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Economy of Maldives vs Saint Vincent compared: GDP & Debt

Updated on by Georank team

Maldives has a GDP of $7.06B compared to $1.16B for Saint Vincent, ranking 159/197 and 186/197 by economy size, respectively.

Maldives has $9.46B in government debt (144.1% of GDP), compared to $1.07B (90.1% of GDP) in Saint Vincent.

The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.

Maldives
GDP, current $

GDP, constant 2015 $
Saint Vincent
GDP, current $

GDP, constant 2015 $
Year GDP
Maldives Saint Vincent
Current $ Constant $ Current $ Constant $
1960 - - $13,066,634 $159,345,007
1961 - - $13,999,965 $166,559,007
1962 - - $14,524,964 $172,712,133
1963 - - $13,708,299 $161,891,133
1964 - - $14,758,296 $167,832,093
1965 - - $15,108,296 $169,317,298
1966 - - $16,099,960 $169,317,298
1967 - - $15,835,106 $153,191,835
1968 - - $15,350,000 $163,164,173
1969 - - $16,650,000 $167,832,047
1970 $19,328,038 $187,964,777 $18,450,000 $185,867,093
1971 $21,566,404 $197,752,528 $20,051,922 $191,383,722
1972 $25,177,138 $202,546,529 $27,585,805 $240,820,987
1973 $30,862,042 $205,742,529 $30,165,081 $214,086,643
1974 $39,120,171 $217,527,781 $32,923,703 $195,202,934
1975 $24,540,878 $200,149,528 $33,237,226 $180,350,510
1976 $22,399,467 $201,348,028 $32,792,845 $199,065,159
1977 $20,853,789 $224,004,421 $49,353,162 $225,400,307
1978 $24,369,109 $256,898,850 $60,844,771 $247,438,763
1979 $38,523,364 $284,295,074 $71,096,360 $255,807,679
1980 $42,463,576 $337,096,793 $82,340,340 $262,056,345
1981 $44,781,457 $376,755,240 $102,086,539 $274,147,373
1982 $47,911,340 $365,406,574 $113,759,203 $286,420,538
1983 $57,829,787 $424,808,147 $122,255,350 $292,631,842
1984 $109,503,546 $539,317,202 $135,024,988 $311,905,567
1985 $127,190,758 $622,458,577 $145,641,705 $331,179,292
1986 $141,882,254 $680,724,367 $160,846,657 $349,724,473
1987 $141,223,029 $740,826,581 $175,580,647 $351,256,284
1988 $168,514,513 $805,503,273 $200,726,713 $400,694,533
1989 $189,514,434 $880,631,020 $214,745,002 $406,326,738
1990 $215,043,970 $1,029,918,210 $240,366,667 $423,185,994
1991 $244,396,762 $1,044,776,799 $254,829,630 $427,991,589
1992 $284,875,809 $1,114,472,036 $277,955,556 $455,288,638
1993 $322,417,837 $1,176,400,673 $286,307,407 $474,641,733
1994 $356,014,932 $1,267,565,681 $289,437,037 $468,719,992
1995 $398,988,955 $1,432,169,027 $316,007,407 $505,123,834
1996 $450,382,328 $1,544,718,135 $331,488,889 $511,629,384
1997 $508,223,602 $1,674,442,652 $347,770,370 $529,562,766
1998 $540,096,398 $1,799,936,820 $373,618,519 $551,222,916
1999 $589,239,754 $1,911,094,725 $390,718,519 $566,162,769
2000 $624,337,145 $1,984,591,805 $427,946,037 $575,442,358
2001 $870,031,677 $1,906,326,757 $462,072,333 $585,502,420
2002 $897,031,250 $2,044,885,955 $487,763,852 $616,780,703
2003 $1,052,121,055 $2,326,058,789 $509,090,889 $658,051,576
2004 $1,226,829,563 $2,463,875,272 $549,900,185 $685,128,416
2005 $1,163,362,438 $2,188,480,302 $579,948,926 $702,178,230
2006 $1,575,200,391 $2,705,624,150 $643,501,148 $751,309,123
2007 $1,868,383,461 $2,898,626,608 $713,596,667 $776,274,889
2008 $2,271,646,188 $3,158,820,509 $732,663,259 $779,416,014
2009 $2,345,294,875 $2,895,352,811 $714,300,259 $768,674,153
2010 $2,588,176,055 $3,091,816,044 $720,447,889 $734,310,821
2011 $2,774,350,240 $3,365,238,508 $713,796,370 $729,858,866
2012 $2,886,163,997 $3,445,643,748 $730,032,593 $738,391,735
2013 $3,295,009,238 $3,685,976,099 $764,781,259 $756,574,515
2014 $3,697,353,039 $3,975,719,122 $770,900,000 $765,242,794
2015 $4,129,505,319 $4,129,505,319 $786,555,556 $786,555,556
2016 $4,409,942,624 $4,392,772,972 $814,303,704 $819,195,102
2017 $4,816,426,257 $4,703,536,561 $844,040,741 $831,877,076
2018 $5,404,344,163 $5,106,580,520 $884,329,630 $858,294,259
2019 $5,726,094,799 $5,460,112,148 $910,481,481 $864,031,342
2020 $3,712,604,583 $3,663,253,190 $864,566,667 $827,146,498
2021 $5,252,457,370 $5,037,261,439 $888,677,778 $844,461,993
2022 $6,177,123,352 $5,733,717,715 $989,188,889 $870,731,796
2023 $6,621,008,704 $6,017,127,527 $1,072,237,037 $917,110,147
2024 $7,061,608,267 $6,227,390,286 $1,157,207,407 $954,361,647

Economic indicators

Maldives Saint Vincent
Gross domestic product
$7.06B
2024
$1.16B
2024
GDP rank
159/197
2024
186/197
2024
GDP growth
6.65%
2023-2024
7.92%
2023-2024
GDP per capita
$13,379
2024
$11,501
2024
GDP per capita rank
75/197
2024
81/197
2024
GDP per capita, PPP
$26,183
2024
$21,272
2024
Government debt
$9.46B
2024
$1.07B
2024
Debt-to-GDP ratio
144.1%
2026
90.1%
2026
Government debt per person
$17,922
2024
$10,661
2024
Government debt per person rank
35/185
2024
55/185
2024
Average annual personal income after taxes
$10,769
2026
$14,935
2026
Income share by richest 10%
23.3%
2019
n/a
Income share by poorest 10%
3.8%
2019
n/a
Government expenditure, % of GDP
46.6%
2026
29.3%
2026
Consumer prices inflation
2.5%
2025-2026
3.63%
2023-2024
Unemployment rate
4.56%
2019
18.8%
2008
Population
531534
99240

GDP per capita in Maldives vs Saint Vincent

Maldives' GDP per capita is $13,379, ranking 75/197, compared to $11,501 in Saint Vincent, ranking 81/197. Adjusted for purchasing power (GDP per capita PPP), Maldives ranks 80th at $26,183, while Saint Vincent ranks 92nd at $21,272.

Maldives
GDP per capita

GDP per capita, PPP
Saint Vincent
GDP per capita

GDP per capita, PPP
Year Current $
Maldives Saint Vincent
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
1960 - - $154.8 -
1961 - - $163 -
1962 - - $166.5 -
1963 - - $154.9 -
1964 - - $164.4 -
1965 - - $166.2 -
1966 - - $174.9 -
1967 - - $170 -
1968 - - $163.1 -
1969 - - $175.2 -
1970 $156.9 - $192.3 -
1971 $169.8 - $207 -
1972 $192.2 - $282.1 -
1973 $228.7 - $306 -
1974 $281.5 - $331 -
1975 $171.4 - $331 -
1976 $151.8 - $324 -
1977 $137.3 - $484 -
1978 $156.1 - $592 -
1979 $240.2 - $687 -
1980 $257.6 - $790 -
1981 $264.1 - $972 -
1982 $274.8 - $1,074 -
1983 $323 - $1,144 -
1984 $594 - $1,254 -
1985 $669 - $1,342 -
1986 $720 - $1,472 -
1987 $692 - $1,596 -
1988 $799 - $1,814 -
1989 $870 - $1,930 -
1990 $957 $4,528 $2,150 $3,960
1991 $1,054 $4,604 $2,271 $4,126
1992 $1,194 $4,881 $2,471 $4,477
1993 $1,317 $5,138 $2,540 $4,769
1994 $1,419 $5,520 $2,563 $4,802
1995 $1,555 $6,223 $2,795 $5,277
1996 $1,717 $6,687 $2,930 $5,440
1997 $1,898 $7,226 $3,074 $5,726
1998 $1,980 $7,710 $3,301 $6,026
1999 $2,124 $8,162 $3,447 $6,266
2000 $2,214 $8,526 $3,769 $6,503
2001 $3,034 $8,236 $4,071 $6,768
2002 $3,076 $8,823 $4,303 $7,250
2003 $3,549 $10,065 $4,500 $7,903
2004 $4,070 $10,770 $4,873 $8,472
2005 $3,797 $9,704 $5,157 $8,986
2006 $5,019 $12,075 $5,745 $9,949
2007 $5,758 $12,852 $6,398 $10,604
2008 $6,757 $13,779 $6,599 $10,902
2009 $6,734 $12,266 $6,464 $10,869
2010 $7,174 $12,797 $6,552 $10,561
2011 $7,425 $13,726 $6,528 $10,774
2012 $7,461 $13,989 $6,714 $10,989
2013 $8,236 $15,264 $7,072 $11,625
2014 $8,939 $16,723 $7,169 $12,136
2015 $9,645 $17,875 $7,354 $12,379
2016 $9,948 $18,770 $7,657 $13,493
2017 $10,510 $19,768 $7,988 $13,575
2018 $11,423 $21,899 $8,428 $14,690
2019 $11,740 $23,077 $8,741 $15,340
2020 $7,394 $13,425 $8,351 $15,337
2021 $10,176 $19,053 $8,641 $16,201
2022 $11,786 $22,881 $9,694 $18,035
2023 $12,588 $24,786 $10,582 $19,820
2024 $13,379 $26,183 $11,501 $21,272

Spending and national debt comparison

In 2024, Maldives' government spending was $3.27B, accounting for 46.6% of its GDP, while Saint Vincent's spent $453M, or 29.3% of GDP.

Debt-to-GDP ratio is 144.1% in Maldives and 90.1% in Saint Vincent, ranking 7/185 and 29/185, respectively.

Maldives
Government spending

Government debt
Saint Vincent
Government spending

Government debt
Year % of GDP
Maldives Saint Vincent
Government spending Government debt Government spending Government debt
1984 - - 23.1% -
1985 - - 21.4% -
1986 - - 22.3% -
1987 - - 23.7% -
1988 - - 24.8% -
1989 - - 27.6% -
1990 33.3% 42.4% 23.1% 53.9%
1991 37.7% 46.7% 25.5% 52.1%
1992 36.1% 49% 25.4% 49.6%
1993 34.7% 55.7% 22.3% 48.1%
1994 30.7% 54.6% 22.4% 52.8%
1995 31.3% 52.2% 19.9% 46.8%
1996 27.3% 46.9% 20.9% 40.7%
1997 25.2% 38.1% 26% 38.8%
1998 25.9% 39.3% 25.2% 39.5%
1999 28% 38.9% 25.2% 52.9%
2000 29% 39% 23.8% 54.3%
2001 29.6% 41.8% 24.4% 52%
2002 29.6% 44.3% 25.7% 53.2%
2003 26.4% 37.6% 26% 55.3%
2004 24.1% 34.7% 24.9% 58.6%
2005 38.8% 43.2% 26.7% 50.5%
2006 35% 36.8% 26.1% 44.7%
2007 34.8% 35.8% 27.1% 48.5%
2008 35.6% 39% 28.4% 50.3%
2009 37% 48.4% 31% 57.2%
2010 33.2% 52.7% 31.1% 61.1%
2011 31.3% 51.9% 29.4% 64%
2012 29.8% 57.1% 26.5% 68.1%
2013 27% 55.9% 29.4% 69.9%
2014 29.1% 55.1% 30.4% 75%
2015 33.8% 54.8% 27.6% 75.1%
2016 37.3% 61.9% 27.1% 79.4%
2017 30.4% 63.8% 26.6% 69%
2018 31.9% 70.7% 26.3% 69.4%
2019 32.9% 77.2% 29.2% 68.2%
2020 50.4% 155.7% 32.9% 80%
2021 40.6% 123.4% 37.2% 88.4%
2022 42% 111.6% 36.6% 86.3%
2023 46.9% 123% 38.8% 89.2%
2024 46.3% 134% 39.1% 92.7%
2025 47.3% 140.8% 36.4% 93.5%
2026 46.6% 144.1% 29.3% 90.1%

Government deficit by year

In 2024, Maldives' government deficit, the difference between spending and revenue, was -$986M, equivalent to -14% of GDP. This compares to Saint Vincent's deficit of -$144M, or -12.5% of GDP.

Over the past 35 years, Maldives recorded a fiscal deficit in 35 of those years, while Saint Vincent ran a deficit in 30 years. On average, Maldives posted an annual deficit equal to -7.76% of GDP, compared to deficit of -2.99% of GDP for Saint Vincent.

Deficit/surplus
Maldives

Saint Vincent
Year Deficit/surplus, % of GDP
Maldives Saint Vincent
1984 - 2.5%
1985 - 4.23%
1986 - 2.32%
1987 - 1.1%
1988 - 0.59%
1989 - -1.92%
1990 -12.8% 1.69%
1991 -10.2% -0.47%
1992 -12.6% -3.25%
1993 -13.9% -1.46%
1994 -4.82% 0.12%
1995 -5.66% 1.08%
1996 -2.01% 1.57%
1997 -1.46% -2.77%
1998 -2.25% -1.81%
1999 -3.03% -1.93%
2000 -3.89% -0.82%
2001 -3.97% -1.6%
2002 -3.97% -2%
2003 -3.45% -2.51%
2004 -2.26% -2.71%
2005 -7.81% -4.3%
2006 -4.52% -3.13%
2007 -3.16% -3.07%
2008 -9.92% -1.3%
2009 -17.9% -2.85%
2010 -13.6% -3.7%
2011 -8.13% -3.5%
2012 -6.91% -1.81%
2013 -3.49% -5.81%
2014 -2.42% -2.82%
2015 -6.52% -2.01%
2016 -9.93% 0.04%
2017 -3.02% -1.56%
2018 -5.17% -1.65%
2019 -6.54% -3.45%
2020 -23.7% -5.92%
2021 -14.2% -7.19%
2022 -11.2% -9.35%
2023 -13.2% -11.9%
2024 -14% -12.5%
2025 -15.2% -7.74%
2026 -14.5% -0.63%

Inflation comparison by year

Over the past 28 years, Maldives has recorded an average annual inflation rate of 3.2%, compared with 2.13% in Saint Vincent. In 2024, inflation was 2.5% in Maldives and 3.63% in Saint Vincent.

Inflation
Maldives

Saint Vincent
Year Inflation
Maldives Saint Vincent
1997 7.6% 0.44%
1998 -1.4% 2.14%
1999 3% 1.01%
2000 -1.2% 0.17%
2001 0.7% 0.9%
2002 0.9% 1.86%
2003 -2.8% 0.21%
2004 6.3% 2.96%
2005 2.5% 3.73%
2006 3.5% 2.74%
2007 6.8% 7.24%
2008 12% 10.1%
2009 4.5% 0.42%
2010 6.1% 0.75%
2011 11.3% 3.19%
2012 10.9% 2.6%
2013 4% 0.81%
2014 2.4% 0.19%
2015 1.4% -1.73%
2016 0.8% -0.15%
2017 2.3% 2.15%
2018 1.4% 2.32%
2019 1.3% 0.91%
2020 -1.6% -0.63%
2021 0.2% 1.57%
2022 2.6% 5.66%
2023 2.6% 4.56%
2024 1.4% 3.63%
2025 3.9% -
2026 2.5% -

Balance of trade

Maldives Saint Vincent
Current account balance
-$1.32B
2024
-$157M
2024
Current account balance ranking
130/190
2024
93/190
2024
Current account balance, % of GDP
-18.7%
2024
-13.5%
2024
Goods imports
$3.46B
2024
$445M
2024
Goods exports
$383M
2024
$59.2M
2024
Service imports
$1.89B
2024
$196M
2024
Service exports
$5.03B
2024
$366M
2024
Imports of goods and services, % of GDP
78.3%
2024
n/a
Exports of goods and services, % of GDP
78.2%
2024
15.3%
2025

Economic freedom indices

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

Maldives Saint Vincent
Economic freedom 48.3 60.1
Economic freedom ranking 171/197 95/197
Property rights 51.6 69
Government integrity 40.5 61.7
Judicial effectiveness 41 77.8
Tax burden 91.5 74.9
Government spending 44.4 58.9
Fiscal health 0 4.8
Business freedom 48.8 69.4
Labor freedom 58.2 59.7
Monetary freedom 75.2 76.5
Trade freedom 63.2 59
Investment freedom 35 70
Financial freedom 30 40

Economic freedom by year comparison

The Economic Freedom Index for Maldives is 48.3, ranking 171/197, compared to 60.1 for Saint Vincent, ranking 95/197. The chart below displays a comparison of annual changes in economic freedom indexes.

Maldives
Saint Vincent
Year Economic freedom index
Maldives Saint Vincent
2009 51.3 64.3
2010 49 66.9
2011 48.3 66.9
2012 49.2 66.5
2013 49 66.7
2014 51 67
2015 53.4 68
2016 53.9 68.8
2017 50.3 65.2
2018 51.1 67.7
2019 53.2 65.8
2020 56.5 66.8
2021 55.2 66.3
2022 47.3 65.7
2023 46.6 63.5
2024 47.8 59.8
2025 48.3 60.1

More economic indicators

Maldives Saint Vincent
Services, % of GDP
72.1%
2024
66.4%
2024
Industry, % of GDP
9.2%
2024
15.4%
2024
Agriculture, forestry, and fishing, % of GDP
3.84%
2024
3.55%
2024
GNI, Atlas method
$6.15B
2024
$1.11B
2024
GNI per capita, PPP
$23,400
2024
$21,150
2024
Total reserves including gold
$674M
2024
$317M
2024
Total reserves ranking
150/177
2024
167/177
2024
Net foreign direct investment
-$806M
2024
-$74M
2024
Net inflows of foreign direct investment
$806M
2024
$73.8M
2024
Net outflows of foreign direct investment
$0
2024
-$277K
2024
Servicing debt to the IMF, % of GNI
7.95%
2024
3.84%
2024
Poverty at national poverty lines
15%
2020
n/a
Gross capital formation, % of GDP
30.8%
2024
n/a

GDP per capita map

GDP per capita

Compare countries by 7 more topics

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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.