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Economy of Maldives vs Seychelles compared: GDP & Debt

Updated on by Georank

Maldives has a GDP of $7.74B compared to $2.39B for the Seychelles, ranking 159/197 and 177/197 by economy size, respectively.

Maldives has $9.71B in government debt (125.4% of GDP), compared to $1.23B (51.5% of GDP) in the Seychelles.

Maldives vs Seychelles GDP by year

Maldives
Seychelles
1x
Year GDP, current $
Maldives Seychelles
2025 $7,741,066,861 $2,387,022,853
2024 $7,061,608,267 $2,228,608,684
2023 $6,621,008,704 $2,171,547,935
2022 $6,177,123,352 $1,999,888,599
2021 $5,252,457,370 $1,487,173,795
2020 $3,712,604,583 $1,382,551,752
2019 $5,726,094,799 $1,868,690,097
2018 $5,404,344,163 $1,784,313,927
2017 $4,816,426,257 $1,675,370,641
2016 $4,409,942,624 $1,568,513,348
2015 $4,129,505,319 $1,432,403,352
2014 $3,697,353,039 $1,387,577,870
2013 $3,295,009,238 $1,333,160,407
2012 $2,886,163,997 $1,089,407,839
2011 $2,774,350,240 $1,058,918,707
2010 $2,588,176,055 $981,616,542
2009 $2,345,294,875 $850,901,620
2008 $2,271,646,188 $979,597,394
2007 $1,868,383,461 $1,077,308,814
2006 $1,575,200,391 $1,081,441,283
2005 $1,163,362,438 $977,899,382
2004 $1,226,829,563 $893,012,218
2003 $1,052,121,055 $750,847,230
2002 $897,031,250 $742,134,838
2001 $870,031,677 $662,064,156
2000 $624,337,145 $654,212,394
1999 $589,239,754 $662,838,615
1998 $540,096,398 $647,287,376
1997 $508,223,602 $598,966,982
1996 $450,382,328 $535,250,347
1995 $398,988,955 $540,733,048
1994 $356,014,932 $517,570,058
1993 $322,417,837 $504,230,621
1992 $284,875,809 $461,409,399
1991 $244,396,762 $398,307,170
1990 $215,043,970 $392,163,561
1989 $189,514,434 $324,333,367
1988 $168,514,513 $301,985,618
1987 $141,223,029 $265,212,957
1986 $141,882,254 $221,147,061
1985 $127,190,758 $179,691,483
1984 $109,503,546 $160,992,921
1983 $57,829,787 $156,098,237
1982 $47,911,340 $157,211,790
1981 $44,781,457 $163,750,728
1980 $42,463,576 $156,783,830
1979 $38,523,364 $127,261,099
1978 $24,369,109 $85,552,366
1977 $20,853,789 $64,526,401
1976 $22,399,467 $49,278,982
1975 $24,540,878 $47,803,146
1974 $39,120,171 $43,134,496
1973 $30,862,042 $36,896,280
1972 $25,177,138 $30,645,123
1971 $21,566,404 $21,965,951
1970 $19,328,038 $18,432,032
1969 - $16,452,028
1968 - $16,074,028
1967 - $16,632,032
1966 - $16,443,034
1965 - $15,603,032
1964 - $15,393,032
1963 - $13,923,029
1962 - $12,642,026
1961 - $11,592,024
1960 - $12,012,025

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

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

GDP per capita in Maldives vs Seychelles by year

Maldives
GDP per capita

GDP per capita, PPP
Seychelles
GDP per capita

GDP per capita, PPP
1x
Year Current $
Maldives Seychelles
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $14,615 - $19,449 -
2024 $13,379 $26,183 $18,365 $33,239
2023 $12,588 $24,786 $18,131 $31,781
2022 $11,786 $22,881 $16,683 $29,973
2021 $10,176 $19,053 $14,983 $29,980
2020 $7,394 $13,425 $14,041 $31,056
2019 $11,740 $23,077 $19,142 $34,219
2018 $11,423 $21,899 $18,440 $32,091
2017 $10,510 $19,768 $17,480 $30,675
2016 $9,948 $18,770 $16,567 $28,811
2015 $9,645 $17,875 $15,333 $25,435
2014 $8,939 $16,723 $15,188 $24,985
2013 $8,236 $15,264 $14,821 $22,487
2012 $7,461 $13,989 $12,337 $22,264
2011 $7,425 $13,726 $12,110 $21,781
2010 $7,174 $12,797 $10,935 $18,982
2009 $6,734 $12,266 $9,747 $18,453
2008 $6,757 $13,779 $11,265 $18,881
2007 $5,758 $12,852 $12,669 $19,473
2006 $5,019 $12,075 $12,783 $17,503
2005 $3,797 $9,704 $11,802 $15,846
2004 $4,070 $10,770 $10,828 $14,160
2003 $3,549 $10,065 $9,070 $14,142
2002 $3,076 $8,823 $8,864 $14,570
2001 $3,034 $8,236 $8,153 $14,615
2000 $2,214 $8,526 $8,064 $14,638
1999 $2,124 $8,162 $8,243 $13,853
1998 $1,980 $7,710 $8,210 $13,675
1997 $1,898 $7,226 $7,747 $13,458
1996 $1,717 $6,687 $7,004 $11,931
1995 $1,555 $6,223 $7,181 $10,809
1994 $1,419 $5,520 $6,975 $10,692
1993 $1,317 $5,138 $6,979 $11,020
1992 $1,194 $4,881 $6,520 $10,243
1991 $1,054 $4,604 $5,655 $9,387
1990 $957 $4,528 $5,642 $8,955
1989 $870 - $4,689 -
1988 $799 - $4,392 -
1987 $692 - $3,872 -
1986 $720 - $3,368 -
1985 $669 - $2,754 -
1984 $594 - $2,488 -
1983 $323 - $2,426 -
1982 $274.8 - $2,441 -
1981 $264.1 - $2,557 -
1980 $257.6 - $2,478 -
1979 $240.2 - $2,030 -
1978 $156.1 - $1,377 -
1977 $137.3 - $1,044 -
1976 $151.8 - $814 -
1975 $171.4 - $806 -
1974 $281.5 - $745 -
1973 $228.7 - $649 -
1972 $192.2 - $547 -
1971 $169.8 - $402 -
1970 $156.9 - $344 -
1969 - - $314 -
1968 - - $314 -
1967 - - $333 -
1966 - - $338 -
1965 - - $328 -
1964 - - $332 -
1963 - - $308 -
1962 - - $287 -
1961 - - $270.3 -
1960 - - $288.1 -

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

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

Maldives' GDP per capita is $14,615, ranking 75/197, compared to $19,449 in the Seychelles, ranking 64/197. Adjusted for purchasing power (GDP per capita PPP), Maldives ranks 81st at $26,183, while the Seychelles ranks 67th at $33,239.

Economic indicators

Maldives Seychelles
Gross domestic product
$7.74B
2025
$2.39B
2025
GDP rank
159/197
2025
177/197
2025
GDP growth
6.31%
2024-2025
5.8%
2024-2025
GDP per capita
$14,615
2025
$19,449
2025
GDP per capita rank
75/197
2025
64/197
2025
GDP per capita, PPP
$26,183
2024
$33,239
2024
GDP per capita PPP rank
81/197
2024
67/197
2024
Government debt
$9.71B
2025
$1.23B
2025
Debt-to-GDP ratio
125.4%
2025
51.5%
2025
Government debt per person
$18,329
2025
$10,019
2025
Government debt per person rank
35/185
2025
59/185
2025
Average annual personal income after taxes
$9,733
2026
$11,537
2026
Market capitalization of domestic companies n/a
$646M
2025
Income share by richest 10%
23.3%
2019
23.9%
2018
Income share by poorest 10%
3.8%
2019
2.6%
2018
Government expenditure, % of GDP
36.5%
2025
32.7%
2025
Consumer prices inflation
3.5%
2024-2025
0.3%
2024-2025
Central bank interest rate n/a
1.75%
2024
Unemployment rate
4.56%
2019
2.59%
2024
Population
532468
125859

Spending and national debt comparison by year

Maldives
Spending

Debt
Seychelles
Spending

Debt
1x
Year % of GDP
Maldives Seychelles
Government spending Government debt Government spending Government debt
2025 36.5% 125.4% 32.7% 51.5%
2024 43.9% 133.3% 33% 56.1%
2023 46.7% 122.4% 33.1% 55.1%
2022 42% 111.6% 31.6% 60.6%
2021 40.6% 123.4% 38.8% 71%
2020 50.4% 155.7% 46.7% 77.4%
2019 32.9% 77.2% 31.7% 48.9%
2018 31.9% 70.7% 33% 51.3%
2017 30.4% 63.8% 34.3% 56.7%
2016 37.3% 61.9% 34.5% 64.3%
2015 33.8% 54.8% 31.5% 75.4%
2014 29.1% 55.1% 33.4% 70.4%
2013 27% 55.9% 37.8% 68.2%
2012 29.8% 57.1% 38.6% 80.1%
2011 31.3% 51.9% 36.4% 82.5%
2010 33.2% 52.7% 34.6% 82.2%
2009 37% 48.4% 32.1% 106.1%
2008 35.6% 39% 27% 192.1%
2007 34.8% 35.8% 41.9% 144%
2006 35% 36.8% 43.6% 135.1%
2005 38.8% 43.2% 39% 144.1%
2004 24.1% 34.7% 39.9% 163.2%
2003 26.4% 37.6% 44.6% 177%
2002 29.6% 44.3% 56.3% 195.9%
2001 29.6% 41.8% 46.8% 199.8%
2000 29% 39% 55.4% 177.8%
1999 28% 38.9% 56.1% 159.8%
1998 25.9% 39.3% 60.7% 161.2%
1997 25.2% 38.1% 54.7% 143%
1996 27.3% 46.9% 59.1% 146.7%
1995 31.3% 52.2% 53.1% 133.5%
1994 30.7% 54.6% 63.6% 123.5%
1993 34.7% 55.7% 60.4% 82.2%
1992 36.1% 49% 50.7% 79.9%
1991 37.7% 46.7% 52.1% 89.2%
1990 33.3% 42.4% 46.1% 80.4%
1989 - - 51.7% 39.9%
1988 - - 46.7% 41.3%
1987 - - 49.7% 37%
1986 - - 58% 31.5%
1985 - - 53% 26.5%
1984 - - 50.5% 15.3%
1983 - - 47.9% 12.4%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1983–1996, retrieved 2026-07-08).

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

In 2025, Maldives' government spending was $2.83B, accounting for 36.5% of its GDP, while the Seychelles spent $781M, or 32.7% of GDP.

Debt-to-GDP ratio is 125.4% in Maldives and 51.5% in the Seychelles, ranking 11/185 and 102/185, respectively.

Government deficit by year

Deficit/surplus
Maldives

Seychelles
1x
Year Deficit/surplus, % of GDP
Maldives Seychelles
2025 -2.94% -0.99%
2024 -11.6% -0.68%
2023 -13.2% -1.15%
2022 -11.2% -0.77%
2021 -14.2% -5.76%
2020 -23.7% -15.7%
2019 -6.54% 0.42%
2018 -5.17% -0.8%
2017 -3.02% -1.67%
2016 -9.93% 0.02%
2015 -6.52% 1.39%
2014 -2.42% 2.87%
2013 -3.49% 0.33%
2012 -6.91% 2.93%
2011 -8.13% 3.36%
2010 -13.6% 0.52%
2009 -17.9% 4.84%
2008 -9.92% 7.88%
2007 -3.16% -9.93%
2006 -4.52% -2.54%
2005 -7.81% 0.42%
2004 -2.26% 0.44%
2003 -3.45% 3.4%
2002 -3.97% -16.3%
2001 -3.97% -8.93%
2000 -3.89% -14.7%
1999 -3.03% -10.3%
1998 -2.25% -16.7%
1997 -1.46% -5.91%
1996 -2.01% -9.69%
1995 -5.66% -2.58%
1994 -4.82% -6.95%
1993 -13.9% -3.62%
1992 -12.6% 6.44%
1991 -10.2% 3.15%
1990 -12.8% 11.9%
1989 - 8.26%
1988 - 11.8%
1987 - 2.77%
1986 - -10.1%
1985 - -4.86%
1984 - -6.09%
1983 - -3.13%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1983–1989, retrieved 2026-07-08).

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

In 2025, Maldives' government deficit, the difference between spending and revenue, was $228M, equivalent to 2.94% of GDP. This compares to the Seychelles' deficit of $23.5M, or 0.99% of GDP.

Over the past 36 years, Maldives recorded a fiscal deficit in 36 of those years, while the Seychelles ran a deficit in 20 years. On average, Maldives posted an annual deficit equal to 7.56% of GDP, compared to deficit of 2.37% of GDP for the Seychelles.

Inflation comparison by year

Inflation
Maldives

Seychelles
1x
Year Consumer prices inflation
Maldives Seychelles
2025 3.5% 0.3%
2024 1.4% 0.31%
2023 2.6% -1.04%
2022 2.6% 2.63%
2021 0.2% 9.77%
2020 -1.6% 1.2%
2019 1.3% 1.81%
2018 1.4% 3.7%
2017 2.3% 2.86%
2016 0.8% -1.02%
2015 1.4% 4.04%
2014 2.4% 1.39%
2013 4% 4.34%
2012 10.9% 7.11%
2011 11.3% 2.56%
2010 6.1% -2.4%
2009 4.5% 31.8%
2008 12% 37%
2007 6.8% 5.32%
2006 3.5% -0.35%
2005 2.5% 0.91%
2004 6.3% 3.86%
2003 -2.8% 3.3%
2002 0.9% 0.18%
2001 0.7% 5.97%
2000 -1.2% 6.27%
1999 3% 6.35%
1998 -1.4% 2.58%
1997 7.6% 0.62%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2025, retrieved 2026-07-08); World Bank | Economy & Growth (1997–2025, retrieved 2026-07-08).

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

Over the past 29 years, Maldives has recorded an average annual inflation rate of 3.21%, compared with 4.87% in the Seychelles. In 2025, inflation was 3.5% in Maldives and 0.3% in the Seychelles.

Top exports between countries

Maldives
Export category Export value
Raw materials & minerals $156K
Textiles & consumer goods $7K
Seychelles
Export category Export value
Machinery & equipment $2.64M
Metals $170K
Textiles & consumer goods $23K
Wood & paper products $7K
Raw materials & minerals $6K
Animal & marine products $1K
Chemicals & pharma $1K

Balance of trade

Maldives Seychelles
Current account balance
-$1.32B
2024
-$166M
2024
Current account balance ranking
126/190
2024
90/190
2024
Current account balance, % of GDP
-18.7%
2024
-7.46%
2024
Goods imports
$3.46B
2024
$1.38B
2024
Goods exports
$383M
2024
$595M
2024
Service imports
$1.89B
2024
$1B
2024
Service exports
$5.03B
2024
$1.71B
2024
Imports of goods and services, % of GDP
78.3%
2024
92.7%
2025
Exports of goods and services, % of GDP
78.2%
2024
79.6%
2025

Economic freedom indices

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

Maldives Seychelles
Economic freedom 47.6 66.5
Economic freedom ranking 174/197 60/197
Property rights 52.2 82.6
Government integrity 41.9 71.7
Judicial effectiveness 39.3 61.7
Tax burden 89.9 77.3
Government spending 39.5 68
Fiscal health 0 92.2
Business freedom 49.7 71.3
Labor freedom 54.1 52
Monetary freedom 76.4 79.8
Trade freedom 62.8 81.2
Investment freedom 35 30
Financial freedom 30 30

Economic freedom comparison by year

Maldives
Seychelles
1x
Year Economic freedom index
Maldives Seychelles
2026 47.6 66.5
2025 48.3 66.4
2024 47.8 60.4
2023 46.6 59.5
2022 47.3 61.1
2021 55.2 66.3
2020 56.5 64.3
2019 53.2 61.4
2018 51.1 61.6
2017 50.3 61.8
2016 53.9 62.2
2015 53.4 57.5
2014 51 56.2
2013 49 54.9
2012 49.2 53
2011 48.3 51.2
2010 49 47.9
2009 51.3 47.8

Data sources: The Heritage Foundation | Economic Freedom Index (2009–2026, retrieved 2026-07-08).

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

The Economic Freedom Index for Maldives is 47.6, ranking 174/197, compared to 66.5 for the Seychelles, ranking 60/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Maldives Seychelles
Services, % of GDP
69.9%
2025
67.9%
2025
Industry, % of GDP
9.33%
2025
14.3%
2025
Agriculture, forestry, and fishing, % of GDP
4.59%
2025
2.61%
2025
GNI, Atlas method
$6.86B
2025
$2.36B
2025
GNI per capita, PPP
$25,600
2025
$34,930
2025
Total reserves including gold
$985M
2025
$774M
2024
Total reserves ranking
143/177
2025
146/177
2024
Net foreign direct investment
-$806M
2024
-$268M
2024
Net inflows of foreign direct investment
$806M
2024
$226M
2024
Net outflows of foreign direct investment
$0
2024
-$41.4M
2024
Servicing debt to the IMF, % of GNI
8.02%
2024
n/a
Poverty at national poverty lines
15%
2020
25.3%
2018
Gross capital formation, % of GDP
30.8%
2024
18.7%
2025

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2025, retrieved 2026-07-08); U.S. Census Bureau (1985–2025, retrieved 2026-07-08).

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

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Data sources:

  1. World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08)
  3. The Heritage Foundation | Economic Freedom Index (2009–2026, retrieved 2026-07-08)
  4. U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
  5. International Monetary Fund (IMF) | Public Finances in Modern History (1983–1996, retrieved 2026-07-08)
  6. TradeMap (2022–2025, retrieved 2026-07-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  8. LivingCost (2026, retrieved 2026-07-08)
  9. Central Intelligence Agency (CIA) (2020, retrieved 2026-07-08)

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.