Maldives has a GDP of $6.98B compared to $1.83B for San Marino, ranking 160/197 and 181/197 by economy size, respectively.
Maldives has $9.34B in government debt (140.8% of GDP), compared to $1.31B (64.1% of GDP) in San Marino.
The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.
| Year | GDP | |||
|---|---|---|---|---|
Maldives
|
San Marino
|
|||
| Current $ | Constant $ | Current $ | Constant $ | |
| 1970 | $19,328,038 | $187,964,777 | - | - |
| 1971 | $21,566,404 | $197,752,528 | - | - |
| 1972 | $25,177,138 | $202,546,529 | - | - |
| 1973 | $30,862,042 | $205,742,529 | - | - |
| 1974 | $39,120,171 | $217,527,781 | - | - |
| 1975 | $24,540,878 | $200,149,528 | - | - |
| 1976 | $22,399,467 | $201,348,029 | - | - |
| 1977 | $20,853,789 | $224,004,422 | - | - |
| 1978 | $24,369,109 | $256,898,850 | - | - |
| 1979 | $38,523,364 | $284,295,074 | - | - |
| 1980 | $42,463,576 | $337,096,793 | - | - |
| 1981 | $44,781,457 | $376,755,240 | - | - |
| 1982 | $47,911,340 | $365,406,574 | - | - |
| 1983 | $57,829,787 | $424,808,147 | - | - |
| 1984 | $109,503,546 | $539,317,202 | - | - |
| 1985 | $127,190,758 | $622,458,577 | - | - |
| 1986 | $141,882,254 | $680,724,367 | - | - |
| 1987 | $141,223,029 | $740,826,581 | - | - |
| 1988 | $168,514,513 | $805,503,273 | - | - |
| 1989 | $189,514,434 | $880,631,020 | - | - |
| 1990 | $215,043,970 | $1,029,918,210 | - | - |
| 1991 | $244,396,762 | $1,044,776,799 | - | - |
| 1992 | $284,875,809 | $1,114,472,034 | - | - |
| 1993 | $322,417,837 | $1,176,400,670 | - | - |
| 1994 | $356,014,932 | $1,267,565,679 | - | - |
| 1995 | $398,988,955 | $1,432,169,027 | - | - |
| 1996 | $450,382,328 | $1,544,718,138 | - | - |
| 1997 | $508,223,602 | $1,674,442,651 | $976,606,694 | $1,248,966,330 |
| 1998 | $540,096,398 | $1,799,936,822 | $1,048,316,128 | $1,342,209,396 |
| 1999 | $589,239,754 | $1,911,094,725 | $1,109,473,368 | $1,463,670,758 |
| 2000 | $624,337,145 | $1,984,591,802 | $1,007,661,367 | $1,495,569,702 |
| 2001 | $870,031,677 | $1,906,326,759 | $1,059,529,812 | $1,578,997,708 |
| 2002 | $897,031,250 | $2,044,885,954 | $1,148,872,072 | $1,583,905,238 |
| 2003 | $1,052,121,055 | $2,326,058,788 | $1,462,590,267 | $1,645,249,360 |
| 2004 | $1,226,829,563 | $2,463,875,273 | $1,715,340,543 | $1,720,089,190 |
| 2005 | $1,163,362,438 | $2,188,480,301 | $1,786,514,058 | $1,761,803,193 |
| 2006 | $1,575,200,391 | $2,705,624,151 | $1,909,765,165 | $1,829,281,727 |
| 2007 | $1,868,383,461 | $2,898,626,610 | $2,188,654,628 | $1,959,331,267 |
| 2008 | $2,271,646,188 | $3,158,820,512 | $2,403,213,305 | $1,949,516,207 |
| 2009 | $2,345,294,875 | $2,895,352,808 | $2,064,277,126 | $1,748,307,486 |
| 2010 | $2,588,176,055 | $3,091,816,044 | $1,881,191,925 | $1,652,610,655 |
| 2011 | $2,774,350,240 | $3,365,238,506 | $1,813,717,439 | $1,515,199,821 |
| 2012 | $2,886,163,997 | $3,445,643,750 | $1,604,701,299 | $1,408,461,048 |
| 2013 | $3,295,009,238 | $3,685,976,102 | $1,678,741,475 | $1,397,419,106 |
| 2014 | $3,697,353,039 | $3,975,719,123 | $1,673,911,426 | $1,387,604,047 |
| 2015 | $4,129,505,319 | $4,129,505,319 | $1,419,401,071 | $1,419,401,071 |
| 2016 | $4,409,942,624 | $4,392,772,971 | $1,468,343,140 | $1,452,677,592 |
| 2017 | $4,816,426,257 | $4,703,536,564 | $1,528,620,346 | $1,456,429,357 |
| 2018 | $5,404,344,163 | $5,106,580,523 | $1,655,353,653 | $1,478,187,033 |
| 2019 | $5,726,094,799 | $5,460,112,147 | $1,616,232,125 | $1,508,721,723 |
| 2020 | $3,712,604,583 | $3,663,253,192 | $1,544,714,493 | $1,408,423,248 |
| 2021 | $5,252,457,370 | $5,037,261,437 | $1,855,396,000 | $1,604,162,946 |
| 2022 | $6,177,118,114 | $5,733,717,714 | $1,831,700,577 | $1,730,866,818 |
| 2023 | $6,590,894,302 | $6,004,715,686 | - | - |
| 2024 | $6,975,146,349 | $6,312,995,521 | - | - |
Economic indicators
|
Maldives
|
San Marino
|
|
|---|---|---|
| Gross domestic product |
$6.98B
2024 |
$1.83B
2022 |
| GDP rank |
160/197
2024 |
181/197
2022 |
| GDP growth |
5.83%
2023-2024 |
-1.28%
2021-2022 |
| GDP per capita |
$13,216
2024 |
$54,265
2022 |
| GDP per capita rank |
77/197
2024 |
20/197
2022 |
| GDP per capita, PPP |
$26,543
2024 |
$75,941
2022 |
| Government debt |
$9.34B
2024 |
$1.31B
2022 |
| Debt-to-GDP ratio |
140.8%
2025 |
64.1%
2025 |
| Government debt per person |
$17,702
2024 |
$38,712
2022 |
| Government debt per person rank |
33/185
2024 |
15/185
2022 |
| Average annual personal income after taxes |
$10,769
2025 |
$44,308
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 |
47.3%
2025 |
22.1%
2025 |
| Consumer prices inflation |
3.9%
2024-2025 |
2%
2024-2025 |
| Unemployment rate |
4.56%
2019 |
4.91%
2022 |
| Population |
531152
|
33996
|
GDP per capita in Maldives vs San Marino
Maldives' GDP per capita is $13,216, ranking 77/197, compared to $54,265 in San Marino, ranking 20/197. Adjusted for purchasing power (GDP per capita PPP), Maldives ranks 79th at $26,543, while San Marino ranks 17th at $75,941.
| Year | Current $ | |||
|---|---|---|---|---|
|
Maldives
|
San Marino
|
|||
| GDP per capita | GDP per capita, PPP | GDP per capita | GDP per capita, PPP | |
| 1970 | $156.9 | - | - | - |
| 1971 | $169.8 | - | - | - |
| 1972 | $192.2 | - | - | - |
| 1973 | $228.7 | - | - | - |
| 1974 | $281.5 | - | - | - |
| 1975 | $171.4 | - | - | - |
| 1976 | $151.8 | - | - | - |
| 1977 | $137.3 | - | - | - |
| 1978 | $156.1 | - | - | - |
| 1979 | $240.2 | - | - | - |
| 1980 | $257.6 | - | - | - |
| 1981 | $264.1 | - | - | - |
| 1982 | $274.8 | - | - | - |
| 1983 | $323 | - | - | - |
| 1984 | $594 | - | - | - |
| 1985 | $669 | - | - | - |
| 1986 | $720 | - | - | - |
| 1987 | $692 | - | - | - |
| 1988 | $799 | - | - | - |
| 1989 | $870 | - | - | - |
| 1990 | $957 | $4,528 | - | - |
| 1991 | $1,054 | $4,604 | - | - |
| 1992 | $1,194 | $4,881 | - | - |
| 1993 | $1,317 | $5,138 | - | - |
| 1994 | $1,419 | $5,520 | - | - |
| 1995 | $1,555 | $6,223 | - | - |
| 1996 | $1,717 | $6,687 | - | - |
| 1997 | $1,898 | $7,226 | $37,853 | $44,426 |
| 1998 | $1,980 | $7,710 | $40,127 | $47,679 |
| 1999 | $2,124 | $8,162 | $41,932 | $52,064 |
| 2000 | $2,214 | $8,526 | $37,601 | $53,713 |
| 2001 | $3,034 | $8,236 | $39,035 | $57,252 |
| 2002 | $3,076 | $8,823 | $41,791 | $57,584 |
| 2003 | $3,549 | $10,065 | $52,530 | $60,224 |
| 2004 | $4,070 | $10,770 | $58,232 | $61,114 |
| 2005 | $3,797 | $9,704 | $59,878 | $63,739 |
| 2006 | $5,019 | $12,075 | $63,271 | $67,434 |
| 2007 | $5,758 | $12,852 | $70,124 | $71,744 |
| 2008 | $6,757 | $13,779 | $75,902 | $71,724 |
| 2009 | $6,734 | $12,266 | $62,429 | $61,970 |
| 2010 | $7,174 | $12,797 | $56,543 | $58,926 |
| 2011 | $7,425 | $13,726 | $55,601 | $56,240 |
| 2012 | $7,461 | $13,989 | $47,946 | $51,274 |
| 2013 | $8,236 | $15,264 | $50,808 | $50,770 |
| 2014 | $8,939 | $16,723 | $51,260 | $52,909 |
| 2015 | $9,645 | $17,875 | $43,147 | $52,247 |
| 2016 | $9,948 | $18,770 | $44,359 | $53,033 |
| 2017 | $10,510 | $19,768 | $45,192 | $52,463 |
| 2018 | $11,423 | $21,899 | $47,951 | $54,461 |
| 2019 | $11,740 | $23,077 | $46,627 | $57,444 |
| 2020 | $7,394 | $13,425 | $44,427 | $55,207 |
| 2021 | $10,176 | $19,053 | $54,169 | $64,745 |
| 2022 | $11,786 | $22,881 | $54,265 | $75,941 |
| 2023 | $12,530 | $24,735 | - | - |
| 2024 | $13,216 | $26,543 | - | - |
Spending and national debt comparison
In 2024, Maldives' government spending was $3.23B, accounting for 47.3% of its GDP, while San Marino's spent $397M, or 22.1% of GDP.
Debt-to-GDP ratio is 140.8% in Maldives and 64.1% in San Marino, ranking 9/185 and 69/185, respectively.
| Year | % of GDP | |||
|---|---|---|---|---|
|
Maldives
|
San Marino
|
|||
| Government spending | Government debt | Government spending | Government debt | |
| 1990 | 33.3% | 42.4% | - | - |
| 1991 | 37.7% | 46.7% | - | - |
| 1992 | 36.1% | 49% | - | - |
| 1993 | 34.7% | 55.7% | - | - |
| 1994 | 30.7% | 54.6% | - | - |
| 1995 | 31.3% | 52.2% | - | - |
| 1996 | 27.3% | 46.9% | - | - |
| 1997 | 25.2% | 38.1% | - | - |
| 1998 | 25.9% | 39.3% | - | - |
| 1999 | 28% | 38.9% | - | - |
| 2000 | 29% | 39% | - | - |
| 2001 | 29.6% | 41.8% | - | 11.6% |
| 2002 | 29.6% | 44.3% | - | 17.2% |
| 2003 | 26.4% | 37.6% | - | 16.1% |
| 2004 | 24.1% | 34.7% | 19% | 16.9% |
| 2005 | 38.8% | 43.2% | 19.3% | 14.5% |
| 2006 | 35% | 36.8% | 19.7% | 14.2% |
| 2007 | 34.8% | 35.8% | 20.7% | 12.6% |
| 2008 | 35.6% | 39% | 22% | 15.5% |
| 2009 | 37% | 48.4% | 24.8% | 20.1% |
| 2010 | 33.2% | 52.7% | 24.4% | 20% |
| 2011 | 31.3% | 51.9% | 25.4% | 16.6% |
| 2012 | 29.8% | 57.1% | 30.6% | 17.2% |
| 2013 | 27% | 55.9% | 30.2% | 23.2% |
| 2014 | 29.1% | 55.1% | 23.7% | 21% |
| 2015 | 33.8% | 54.8% | 26.3% | 19.3% |
| 2016 | 37.3% | 61.9% | 23.4% | 21.4% |
| 2017 | 30.4% | 63.8% | 25.6% | 56.6% |
| 2018 | 31.9% | 70.7% | 24.5% | 56.7% |
| 2019 | 32.9% | 77.2% | 22.4% | 56.2% |
| 2020 | 50.4% | 155.7% | 59.2% | 69.8% |
| 2021 | 40.6% | 123.4% | 37.1% | 77.2% |
| 2022 | 42% | 111.6% | 21.7% | 71.3% |
| 2023 | 46.9% | 123% | 21.9% | 69.9% |
| 2024 | 46.3% | 134% | 22.4% | 65.2% |
| 2025 | 47.3% | 140.8% | 22.1% | 64.1% |
Government deficit by year
In 2022, Maldives' government deficit, the difference between spending and revenue, was -$689M, equivalent to -11.2% of GDP. This compares to San Marino's surplus of $7.76M, or 0.42% of GDP.
Over the past 19 years, Maldives recorded a fiscal deficit in 19 of those years, while San Marino ran a deficit in 12 years. On average, Maldives posted an annual deficit equal to -8.44% of GDP, compared to deficit of -3.96% of GDP for San Marino.
| Year | Deficit/surplus, % of GDP | |
|---|---|---|
|
Maldives
|
San Marino
|
|
| 1990 | -12.8% | - |
| 1991 | -10.2% | - |
| 1992 | -12.6% | - |
| 1993 | -13.9% | - |
| 1994 | -4.82% | - |
| 1995 | -5.66% | - |
| 1996 | -2.01% | - |
| 1997 | -1.46% | - |
| 1998 | -2.25% | - |
| 1999 | -3.03% | - |
| 2000 | -3.89% | - |
| 2001 | -3.97% | - |
| 2002 | -3.97% | - |
| 2003 | -3.45% | - |
| 2004 | -2.26% | 2.44% |
| 2005 | -7.81% | 3.58% |
| 2006 | -4.52% | 1.51% |
| 2007 | -3.16% | 1.83% |
| 2008 | -9.92% | 0.18% |
| 2009 | -17.9% | -2.46% |
| 2010 | -13.6% | -2.24% |
| 2011 | -8.13% | -4.05% |
| 2012 | -6.91% | -7.08% |
| 2013 | -3.49% | -7.74% |
| 2014 | -2.42% | 1.06% |
| 2015 | -6.52% | -3.32% |
| 2016 | -9.93% | -0.19% |
| 2017 | -3.02% | -3.49% |
| 2018 | -5.17% | -1.56% |
| 2019 | -6.54% | -0.11% |
| 2020 | -23.7% | -37.6% |
| 2021 | -14.2% | -16.4% |
| 2022 | -11.2% | 0.42% |
| 2023 | -13.2% | -0.73% |
| 2024 | -14% | -1.85% |
| 2025 | -15.2% | -1.71% |
Inflation comparison by year
Over the past 23 years, Maldives has recorded an average annual inflation rate of 3.64%, compared with 1.95% in San Marino. In 2025, inflation was 3.9% in Maldives and 2% in San Marino.
| Year | Inflation | ||
|---|---|---|---|
|
Maldives
|
San Marino
|
Maldives
|
San Marino
|
| 1996 | 6.2% | - | |
| 1997 | 7.6% | - | |
| 1998 | -1.4% | - | |
| 1999 | 3% | - | |
| 2000 | -1.2% | - | |
| 2001 | 0.7% | - | |
| 2002 | 0.9% | - | |
| 2003 | -2.8% | 1.3% | |
| 2004 | 6.3% | 1.4% | |
| 2005 | 2.5% | 1.7% | |
| 2006 | 3.5% | 2.1% | |
| 2007 | 6.8% | 2.5% | |
| 2008 | 12% | 4.1% | |
| 2009 | 4.5% | 2.4% | |
| 2010 | 6.1% | 2.4% | |
| 2011 | 11.3% | 2.2% | |
| 2012 | 10.9% | 2.8% | |
| 2013 | 4% | 1.6% | |
| 2014 | 2.4% | 1.1% | |
| 2015 | 1.4% | 0.1% | |
| 2016 | 0.8% | 0.6% | |
| 2017 | 2.3% | 1% | |
| 2018 | 1.4% | 1.2% | |
| 2019 | 1.3% | 0.5% | |
| 2020 | -1.6% | -0.1% | |
| 2021 | 0.2% | 1.6% | |
| 2022 | 2.6% | 5.3% | |
| 2023 | 2.6% | 5.9% | |
| 2024 | 1.4% | 1.2% | |
| 2025 | 3.9% | 2% | |
Balance of trade
|
Maldives
|
San Marino
|
|
|---|---|---|
Current account balance
|
-$1.26B
2024 |
$284M
2022 |
| Current account balance ranking |
128/189
2024 |
61/189
2022 |
| Current account balance, % of GDP |
-18%
2024 |
+15.5%
2022 |
| Goods imports |
$3.46B
2024 |
$2.32B
2022 |
| Goods exports |
$383M
2024 |
$2.73B
2022 |
| Service imports |
$1.89B
2024 |
$849M
2022 |
| Service exports |
$5.03B
2024 |
$891M
2022 |
| Imports of goods and services, % of GDP |
75.7%
2023 |
173%
2022 |
| Exports of goods and services, % of GDP |
74.4%
2023 |
197.4%
2022 |
Economic freedom indices
The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.
|
Maldives
|
San Marino
|
|
|---|---|---|
| Economic freedom | 48.3 | 76 |
| Economic freedom ranking | 171/197 | 16/197 |
| Property rights | 51.6 | n/a |
| Government integrity | 40.5 | n/a |
| Judicial effectiveness | 41 | n/a |
| Tax burden | 91.5 | n/a |
| Government spending | 44.4 | n/a |
| Fiscal health | 0 | n/a |
| Business freedom | 48.8 | n/a |
| Labor freedom | 58.2 | n/a |
| Monetary freedom | 75.2 | n/a |
| Trade freedom | 63.2 | n/a |
| Investment freedom | 35 | n/a |
| Financial freedom | 30 | n/a |
More economic indicators
|
Maldives
|
San Marino
|
|
|---|---|---|
| Services, % of GDP |
73.8%
2024 |
55.1%
2022 |
| Industry, % of GDP |
9.02%
2024 |
37.6%
2022 |
| Agriculture, forestry, and fishing, % of GDP |
3.05%
2024 |
0.01%
2022 |
|
GNI, Atlas method
|
$6.15B
2024 |
$1.82B
2022 |
| GNI per capita, PPP |
$23,630
2024 |
$69,360
2022 |
| Total reserves including gold |
$674M
2024 |
$759M
2024 |
| Total reserves ranking |
150/177
2024 |
147/177
2024 |
|
Net foreign direct investment
|
-$806M
2024 |
-$20.3M
2022 |
|
Net inflows of foreign direct investment
|
$806M
2024 |
$85.9M
2022 |
|
Net outflows of foreign direct investment
|
$0
1989 |
$65.6M
2022 |
|
Servicing debt to the IMF, % of GNI
|
8.55%
2023 |
n/a |
| Poverty at national poverty lines |
15%
2020 |
n/a |
|
Gross capital formation, % of GDP
|
33%
2023 |
23%
2022 |
GDP per capita map
GDP per capita
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Economy comparisons
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.