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Economy of Maldives vs Russia compared: GDP & Debt

Updated on by Georank team

Maldives has a GDP of $7.06B compared to $2.17T for Russia, ranking 159/197 and 11/197 by economy size, respectively.

Maldives has $9.41B in government debt (133.3% of GDP), compared to $440B (20.3% of GDP) in Russia.

Maldives vs Russia GDP by year

Maldives
Russia
1x
Year GDP, current $
Maldives Russia
2024 $7,061,608,267 $2,173,835,806,672
2023 $6,621,008,704 $2,071,505,725,031
2022 $6,177,123,352 $2,291,612,121,335
2021 $5,252,457,370 $1,829,186,719,575
2020 $3,712,604,583 $1,493,075,894,362
2019 $5,726,094,799 $1,693,115,002,708
2018 $5,404,344,163 $1,657,328,773,461
2017 $4,816,426,257 $1,574,199,360,089
2016 $4,409,942,624 $1,276,786,350,881
2015 $4,129,505,319 $1,363,482,182,198
2014 $3,697,353,039 $2,059,241,589,895
2013 $3,295,009,238 $2,292,470,078,346
2012 $2,886,163,997 $2,208,293,553,878
2011 $2,774,350,240 $2,045,922,753,398
2010 $2,588,176,055 $1,524,916,715,224
2009 $2,345,294,875 $1,222,645,900,056
2008 $2,271,646,188 $1,660,848,058,303
2007 $1,868,383,461 $1,299,703,478,482
2006 $1,575,200,391 $989,932,071,353
2005 $1,163,362,438 $764,015,973,481
2004 $1,226,829,563 $591,016,690,732
2003 $1,052,121,055 $430,347,420,185
2002 $897,031,250 $345,470,494,418
2001 $870,031,677 $306,602,070,621
2000 $624,337,145 $259,710,142,197
1999 $589,239,754 $195,907,128,351
1998 $540,096,398 $270,955,486,862
1997 $508,223,602 $404,928,954,192
1996 $450,382,328 $391,724,890,744
1995 $398,988,955 $395,537,185,735
1994 $356,014,932 $395,077,301,248
1993 $322,417,837 $435,083,713,851
1992 $284,875,809 $460,290,556,901
1991 $244,396,762 $517,962,962,963
1990 $215,043,970 $517,014,446,228
1989 $189,514,434 $506,631,299,735
1988 $168,514,513 $554,828,660,436
1987 $141,223,029 -
1986 $141,882,254 -
1985 $127,190,758 -
1984 $109,503,546 -
1983 $57,829,787 -
1982 $47,911,340 -
1981 $44,781,457 -
1980 $42,463,576 -
1979 $38,523,364 -
1978 $24,369,109 -
1977 $20,853,789 -
1976 $22,399,467 -
1975 $24,540,878 -
1974 $39,120,171 -
1973 $30,862,042 -
1972 $25,177,138 -
1971 $21,566,404 -
1970 $19,328,038 -

Data sources: World Bank | Economy & Growth (1970–2024, retrieved 2026-04-06).

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

GDP per capita in Maldives vs Russia by year

Maldives
GDP per capita

GDP per capita, PPP
Russia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Maldives Russia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $13,379 $26,183 $15,145 $47,405
2023 $12,588 $24,786 $14,403 $44,269
2022 $11,786 $22,881 $15,888 $40,939
2021 $10,176 $19,053 $12,637 $38,638
2020 $7,394 $13,425 $10,280 $31,491
2019 $11,740 $23,077 $11,640 $30,964
2018 $11,423 $21,899 $11,399 $28,629
2017 $10,510 $19,768 $10,835 $25,778
2016 $9,948 $18,770 $8,804 $24,012
2015 $9,645 $17,875 $9,427 $23,994
2014 $8,939 $16,723 $14,277 $25,688
2013 $8,236 $15,264 $15,941 $26,020
2012 $7,461 $13,989 $15,402 $24,274
2011 $7,425 $13,726 $14,305 $22,790
2010 $7,174 $12,797 $10,675 $20,490
2009 $6,734 $12,266 $8,563 $19,390
2008 $6,757 $13,779 $11,635 $20,164
2007 $5,758 $12,852 $9,101 $16,648
2006 $5,019 $12,075 $6,920 $14,912
2005 $3,797 $9,704 $5,323 $11,822
2004 $4,070 $10,770 $4,102 $10,227
2003 $3,549 $10,065 $2,975 $9,255
2002 $3,076 $8,823 $2,378 $8,037
2001 $3,034 $8,236 $2,100 $7,361
2000 $2,214 $8,526 $1,772 $6,825
1999 $2,124 $8,162 $1,331 $5,914
1998 $1,980 $7,710 $1,835 $5,465
1997 $1,898 $7,226 $2,738 $5,700
1996 $1,717 $6,687 $2,644 $5,518
1995 $1,555 $6,223 $2,666 $5,613
1994 $1,419 $5,520 $2,662 $5,734
1993 $1,317 $5,138 $2,931 $6,420
1992 $1,194 $4,881 $3,099 $6,862
1991 $1,054 $4,604 $3,490 $7,858
1990 $957 $4,528 $3,494 $8,028
1989 $870 - $3,430 -
1988 $799 - $3,778 -
1987 $692 - - -
1986 $720 - - -
1985 $669 - - -
1984 $594 - - -
1983 $323 - - -
1982 $274.8 - - -
1981 $264.1 - - -
1980 $257.6 - - -
1979 $240.2 - - -
1978 $156.1 - - -
1977 $137.3 - - -
1976 $151.8 - - -
1975 $171.4 - - -
1974 $281.5 - - -
1973 $228.7 - - -
1972 $192.2 - - -
1971 $169.8 - - -
1970 $156.9 - - -

Data sources: World Bank | Economy & Growth (1970–2024, retrieved 2026-04-06).

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

Maldives' GDP per capita is $13,379, ranking 75/197, compared to $15,145 in Russia, ranking 68/197. Adjusted for purchasing power (GDP per capita PPP), Maldives ranks 81st at $26,183, while Russia ranks 50th at $47,405.

Economic indicators

Maldives Russia
Gross domestic product
$7.06B
2024
$2.17T
2024
GDP rank
159/197
2024
11/197
2024
GDP growth
3.49%
2023-2024
4.34%
2023-2024
GDP per capita
$13,379
2024
$15,145
2024
GDP per capita rank
75/197
2024
68/197
2024
GDP per capita, PPP
$26,183
2024
$47,405
2024
GDP per capita PPP rank
81/197
2024
50/197
2024
Government debt
$9.41B
2024
$440B
2024
Debt-to-GDP ratio
133.3%
2024
20.3%
2024
Government debt per person
$17,837
2024
$3,067
2024
Government debt per person rank
35/185
2024
98/185
2024
Average annual personal income after taxes
$9,909
2026
$10,464
2026
Market capitalization of domestic companies n/a
$650B
2023
Number of millionaires n/a
426,000
2025
Number of billionaires n/a
140
2025
Income share by richest 10%
23.3%
2019
25.1%
2023
Income share by poorest 10%
3.8%
2019
3.1%
2023
Government expenditure, % of GDP
46.1%
2024
36.9%
2024
Consumer prices inflation
1.4%
2023-2024
8.4%
2023-2024
Central bank interest rate n/a
16%
2025
Unemployment rate
4.56%
2019
2.43%
2024
Population
532057
141906741

Spending and national debt comparison by year

Maldives
Spending

Debt
Russia
Spending

Debt
1x
Year % of GDP
Maldives Russia
Government spending Government debt Government spending Government debt
2024 46.1% 133.3% 36.9% 20.3%
2023 46.7% 122.4% 35.7% 19.5%
2022 42% 111.6% 35.2% 18.5%
2021 40.6% 123.4% 34.9% 16.5%
2020 50.4% 155.7% 39.2% 19.2%
2019 32.9% 77.2% 33.8% 13.7%
2018 31.9% 70.7% 32.6% 13.6%
2017 30.4% 63.8% 34.8% 14.3%
2016 37.3% 61.9% 36.6% 14.8%
2015 33.8% 54.8% 35.3% 15.3%
2014 29.1% 55.1% 34.9% 15.1%
2013 27% 55.9% 34.7% 12.3%
2012 29.8% 57.1% 34% 11.2%
2011 31.3% 51.9% 33.3% 10.3%
2010 33.2% 52.7% 35.5% 10.1%
2009 37% 48.4% 38.6% 9.92%
2008 35.6% 39% 32% 7.45%
2007 34.8% 35.8% 31.9% 8.03%
2006 35% 36.8% 29% 9.8%
2005 38.8% 43.2% 29.5% 14.9%
2004 24.1% 34.7% 29.6% 20.8%
2003 26.4% 37.6% 32.6% 28.3%
2002 29.6% 44.3% 33.8% 37.6%
2001 29.6% 41.8% 31.5% 44.4%
2000 29% 39% 30.7% 55.9%
1999 28% 38.9% 34.3% 92.4%
1998 25.9% 39.3% 39.7% 135.2%
1997 25.2% 38.1% - 51.5%
1996 27.3% 46.9% - 51.9%
1995 31.3% 52.2% - 53.7%
1994 30.7% 54.6% - 63.5%
1993 34.7% 55.7% - 92.4%
1992 36.1% 49% - 116%
1991 37.7% 46.7% - -
1990 33.3% 42.4% - -

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/russia | CC BY

In 2024, Maldives' government spending was $3.25B, accounting for 46.1% of its GDP, while Russia spent $802B, or 36.9% of GDP.

Debt-to-GDP ratio is 133.3% in Maldives and 20.3% in Russia, ranking 10/185 and 175/185, respectively.

Government deficit by year

Deficit/surplus
Maldives

Russia
1x
Year Deficit/surplus, % of GDP
Maldives Russia
2024 -13.9% -1.6%
2023 -13.2% -2.22%
2022 -11.2% -1.34%
2021 -14.2% 0.78%
2020 -23.7% -3.99%
2019 -6.54% 1.93%
2018 -5.17% 2.92%
2017 -3.02% -1.47%
2016 -9.93% -3.67%
2015 -6.52% -3.39%
2014 -2.42% -1.07%
2013 -3.49% -1.16%
2012 -6.91% 0.38%
2011 -8.13% 1.43%
2010 -13.6% -3.19%
2009 -17.9% -5.89%
2008 -9.92% 4.55%
2007 -3.16% 5.59%
2006 -4.52% 7.8%
2005 -7.81% 7.6%
2004 -2.26% 4.57%
2003 -3.45% 1.35%
2002 -3.97% 0.67%
2001 -3.97% 2.99%
2000 -3.89% 3.11%
1999 -3.03% -3.59%
1998 -2.25% -7.42%
1997 -1.46% -
1996 -2.01% -
1995 -5.66% -
1994 -4.82% -
1993 -13.9% -
1992 -12.6% -
1991 -10.2% -
1990 -12.8% -
1989 - -
1988 - -
1987 - -
1986 - -
1985 - -
1984 - -
1983 - -
1982 - -
1981 - -
1980 - -
1979 - -
1978 - -
1977 - -
1976 - -
1975 - -
1974 - -
1973 - -
1972 - -
1971 - -
1970 - -
1969 - -
1968 - -
1967 - -
1966 - -
1965 - -
1964 - -
1963 - -
1962 - -
1961 - -
1960 - -
1959 - -
1958 - -
1957 - -
1956 - -
1955 - -
1954 - -
1953 - -
1952 - -
1951 - -
1950 - -
1949 - -
1948 - -
1947 - -
1946 - -
1945 - -
1944 - -
1943 - -
1942 - -
1941 - -
1940 - 0.15%
1939 - 0.12%
1938 - 0.16%
1937 - 0.12%
1936 - 0.1%
1935 - 0.07%
1934 - 0.25%
1933 - 0.58%
1932 - 0.06%
1931 - -1.12%
1930 - -1.62%
1929 - -0.4%
1928 - -0.4%
1927 - -
1926 - -
1925 - -
1924 - -
1923 - -
1922 - -
1921 - -
1920 - -
1919 - -
1918 - -
1917 - -
1916 - -
1915 - -
1914 - -
1913 - -
1912 - 0.69%
1911 - 1.26%
1910 - 1.52%
1909 - -0.15%
1908 - -0.83%
1907 - -0.86%
1906 - -3.19%
1905 - -7.72%
1904 - -5.13%
1903 - 1.04%
1902 - -1.57%
1901 - 0.14%
1900 - -0.36%
1899 - 0.66%
1898 - 0.03%
1897 - 0.34%
1896 - 1.3%
1895 - 0.7%
1894 - 1.43%
1893 - 0.63%
1892 - -1.16%
1891 - -0.97%
1890 - 0.01%
1889 - 1.34%
1888 - 0.88%
1887 - 0.14%
1886 - -0.84%
1885 - -0.75%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1885–1940, retrieved 2026-02-20).

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

In 2024, Maldives' government deficit, the difference between spending and revenue, was $982M, equivalent to 13.9% of GDP. This compares to Russia's deficit of $34.9B, or 1.6% of GDP.

Over the past 27 years, Maldives recorded a fiscal deficit in 27 of those years, while Russia ran a deficit in 13 years. On average, Maldives posted an annual deficit equal to 7.7% of GDP, compared to surplus of 0.21% of GDP for Russia.

Inflation comparison by year

Inflation
Maldives

Russia
1x
Year Consumer prices inflation
Maldives Russia
2024 1.4% 8.4%
2023 2.6% 5.9%
2022 2.6% 13.7%
2021 0.2% 6.7%
2020 -1.6% 3.4%
2019 1.3% 4.5%
2018 1.4% 2.9%
2017 2.3% 3.7%
2016 0.8% 7%
2015 1.4% 15.5%
2014 2.4% 7.8%
2013 4% 6.8%
2012 10.9% 5.1%
2011 11.3% 8.4%
2010 6.1% 6.8%
2009 4.5% 11.6%
2008 12% 14.1%
2007 6.8% 9%
2006 3.5% 9.7%
2005 2.5% 12.7%
2004 6.3% 10.9%
2003 -2.8% 13.7%
2002 0.9% 15.8%
2001 0.7% 21.5%
2000 -1.2% 20.8%
1999 3% 85.7%
1998 -1.4% 27.7%
1997 7.6% 14.8%

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

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

Over the past 28 years, Maldives has recorded an average annual inflation rate of 3.2%, compared with 13.4% in Russia. In 2024, inflation was 1.4% in Maldives and 8.4% in Russia.

Top exports between countries

Maldives
Export category Export value
Animal & marine products $49K
Russia
Export category Export value
Chemicals & pharma $9.58M
Transport & tourism services $2.42M
Animal & marine products $1.84M
Business & finance services $1.74M
Machinery & equipment $528K
Raw materials & minerals $342K
Processed food, beverages & tobacco $203K
Textiles & consumer goods $182K
IT & IP services $153K
Wood & paper products $20K

Balance of trade

Maldives Russia
Current account balance
-$1.32B
2024
$63.4B
2024
Current account balance ranking
130/190
2024
12/190
2024
Current account balance, % of GDP
-18.7%
2024
+2.91%
2024
Goods imports
$3.46B
2024
$302B
2024
Goods exports
$383M
2024
$434B
2024
Service imports
$1.89B
2024
$81.5B
2024
Service exports
$5.03B
2024
$43.1B
2024
Imports of goods and services, % of GDP
78.3%
2024
17.6%
2024
Exports of goods and services, % of GDP
78.2%
2024
21.9%
2024

Economic freedom indices

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

Maldives Russia
Economic freedom 47.6 50.3
Economic freedom ranking 174/197 161/197
Property rights 52.2 18.6
Government integrity 41.9 22.8
Judicial effectiveness 39.3 22.8
Tax burden 89.9 81.9
Government spending 39.5 61.3
Fiscal health 0 94.4
Business freedom 49.7 51.4
Labor freedom 54.1 59.1
Monetary freedom 76.4 61.8
Trade freedom 62.8 69.4
Investment freedom 35 30
Financial freedom 30 30

Economic freedom comparison by year

Maldives
Russia
1x
Year Economic freedom index
Maldives Russia
2026 47.6 50.3
2025 48.3 51.6
2024 47.8 52
2023 46.6 53.8
2022 47.3 56.1
2021 55.2 61.5
2020 56.5 61
2019 53.2 58.9
2018 51.1 58.2
2017 50.3 57.1
2016 53.9 50.6
2015 53.4 52.1
2014 51 51.9
2013 49 51.1
2012 49.2 50.5
2011 48.3 50.5
2010 49 50.3
2009 51.3 50.8
2008 - 49.8
2007 - 52.2
2006 - 52.4
2005 - 51.3
2004 - 52.8
2003 - 50.8
2002 - 48.7
2001 - 49.8
2000 - 51.8
1999 - 54.5
1998 - 52.8
1997 - 48.6
1996 - 51.6
1995 - 51.1

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

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

The Economic Freedom Index for Maldives is 47.6, ranking 174/197, compared to 50.3 for Russia, ranking 161/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Maldives Russia
Services, % of GDP
72.1%
2024
57.5%
2024
Industry, % of GDP
9.2%
2024
30.7%
2024
Agriculture, forestry, and fishing, % of GDP
3.84%
2024
2.74%
2024
GNI, Atlas method
$6.15B
2024
$2.24T
2024
GNI per capita, PPP
$23,400
2024
$46,780
2024
Total reserves including gold
$674M
2024
$597B
2023
Total reserves ranking
150/177
2024
6/177
2023
Net foreign direct investment
-$806M
2024
$9.37B
2024
Net inflows of foreign direct investment
$806M
2024
-$9.35B
2024
Net outflows of foreign direct investment
$0
2024
-$170M
2024
Servicing debt to the IMF, % of GNI
7.95%
2024
2.65%
2024
Poverty at national poverty lines
15%
2020
12.1%
2020
Gross capital formation, % of GDP
30.8%
2024
26.3%
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/russia | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1970–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20)
  3. International Monetary Fund (IMF) | Public Finances in Modern History (1885–1996, retrieved 2026-02-20)
  4. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  5. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  6. TradeMap (2021–2022, retrieved 2026-02-08)
  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.