Skip to content

Economy of Maldives vs Singapore compared: GDP & Debt

Updated on by Georank team

Maldives has a GDP of $7.06B compared to $547B for Singapore, ranking 159/197 and 28/197 by economy size, respectively.

Maldives has $9.41B in government debt (133.3% of GDP), compared to $950B (173.5% of GDP) in Singapore.

Maldives vs Singapore GDP by year

Maldives
Singapore
1x
Year GDP, current $
Maldives Singapore
2024 $7,061,608,267 $547,386,645,892
2023 $6,621,008,704 $505,439,514,078
2022 $6,177,123,352 $509,017,841,147
2021 $5,252,457,370 $436,591,382,250
2020 $3,712,604,583 $349,165,858,545
2019 $5,726,094,799 $376,161,998,830
2018 $5,404,344,163 $377,123,710,561
2017 $4,816,426,257 $343,673,334,902
2016 $4,409,942,624 $319,646,468,521
2015 $4,129,505,319 $307,998,545,269
2014 $3,697,353,039 $314,863,580,758
2013 $3,295,009,238 $307,576,360,585
2012 $2,886,163,997 $295,092,888,077
2011 $2,774,350,240 $279,356,499,090
2010 $2,588,176,055 $239,807,980,591
2009 $2,345,294,875 $194,150,283,772
2008 $2,271,646,188 $193,617,323,539
2007 $1,868,383,461 $180,941,701,358
2006 $1,575,200,391 $148,627,286,361
2005 $1,163,362,438 $127,807,848,728
2004 $1,226,829,563 $115,033,593,101
2003 $1,052,121,055 $97,646,401,096
2002 $897,031,250 $92,538,372,870
2001 $870,031,677 $89,793,790,670
2000 $624,337,145 $96,076,539,926
1999 $589,239,754 $86,286,849,755
1998 $540,096,398 $85,728,207,782
1997 $508,223,602 $100,123,787,215
1996 $450,382,328 $96,293,086,513
1995 $398,988,955 $87,812,540,788
1994 $356,014,932 $73,688,724,431
1993 $322,417,837 $60,603,815,716
1992 $284,875,809 $52,131,320,033
1991 $244,396,762 $45,466,164,978
1990 $215,043,970 $36,144,336,769
1989 $189,514,434 $30,465,364,739
1988 $168,514,513 $25,371,462,488
1987 $141,223,029 $20,919,215,578
1986 $141,882,254 $18,586,746,057
1985 $127,190,758 $19,156,532,746
1984 $109,503,546 $19,749,361,098
1983 $57,829,787 $17,784,112,150
1982 $47,911,340 $16,084,252,378
1981 $44,781,457 $14,175,228,844
1980 $42,463,576 $11,896,256,783
1979 $38,523,364 $9,296,921,724
1978 $24,369,109 $7,517,176,355
1977 $20,853,789 $6,618,585,074
1976 $22,399,467 $6,327,077,974
1975 $24,540,878 $5,633,673,930
1974 $39,120,171 $5,221,534,956
1973 $30,862,042 $3,696,213,333
1972 $25,177,138 $2,721,440,981
1971 $21,566,404 $2,263,785,444
1970 $19,328,038 $1,920,574,150
1969 - $1,659,893,768
1968 - $1,425,706,091
1967 - $1,238,035,816
1966 - $1,096,425,608
1965 - $974,644,096
1964 - $894,153,311
1963 - $917,608,012
1962 - $826,239,212
1961 - $764,629,788
1960 - $704,751,700

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

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

GDP per capita in Maldives vs Singapore by year

Maldives
GDP per capita

GDP per capita, PPP
Singapore
GDP per capita

GDP per capita, PPP
1x
Year Current $
Maldives Singapore
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $13,379 $26,183 $90,674 $150,689
2023 $12,588 $24,786 $85,412 $143,786
2022 $11,786 $22,881 $90,299 $143,095
2021 $10,176 $19,053 $80,056 $132,617
2020 $7,394 $13,425 $61,410 $101,518
2019 $11,740 $23,077 $65,952 $105,335
2018 $11,423 $21,899 $66,882 $103,963
2017 $10,510 $19,768 $61,236 $95,744
2016 $9,948 $18,770 $57,006 $89,902
2015 $9,645 $17,875 $55,646 $87,156
2014 $8,939 $16,723 $57,565 $84,555
2013 $8,236 $15,264 $56,967 $83,088
2012 $7,461 $13,989 $55,548 $82,108
2011 $7,425 $13,726 $53,891 $80,052
2010 $7,174 $12,797 $47,237 $75,401
2009 $6,734 $12,266 $38,927 $66,213
2008 $6,757 $13,779 $40,009 $67,735
2007 $5,758 $12,852 $39,433 $68,805
2006 $5,019 $12,075 $33,768 $64,061
2005 $3,797 $9,704 $29,961 $58,822
2004 $4,070 $10,770 $27,608 $54,384
2003 $3,549 $10,065 $23,730 $48,778
2002 $3,076 $8,823 $22,160 $45,083
2001 $3,034 $8,236 $21,700 $43,109
2000 $2,214 $8,526 $23,853 $43,781
1999 $2,124 $8,162 $21,797 $39,949
1998 $1,980 $7,710 $21,829 $37,560
1997 $1,898 $7,226 $26,376 $39,286
1996 $1,717 $6,687 $26,233 $36,873
1995 $1,555 $6,223 $24,915 $35,090
1994 $1,419 $5,520 $21,552 $33,058
1993 $1,317 $5,138 $18,290 $30,062
1992 $1,194 $4,881 $16,136 $27,022
1991 $1,054 $4,604 $14,502 $25,530
1990 $957 $4,528 $11,862 $23,815
1989 $870 - $10,395 -
1988 $799 - $8,914 -
1987 $692 - $7,539 -
1986 $720 - $6,800 -
1985 $669 - $7,002 -
1984 $594 - $7,228 -
1983 $323 - $6,633 -
1982 $274.8 - $6,078 -
1981 $264.1 - $5,597 -
1980 $257.6 - $4,928 -
1979 $240.2 - $3,901 -
1978 $156.1 - $3,194 -
1977 $137.3 - $2,846 -
1976 $151.8 - $2,759 -
1975 $171.4 - $2,490 -
1974 $281.5 - $2,342 -
1973 $228.7 - $1,685 -
1972 $192.2 - $1,264 -
1971 $169.8 - $1,071 -
1970 $156.9 - $926 -
1969 - - $813 -
1968 - - $709 -
1967 - - $626 -
1966 - - $567 -
1965 - - $517 -
1964 - - $486 -
1963 - - $511 -
1962 - - $472 -
1961 - - $449 -
1960 - - $428 -

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

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

Maldives' GDP per capita is $13,379, ranking 75/197, compared to $90,674 in Singapore, ranking 7/197. Adjusted for purchasing power (GDP per capita PPP), Maldives ranks 81st at $26,183, while Singapore ranks 2nd at $150,689.

Economic indicators

Maldives Singapore
Gross domestic product
$7.06B
2024
$547B
2024
GDP rank
159/197
2024
28/197
2024
GDP growth
3.49%
2023-2024
4.39%
2023-2024
GDP per capita
$13,379
2024
$90,674
2024
GDP per capita rank
75/197
2024
7/197
2024
GDP per capita, PPP
$26,183
2024
$150,689
2024
GDP per capita PPP rank
81/197
2024
2/197
2024
Government debt
$9.41B
2024
$950B
2024
Debt-to-GDP ratio
133.3%
2024
173.5%
2024
Government debt per person
$17,837
2024
$157,326
2024
Government debt per person rank
35/185
2024
1/185
2024
Average annual personal income after taxes
$9,909
2026
$52,793
2026
Market capitalization of domestic companies n/a
$638B
2024
Number of millionaires n/a
331,000
2025
Number of billionaires n/a
49
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
46.1%
2024
14.6%
2024
Consumer prices inflation
1.4%
2023-2024
2.39%
2023-2024
Unemployment rate
4.56%
2019
2.74%
2024
Population
532057
6125852

Spending and national debt comparison by year

Maldives
Spending

Debt
Singapore
Spending

Debt
1x
Year % of GDP
Maldives Singapore
Government spending Government debt Government spending Government debt
2024 46.1% 133.3% 14.6% 173.5%
2023 46.7% 122.4% 14.8% 172.8%
2022 42% 111.6% 15% 154.3%
2021 40.6% 123.4% 15.6% 141.7%
2020 50.4% 155.7% 24.1% 148.2%
2019 32.9% 77.2% 14% 127.9%
2018 31.9% 70.7% 13.9% 109.4%
2017 30.4% 63.8% 13.6% 107.6%
2016 37.3% 61.9% 15.3% 106.3%
2015 33.8% 54.8% 14.4% 102.2%
2014 29.1% 55.1% 12.6% 97.7%
2013 27% 55.9% 10.9% 98.2%
2012 29.8% 57.1% 9.83% 106.7%
2011 31.3% 51.9% 9.66% 103.1%
2010 33.2% 52.7% 10.2% 98.7%
2009 37% 48.4% 15.9% 101.7%
2008 35.6% 39% 14% 97.9%
2007 34.8% 35.8% 9.01% 87.8%
2006 35% 36.8% 12.3% 86.5%
2005 38.8% 43.2% 12.4% 92.7%
2004 24.1% 34.7% 14.1% 95.7%
2003 26.4% 37.6% 15.6% 99.1%
2002 29.6% 44.3% 15.9% 96.3%
2001 29.6% 41.8% 18.2% 94.5%
2000 29% 39% 16.1% 82.3%
1999 28% 38.9% 15.9% 85.3%
1998 25.9% 39.3% 18.1% 84.6%
1997 25.2% 38.1% 14.5% 70.8%
1996 27.3% 46.9% 18.1% 71.3%
1995 31.3% 52.2% 13.8% 69.8%
1994 30.7% 54.6% 11.7% 70.7%
1993 34.7% 55.7% 14.5% 71.2%
1992 36.1% 49% 14.5% 79%
1991 37.7% 46.7% 15.9% 76.4%
1990 33.3% 42.4% 15.1% 73.5%

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/singapore | CC BY

In 2024, Maldives' government spending was $3.25B, accounting for 46.1% of its GDP, while Singapore spent $79.7B, or 14.6% of GDP.

Debt-to-GDP ratio is 133.3% in Maldives and 173.5% in Singapore, ranking 10/185 and 4/185, respectively.

Government deficit by year

Deficit/surplus
Maldives

Singapore
1x
Year Deficit/surplus, % of GDP
Maldives Singapore
2024 -13.9% 4.44%
2023 -13.2% 3.47%
2022 -11.2% 1.21%
2021 -14.2% 1.13%
2020 -23.7% -6.73%
2019 -6.54% 3.77%
2018 -5.17% 3.68%
2017 -3.02% 5.24%
2016 -9.93% 3.25%
2015 -6.52% 2.86%
2014 -2.42% 4.6%
2013 -3.49% 5.96%
2012 -6.91% 7.34%
2011 -8.13% 7.96%
2010 -13.6% 5.68%
2009 -17.9% -0.09%
2008 -9.92% 3.59%
2007 -3.16% 7.12%
2006 -4.52% 2.16%
2005 -7.81% 2.56%
2004 -2.26% 2.06%
2003 -3.45% 0.68%
2002 -3.97% 2.23%
2001 -3.97% 1.2%
2000 -3.89% 4.59%
1999 -3.03% 5.2%
1998 -2.25% 2.41%
1997 -1.46% 5.66%
1996 -2.01% 1.98%
1995 -5.66% 4.8%
1994 -4.82% 7.9%
1993 -13.9% 4.36%
1992 -12.6% 2.7%
1991 -10.2% 0.68%
1990 -12.8% 1.97%

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

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

In 2024, Maldives' government deficit, the difference between spending and revenue, was $982M, equivalent to 13.9% of GDP. This compares to Singapore's surplus of $24.3B, or 4.44% of GDP.

Over the past 35 years, Maldives recorded a fiscal deficit in 35 of those years, while Singapore ran a deficit in 2 years. On average, Maldives posted an annual deficit equal to 7.75% of GDP, compared to surplus of 3.36% of GDP for Singapore.

Inflation comparison by year

Inflation
Maldives

Singapore
1x
Year Consumer prices inflation
Maldives Singapore
2024 1.4% 2.39%
2023 2.6% 4.83%
2022 2.6% 6.13%
2021 0.2% 2.32%
2020 -1.6% -0.17%
2019 1.3% 0.57%
2018 1.4% 0.44%
2017 2.3% 0.58%
2016 0.8% -0.53%
2015 1.4% -0.52%
2014 2.4% 1.03%
2013 4% 2.36%
2012 10.9% 4.58%
2011 11.3% 5.25%
2010 6.1% 2.83%
2009 4.5% 0.59%
2008 12% 6.64%
2007 6.8% 2.11%
2006 3.5% 0.97%
2005 2.5% 0.43%
2004 6.3% 1.66%
2003 -2.8% 0.51%
2002 0.9% -0.39%
2001 0.7% 1%
2000 -1.2% 1.36%
1999 3% 0.02%
1998 -1.4% -0.27%
1997 7.6% 2%

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/singapore | CC BY

Over the past 28 years, Maldives has recorded an average annual inflation rate of 3.2%, compared with 1.74% in Singapore. In 2024, inflation was 1.4% in Maldives and 2.39% in Singapore.

Top exports between countries

Maldives
Export category Export value
Metals $39K
Animal & marine products $38K
Raw materials & minerals $7K
Machinery & equipment $3K
Precious metals & jewellery $1K
Processed food, beverages & tobacco $1K
Singapore
Export category Export value
Machinery & equipment $107M
Raw materials & minerals $77.6M
Chemicals & pharma $21.2M
Processed food, beverages & tobacco $17.1M
Textiles & consumer goods $6.77M
Metals $5.62M
Wood & paper products $3.7M
Animal & marine products $2.92M
Miscellaneous $2.82M
Raw agricultural goods $1.36M

Balance of trade

Maldives Singapore
Current account balance
-$1.32B
2024
$96B
2024
Current account balance ranking
130/190
2024
8/190
2024
Current account balance, % of GDP
-18.7%
2024
+17.5%
2024
Goods imports
$3.46B
2024
$435B
2024
Goods exports
$383M
2024
$583B
2024
Service imports
$1.89B
2024
$351B
2024
Service exports
$5.03B
2024
$396B
2024
Imports of goods and services, % of GDP
78.3%
2024
143.6%
2024
Exports of goods and services, % of GDP
78.2%
2024
178.8%
2024

Economic freedom indices

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

Maldives Singapore
Economic freedom 47.6 84.4
Economic freedom ranking 174/197 1/197
Property rights 52.2 89.2
Government integrity 41.9 86.1
Judicial effectiveness 39.3 58.3
Tax burden 89.9 89.5
Government spending 39.5 93.4
Fiscal health 0 80
Business freedom 49.7 90.6
Labor freedom 54.1 77
Monetary freedom 76.4 83.5
Trade freedom 62.8 95
Investment freedom 35 90
Financial freedom 30 80

Economic freedom comparison by year

Maldives
Singapore
1x
Year Economic freedom index
Maldives Singapore
2026 47.6 84.4
2025 48.3 84.1
2024 47.8 83.5
2023 46.6 83.9
2022 47.3 84.4
2021 55.2 89.7
2020 56.5 89.4
2019 53.2 89.4
2018 51.1 88.8
2017 50.3 88.6
2016 53.9 87.8
2015 53.4 89.4
2014 51 89.4
2013 49 88
2012 49.2 87.5
2011 48.3 87.2
2010 49 86.1
2009 51.3 87.1
2008 - 87.3
2007 - 87.1
2006 - 88
2005 - 88.6
2004 - 88.9
2003 - 88.2
2002 - 87.4
2001 - 87.8
2000 - 87.7
1999 - 86.9
1998 - 87
1997 - 87.3
1996 - 86.5
1995 - 86.3

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

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

The Economic Freedom Index for Maldives is 47.6, ranking 174/197, compared to 84.4 for Singapore, ranking 1/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Maldives Singapore
Services, % of GDP
72.1%
2024
73%
2024
Industry, % of GDP
9.2%
2024
21.4%
2024
Agriculture, forestry, and fishing, % of GDP
3.84%
2024
0.03%
2024
GNI, Atlas method
$6.15B
2024
$451B
2024
GNI per capita, PPP
$23,400
2024
$126,190
2024
Total reserves including gold
$674M
2024
$384B
2024
Total reserves ranking
150/177
2024
9/177
2024
Net foreign direct investment
-$806M
2024
-$96.7B
2024
Net inflows of foreign direct investment
$806M
2024
$152B
2024
Net outflows of foreign direct investment
$0
2024
$55.3B
2024
Servicing debt to the IMF, % of GNI
7.95%
2024
n/a
Poverty at national poverty lines
15%
2020
n/a
Gross capital formation, % of GDP
30.8%
2024
22.2%
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/singapore | CC BY

Compare countries by 7 more topics

Help us show the world through your eyes

Share a photo of your city and help others discover what it looks like to live there. Your contribution makes our data come alive.

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 (1995–2026, retrieved 2026-03-09)
  4. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  5. TradeMap (2022–2024, retrieved 2026-02-08)
  6. International Monetary Fund (IMF) | Public Finances in Modern History (1990–1996, retrieved 2026-02-20)
  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.