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Economy of Maldives vs Rwanda compared: GDP & Debt

Updated on by Georank team

Maldives has a GDP of $7.06B compared to $14.3B for Rwanda, ranking 159/197 and 144/197 by economy size, respectively.

Maldives has $9.41B in government debt (133.3% of GDP), compared to $9.58B (67.2% of GDP) in Rwanda.

Maldives vs Rwanda GDP by year

Maldives
Rwanda
1x
Year GDP, current $
Maldives Rwanda
2024 $7,061,608,267 $14,251,642,235
2023 $6,621,008,704 $14,331,722,703
2022 $6,177,123,352 $13,316,161,002
2021 $5,252,457,370 $11,078,787,090
2020 $3,712,604,583 $10,174,386,857
2019 $5,726,094,799 $10,349,300,277
2018 $5,404,344,163 $9,637,904,521
2017 $4,816,426,257 $9,252,833,891
2016 $4,409,942,624 $8,695,272,058
2015 $4,129,505,319 $8,543,760,200
2014 $3,697,353,039 $8,238,966,124
2013 $3,295,009,238 $7,819,964,030
2012 $2,886,163,997 $7,654,761,050
2011 $2,774,350,240 $6,884,913,658
2010 $2,588,176,055 $6,124,756,654
2009 $2,345,294,875 $5,674,476,969
2008 $2,271,646,188 $5,179,854,065
2007 $1,868,383,461 $4,070,507,895
2006 $1,575,200,391 $3,319,784,539
2005 $1,163,362,438 $2,933,819,766
2004 $1,226,829,563 $2,376,496,067
2003 $1,052,121,055 $2,138,237,279
2002 $897,031,250 $1,966,003,468
2001 $870,031,677 $1,966,600,715
2000 $624,337,145 $2,068,836,754
1999 $589,239,754 $2,157,108,263
1998 $540,096,398 $1,989,343,546
1997 $508,223,602 $1,851,558,197
1996 $450,382,328 $1,382,334,879
1995 $398,988,955 $1,293,535,193
1994 $356,014,932 $753,636,370
1993 $322,417,837 $1,971,525,712
1992 $284,875,809 $2,029,026,962
1991 $244,396,762 $1,911,600,237
1990 $215,043,970 $2,550,185,679
1989 $189,514,434 $2,405,022,593
1988 $168,514,513 $2,395,492,687
1987 $141,223,029 $2,157,432,668
1986 $141,882,254 $1,944,710,684
1985 $127,190,758 $1,715,626,331
1984 $109,503,546 $1,587,413,084
1983 $57,829,787 $1,479,687,587
1982 $47,911,340 $1,407,243,139
1981 $44,781,457 $1,407,062,527
1980 $42,463,576 $1,254,765,642
1979 $38,523,364 $1,109,346,131
1978 $24,369,109 $905,709,076
1977 $20,853,789 $746,650,613
1976 $22,399,467 $637,753,853
1975 $24,540,878 $571,863,500
1974 $39,120,171 $308,458,423
1973 $30,862,042 $290,746,157
1972 $25,177,138 $246,457,838
1971 $21,566,404 $222,952,504
1970 $19,328,038 $219,900,006
1969 - $188,700,037
1968 - $172,200,018
1967 - $159,560,018
1966 - $124,525,703
1965 - $148,799,980
1964 - $129,999,994
1963 - $128,000,000
1962 - $125,000,008
1961 - $122,000,016
1960 - $119,000,024

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

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

GDP per capita in Maldives vs Rwanda by year

Maldives
GDP per capita

GDP per capita, PPP
Rwanda
GDP per capita

GDP per capita, PPP
1x
Year Current $
Maldives Rwanda
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $13,379 $26,183 $1,000 $3,711
2023 $12,588 $24,786 $1,027 $3,399
2022 $11,786 $22,881 $975 $3,099
2021 $10,176 $19,053 $830 $2,733
2020 $7,394 $13,425 $779 $2,285
2019 $11,740 $23,077 $810 $2,336
2018 $11,423 $21,899 $772 $2,125
2017 $10,510 $19,768 $758 $1,968
2016 $9,948 $18,770 $730 $1,866
2015 $9,645 $17,875 $734 $1,781
2014 $8,939 $16,723 $725 $1,678
2013 $8,236 $15,264 $705 $1,512
2012 $7,461 $13,989 $707 $1,455
2011 $7,425 $13,726 $651 $1,413
2010 $7,174 $12,797 $594 $1,314
2009 $6,734 $12,266 $564 $1,241
2008 $6,757 $13,779 $528 $1,191
2007 $5,758 $12,852 $426 $1,079
2006 $5,019 $12,075 $357 $1,002
2005 $3,797 $9,704 $324 $914
2004 $4,070 $10,770 $269.5 $832
2003 $3,549 $10,065 $249 $775
2002 $3,076 $8,823 $234 $760
2001 $3,034 $8,236 $237.3 $670
2000 $2,214 $8,526 $251.9 $609
1999 $2,124 $8,162 $264.7 $554
1998 $1,980 $7,710 $246.2 $528
1997 $1,898 $7,226 $238.7 $500
1996 $1,717 $6,687 $206 $499
1995 $1,555 $6,223 $228 $514
1994 $1,419 $5,520 $111 $311
1993 $1,317 $5,138 $247 $521
1992 $1,194 $4,881 $264.1 $575
1991 $1,054 $4,604 $254 $542
1990 $957 $4,528 $346 $549
1989 $870 - $335 -
1988 $799 - $344 -
1987 $692 - $320 -
1986 $720 - $297.7 -
1985 $669 - $271.6 -
1984 $594 - $259.9 -
1983 $323 - $250.6 -
1982 $274.8 - $246.4 -
1981 $264.1 - $254.6 -
1980 $257.6 - $234.4 -
1979 $240.2 - $213.8 -
1978 $156.1 - $179.9 -
1977 $137.3 - $152.7 -
1976 $151.8 - $134.4 -
1975 $171.4 - $124.1 -
1974 $281.5 - $68.9 -
1973 $228.7 - $66.9 -
1972 $192.2 - $58.4 -
1971 $169.8 - $54.4 -
1970 $156.9 - $55.2 -
1969 - - $48.9 -
1968 - - $46 -
1967 - - $44 -
1966 - - $35.4 -
1965 - - $43.5 -
1964 - - $39 -
1963 - - $39.3 -
1962 - - $39.2 -
1961 - - $39.3 -
1960 - - $39.4 -

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

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

Maldives' GDP per capita is $13,379, ranking 75/197, compared to $1,000 in Rwanda, ranking 178/197. Adjusted for purchasing power (GDP per capita PPP), Maldives ranks 81st at $26,183, while Rwanda ranks 168th at $3,711.

Economic indicators

Maldives Rwanda
Gross domestic product
$7.06B
2024
$14.3B
2024
GDP rank
159/197
2024
144/197
2024
GDP growth
3.49%
2023-2024
8.89%
2023-2024
GDP per capita
$13,379
2024
$1,000
2024
GDP per capita rank
75/197
2024
178/197
2024
GDP per capita, PPP
$26,183
2024
$3,711
2024
GDP per capita PPP rank
81/197
2024
168/197
2024
Government debt
$9.41B
2024
$9.58B
2024
Debt-to-GDP ratio
133.3%
2024
67.2%
2024
Government debt per person
$17,837
2024
$672
2024
Government debt per person rank
35/185
2024
157/185
2024
Average annual personal income after taxes
$9,909
2026
$2,194
2026
Market capitalization of domestic companies n/a
$2.75B
2024
Income share by richest 10%
23.3%
2019
33.4%
2023
Income share by poorest 10%
3.8%
2019
3.1%
2023
Government expenditure, % of GDP
46.1%
2024
28.8%
2024
Consumer prices inflation
1.4%
2023-2024
1.77%
2023-2024
Central bank interest rate n/a
6.75%
2025
Unemployment rate
4.56%
2019
11.3%
2024
Population
532057
14975051

Spending and national debt comparison by year

Maldives
Spending

Debt
Rwanda
Spending

Debt
1x
Year % of GDP
Maldives Rwanda
Government spending Government debt Government spending Government debt
2024 46.1% 133.3% 28.8% 67.2%
2023 46.7% 122.4% 27% 63.4%
2022 42% 111.6% 29.7% 60.9%
2021 40.6% 123.4% 31.6% 67.3%
2020 50.4% 155.7% 33.5% 68.7%
2019 32.9% 77.2% 28.2% 53.6%
2018 31.9% 70.7% 26.4% 49.2%
2017 30.4% 63.8% 25.1% 45.6%
2016 37.3% 61.9% 25.1% 41.1%
2015 33.8% 54.8% 26.6% 33.1%
2014 29.1% 55.1% 27.5% 29.1%
2013 27% 55.9% 26.2% 26.7%
2012 29.8% 57.1% 24.6% 19.1%
2011 31.3% 51.9% 24.7% 18.7%
2010 33.2% 52.7% 23.8% 18.8%
2009 37% 48.4% 22.3% 18.5%
2008 35.6% 39% 22.5% 18.3%
2007 34.8% 35.8% 22.4% 22.1%
2006 35% 36.8% 20.6% 22.5%
2005 38.8% 43.2% 19.9% 58.9%
2004 24.1% 34.7% 17.9% 80.9%
2003 26.4% 37.6% 18.5% 79.5%
2002 29.6% 44.3% 20.5% 92%
2001 29.6% 41.8% 19.1% 84%
2000 29% 39% 18.2% 86%
1999 28% 38.9% 22.4% 78.4%
1998 25.9% 39.3% 16.4% 70.1%
1997 25.2% 38.1% 17% 72.2%
1996 27.3% 46.9% 19.5% 83.4%
1995 31.3% 52.2% 18% 100.8%
1994 30.7% 54.6% 13.3% -
1993 34.7% 55.7% 20.3% -
1992 36.1% 49% 21.5% -
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/rwanda | CC BY

In 2024, Maldives' government spending was $3.25B, accounting for 46.1% of its GDP, while Rwanda spent $4.1B, or 28.8% of GDP.

Debt-to-GDP ratio is 133.3% in Maldives and 67.2% in Rwanda, ranking 10/185 and 65/185, respectively.

Government deficit by year

Deficit/surplus
Maldives

Rwanda
1x
Year Deficit/surplus, % of GDP
Maldives Rwanda
2024 -13.9% -6.57%
2023 -13.2% -5.04%
2022 -11.2% -5.74%
2021 -14.2% -7%
2020 -23.7% -9.54%
2019 -6.54% -5.08%
2018 -5.17% -2.57%
2017 -3.02% -2.52%
2016 -9.93% -2.27%
2015 -6.52% -2.68%
2014 -2.42% -3.92%
2013 -3.49% -1.27%
2012 -6.91% -2.38%
2011 -8.13% -0.86%
2010 -13.6% -0.64%
2009 -17.9% 0.26%
2008 -9.92% 0.83%
2007 -3.16% -1.56%
2006 -4.52% -0.03%
2005 -7.81% 1.12%
2004 -2.26% 2.27%
2003 -3.45% -1.23%
2002 -3.97% -2.03%
2001 -3.97% -1.8%
2000 -3.89% -0.22%
1999 -3.03% -4.41%
1998 -2.25% -2.59%
1997 -1.46% -2.22%
1996 -2.01% -5.01%
1995 -5.66% -2.04%
1994 -4.82% -9.54%
1993 -13.9% -6.6%
1992 -12.6% -7.21%
1991 -10.2% -
1990 -12.8% -

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

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

In 2024, Maldives' government deficit, the difference between spending and revenue, was $982M, equivalent to 13.9% of GDP. This compares to Rwanda's deficit of $936M, or 6.57% of GDP.

Over the past 33 years, Maldives recorded a fiscal deficit in 33 of those years, while Rwanda ran a deficit in 29 years. On average, Maldives posted an annual deficit equal to 7.53% of GDP, compared to deficit of 3.03% of GDP for Rwanda.

Inflation comparison by year

Inflation
Maldives

Rwanda
1x
Year Consumer prices inflation
Maldives Rwanda
2024 1.4% 1.77%
2023 2.6% 19.8%
2022 2.6% 17.7%
2021 0.2% -0.39%
2020 -1.6% 9.85%
2019 1.3% 3.35%
2018 1.4% -0.31%
2017 2.3% 8.28%
2016 0.8% 7.17%
2015 1.4% 2.53%
2014 2.4% 2.35%
2013 4% 5.92%
2012 10.9% 10.3%
2011 11.3% 3.08%
2010 6.1% -0.25%
2009 4.5% 12.9%
2008 12% 15.4%
2007 6.8% 9.08%
2006 3.5% 8.88%
2005 2.5% 9.01%
2004 6.3% 12.3%
2003 -2.8% 7.45%
2002 0.9% 1.99%
2001 0.7% 3.34%
2000 -1.2% 3.9%
1999 3% -2.41%
1998 -1.4% 6.21%
1997 7.6% 12%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20); World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

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

Over the past 28 years, Maldives has recorded an average annual inflation rate of 3.2%, compared with 6.83% in Rwanda. In 2024, inflation was 1.4% in Maldives and 1.77% in Rwanda.

Balance of trade

Maldives Rwanda
Current account balance
-$1.32B
2024
-$1.81B
2024
Current account balance ranking
130/190
2024
140/190
2024
Current account balance, % of GDP
-18.7%
2024
-12.7%
2024
Goods imports
$3.46B
2024
$5.55B
2024
Goods exports
$383M
2024
$3.2B
2024
Service imports
$1.89B
2024
$991M
2024
Service exports
$5.03B
2024
$1.08B
2024
Imports of goods and services, % of GDP
78.3%
2024
39.1%
2024
Exports of goods and services, % of GDP
78.2%
2024
30.8%
2024

Economic freedom indices

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

Maldives Rwanda
Economic freedom 47.6 56.5
Economic freedom ranking 174/197 121/197
Property rights 52.2 60.3
Government integrity 41.9 53.9
Judicial effectiveness 39.3 27.5
Tax burden 89.9 80.6
Government spending 39.5 75.7
Fiscal health 0 37.5
Business freedom 49.7 60.1
Labor freedom 54.1 49.1
Monetary freedom 76.4 72.3
Trade freedom 62.8 61.8
Investment freedom 35 60
Financial freedom 30 40

Economic freedom comparison by year

Maldives
Rwanda
1x
Year Economic freedom index
Maldives Rwanda
2026 47.6 56.5
2025 48.3 54.8
2024 47.8 51.6
2023 46.6 52.2
2022 47.3 57.1
2021 55.2 68.3
2020 56.5 70.9
2019 53.2 71.1
2018 51.1 69.1
2017 50.3 67.6
2016 53.9 63.1
2015 53.4 64.8
2014 51 64.7
2013 49 64.1
2012 49.2 64.9
2011 48.3 62.7
2010 49 59.1
2009 51.3 54.2
2008 - 54.2
2007 - 52.4
2006 - 52.8
2005 - 51.7
2004 - 53.3
2003 - 47.8
2002 - 50.4
2001 - 45.4
2000 - 42.3
1999 - 39.8
1998 - 39.1
1997 - 38.3

Data sources: The Heritage Foundation | Economic Freedom Index (1997–2026, retrieved 2026-03-09).

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

The Economic Freedom Index for Maldives is 47.6, ranking 174/197, compared to 56.5 for Rwanda, ranking 121/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Maldives Rwanda
Services, % of GDP
72.1%
2024
47.6%
2024
Industry, % of GDP
9.2%
2024
21%
2024
Agriculture, forestry, and fishing, % of GDP
3.84%
2024
24.6%
2024
GNI, Atlas method
$6.15B
2024
$14.8B
2024
GNI per capita, PPP
$23,400
2024
$3,620
2024
Total reserves including gold
$674M
2024
$2.41B
2024
Total reserves ranking
150/177
2024
123/177
2024
Net foreign direct investment
-$806M
2024
-$560M
2024
Net inflows of foreign direct investment
$806M
2024
$573M
2024
Net outflows of foreign direct investment
$0
2024
$13.2M
2024
Servicing debt to the IMF, % of GNI
7.95%
2024
3.09%
2024
Poverty at national poverty lines
15%
2020
27.4%
2023
Gross capital formation, % of GDP
30.8%
2024
25.9%
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/rwanda | 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 (1997–2026, retrieved 2026-03-09)
  4. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  5. International Monetary Fund (IMF) | Public Finances in Modern History (1990–1996, retrieved 2026-02-20)
  6. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. LivingCost (2026, retrieved 2025-10-14)
  8. 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.