
2004 6.3% 0.8%
2003 -2.8% 0.2%
2002 0.9% -0.3%
2001 0.7% -0.8%
2000 -1.2% -1.2%
1999 3% 0.5%
1998 -1.4% 0.4%
1997 7.6% -0.4%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20).

GeoRank.org/economy/maldives/oman | CC BY

Over the past 28 years, Maldives has recorded an average annual inflation rate of 3.2%, compared with 1.72% in Oman. In 2024, inflation was 1.4% in Maldives and 0.6% in Oman.

Top exports between countries

Maldives
Export category Export value
Metals $28K
Wood & paper products $2K
Oman
Export category Export value
Raw materials & minerals $276M
Machinery & equipment $25.9M
Animal & marine products $4.08M
Processed food, beverages & tobacco $2.08M
Chemicals & pharma $177K
Textiles & consumer goods $139K
Wood & paper products $37K
Raw agricultural goods $24K
Metals $11K

Balance of trade

Maldives Oman
Current account balance
-$1.32B
2024
$3.07B
2024
Current account balance ranking
130/190
2024
39/190
2024
Current account balance, % of GDP
-18.7%
2024
+2.86%
2024
Goods imports
$3.46B
2024
$39.5B
2024
Goods exports
$383M
2024
$65.2B
2024
Service imports
$1.89B
2024
$12.8B
2024
Service exports
$5.03B
2024
$5.64B
2024
Imports of goods and services, % of GDP
78.3%
2024
48.8%
2024
Exports of goods and services, % of GDP
78.2%
2024
66.1%
2024

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Maldives Oman
Economic freedom 47.6 68.5
Economic freedom ranking 174/197 45/197
Property rights 52.2 71.8
Government integrity 41.9 49.4
Judicial effectiveness 39.3 28
Tax burden 89.9 97.6
Government spending 39.5 74.7
Fiscal health 0 97.5
Business freedom 49.7 67.8
Labor freedom 54.1 47.7
Monetary freedom 76.4 79.2
Trade freedom 62.8 78.4
Investment freedom 35 70
Financial freedom 30 60

Economic freedom comparison by year

Maldives
Oman
1x
Year Economic freedom index
Maldives Oman
2026 47.6 68.5
2025 48.3 65.4
2024 47.8 62.9
2023 46.6 58.5
2022 47.3 56.6
2021 55.2 64.6
2020 56.5 63.6
2019 53.2 61
2018 51.1 61
2017 50.3 62.1
2016 53.9 67.1
2015 53.4 66.7
2014 51 67.4
2013 49 68.1
2012 49.2 67.9
2011 48.3 69.8
2010 49 67.7
2009 51.3 67
2008 - 67.3
2007 - 65.8
2006 - 63.7
2005 - 66.5
2004 - 66.9
2003 - 64.6
2002 - 64
2001 - 67.7
2000 - 64.1
1999 - 64.9
1998 - 64.9
1997 - 64.5
1996 - 65.4
1995 - 70.2

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).

GeoRank.org/economy/maldives/oman | CC BY

The Economic Freedom Index for Maldives is 47.6, ranking 174/197, compared to 68.5 for Oman, ranking 45/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Maldives Oman
Services, % of GDP
72.1%
2024
46%
2024
Industry, % of GDP
9.2%
2024
54.2%
2024
Agriculture, forestry, and fishing, % of GDP
3.84%
2024
2.6%
2024
GNI, Atlas method
$6.15B
2024
$103B
2024
GNI per capita, PPP
$23,400
2024
$39,340
2024
Total reserves including gold
$674M
2024
$18.3B
2024
Total reserves ranking
150/177
2024
64/177
2024
Net foreign direct investment
-$806M
2024
-$12.6B
2024
Net inflows of foreign direct investment
$806M
2024
$12.5B
2024
Net outflows of foreign direct investment
$0
2024
-$143M
2024
Servicing debt to the IMF, % of GNI
7.95%
2024
n/a
Poverty at national poverty lines
15%
2020
n/a
Gross capital formation, % of GDP
30.8%
2024
24.8%
2024

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).

GeoRank.org/economy/maldives/oman | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  4. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  5. TradeMap (2021–2024, retrieved 2026-02-08)
  6. International Monetary Fund (IMF) | Public Finances in Modern History (1990–1996, retrieved 2026-02-20)
  7. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  8. LivingCost (2026, retrieved 2025-10-14)
  9. Central Intelligence Agency (CIA) (2020, retrieved 2026-02-20)

Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.

The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.