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Economy of Maldives vs Sri Lanka compared: GDP & Debt

Updated on by Georank team

Maldives has a GDP of $7.06B compared to $99B for Sri Lanka, ranking 159/197 and 72/197 by economy size, respectively.

Maldives has $9.41B in government debt (133.3% of GDP), compared to $99.8B (100.8% of GDP) in Sri Lanka.

Maldives vs Sri Lanka GDP by year

Maldives
Sri Lanka
1x
Year GDP, current $
Maldives Sri Lanka
2024 $7,061,608,267 $98,963,185,510
2023 $6,621,008,704 $83,716,142,582
2022 $6,177,123,352 $74,143,020,263
2021 $5,252,457,370 $88,556,698,938
2020 $3,712,604,583 $84,335,574,582
2019 $5,726,094,799 $88,998,706,297
2018 $5,404,344,163 $94,450,015,983
2017 $4,816,426,257 $94,369,350,286
2016 $4,409,942,624 $88,000,211,172
2015 $4,129,505,319 $85,090,301,052
2014 $3,697,353,039 $82,531,125,191
2013 $3,295,009,238 $76,976,203,829
2012 $2,886,163,997 $70,447,217,164
2011 $2,774,350,240 $67,753,285,897
2010 $2,588,176,055 $58,636,049,434
2009 $2,345,294,875 $42,066,224,093
2008 $2,271,646,188 $40,713,826,215
2007 $1,868,383,461 $32,350,238,760
2006 $1,575,200,391 $28,267,410,543
2005 $1,163,362,438 $24,405,791,045
2004 $1,226,829,563 $20,662,525,941
2003 $1,052,121,055 $18,881,765,437
2002 $897,031,250 $16,536,535,647
2001 $870,031,677 $15,749,753,805
2000 $624,337,145 $16,595,882,819
1999 $589,239,754 $15,711,933,513
1998 $540,096,398 $15,760,736,956
1997 $508,223,602 $15,091,913,884
1996 $450,382,328 $13,897,738,375
1995 $398,988,955 $13,029,697,561
1994 $356,014,932 $11,717,604,209
1993 $322,417,837 $10,338,679,636
1992 $284,875,809 $9,703,011,636
1991 $244,396,762 $9,000,362,582
1990 $215,043,970 $8,032,551,173
1989 $189,514,434 $6,987,267,684
1988 $168,514,513 $6,978,371,581
1987 $141,223,029 $6,682,167,120
1986 $141,882,254 $6,405,210,564
1985 $127,190,758 $5,978,460,972
1984 $109,503,546 $6,043,474,843
1983 $57,829,787 $5,167,913,302
1982 $47,911,340 $4,768,765,017
1981 $44,781,457 $4,415,844,156
1980 $42,463,576 $4,024,621,900
1979 $38,523,364 $3,364,611,432
1978 $24,369,109 $2,733,183,857
1977 $20,853,789 $4,104,509,583
1976 $22,399,467 $3,591,319,857
1975 $24,540,878 $3,791,298,146
1974 $39,120,171 $3,574,586,466
1973 $30,862,042 $2,875,625,000
1972 $25,177,138 $2,553,936,348
1971 $21,566,404 $2,369,308,600
1970 $19,328,038 $2,296,470,588
1969 - $1,965,546,218
1968 - $1,801,344,538
1967 - $1,859,465,021
1966 - $1,751,470,588
1965 - $1,698,319,328
1964 - $1,309,747,899
1963 - $1,240,672,269
1962 - $1,434,156,379
1961 - $1,444,327,731
1960 - $1,409,873,950

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

GeoRank.org/economy/maldives/sri-lanka | CC BY

GDP per capita in Maldives vs Sri Lanka by year

Maldives
GDP per capita

GDP per capita, PPP
Sri Lanka
GDP per capita

GDP per capita, PPP
1x
Year Current $
Maldives Sri Lanka
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $13,379 $26,183 $4,516 $15,633
2023 $12,588 $24,786 $3,799 $14,456
2022 $11,786 $22,881 $3,343 $14,194
2021 $10,176 $19,053 $3,997 $14,316
2020 $7,394 $13,425 $3,848 $12,941
2019 $11,740 $23,077 $4,082 $14,113
2018 $11,423 $21,899 $4,359 $14,178
2017 $10,510 $19,768 $4,399 $13,610
2016 $9,948 $18,770 $4,149 $13,079
2015 $9,645 $17,875 $4,058 $12,227
2014 $8,939 $16,723 $3,972 $11,721
2013 $8,236 $15,264 $3,739 $11,253
2012 $7,461 $13,989 $3,328 $10,249
2011 $7,425 $13,726 $3,225 $9,076
2010 $7,174 $12,797 $2,808 $8,234
2009 $6,734 $12,266 $2,027 $7,576
2008 $6,757 $13,779 $1,974 $7,317
2007 $5,758 $12,852 $1,579 $6,820
2006 $5,019 $12,075 $1,389 $6,261
2005 $3,797 $9,704 $1,207 $5,679
2004 $4,070 $10,770 $1,029 $5,216
2003 $3,549 $10,065 $946 $4,850
2002 $3,076 $8,823 $835 $4,522
2001 $3,034 $8,236 $804 $4,328
2000 $2,214 $8,526 $860 $4,368
1999 $2,124 $8,162 $829 $4,103
1998 $1,980 $7,710 $848 $3,952
1997 $1,898 $7,226 $827 $3,804
1996 $1,717 $6,687 $776 $3,582
1995 $1,555 $6,223 $742 $3,454
1994 $1,419 $5,520 $678 $3,260
1993 $1,317 $5,138 $607 $3,067
1992 $1,194 $4,881 $580 $2,851
1991 $1,054 $4,604 $546 $2,713
1990 $957 $4,528 $491 $2,527
1989 $870 - $430 -
1988 $799 - $434 -
1987 $692 - $420 -
1986 $720 - $407 -
1985 $669 - $385 -
1984 $594 - $391 -
1983 $323 - $336 -
1982 $274.8 - $312 -
1981 $264.1 - $292.5 -
1980 $257.6 - $271.1 -
1979 $240.2 - $230.8 -
1978 $156.1 - $191 -
1977 $137.3 - $292.1 -
1976 $151.8 - $260.3 -
1975 $171.4 - $279.8 -
1974 $281.5 - $268.7 -
1973 $228.7 - $220.2 -
1972 $192.2 - $199.4 -
1971 $169.8 - $188.8 -
1970 $156.9 - $186.9 -
1969 - - $163.6 -
1968 - - $153.5 -
1967 - - $162.3 -
1966 - - $156.6 -
1965 - - $155.6 -
1964 - - $122.9 -
1963 - - $119.4 -
1962 - - $141.4 -
1961 - - $145.9 -
1960 - - $145.9 -

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

GeoRank.org/economy/maldives/sri-lanka | CC BY

Maldives' GDP per capita is $13,379, ranking 75/197, compared to $4,516 in Sri Lanka, ranking 124/197. Adjusted for purchasing power (GDP per capita PPP), Maldives ranks 81st at $26,183, while Sri Lanka ranks 111th at $15,633.

Economic indicators

Maldives Sri Lanka
Gross domestic product
$7.06B
2024
$99B
2024
GDP rank
159/197
2024
72/197
2024
GDP growth
3.49%
2023-2024
5.01%
2023-2024
GDP per capita
$13,379
2024
$4,516
2024
GDP per capita rank
75/197
2024
124/197
2024
GDP per capita, PPP
$26,183
2024
$15,633
2024
GDP per capita PPP rank
81/197
2024
111/197
2024
Government debt
$9.41B
2024
$99.8B
2024
Debt-to-GDP ratio
133.3%
2024
100.8%
2024
Government debt per person
$17,837
2024
$4,554
2024
Government debt per person rank
35/185
2024
85/185
2024
Average annual personal income after taxes
$9,909
2026
$2,874
2026
Market capitalization of domestic companies n/a
$19.5B
2024
Income share by richest 10%
23.3%
2019
30.8%
2019
Income share by poorest 10%
3.8%
2019
3.1%
2019
Government expenditure, % of GDP
46.1%
2024
19.3%
2024
Consumer prices inflation
1.4%
2023-2024
-0.43%
2023-2024
Central bank interest rate n/a
7.75%
2025
Unemployment rate
4.56%
2019
4.67%
2023
Population
532057
22185425

Spending and national debt comparison by year

Maldives
Spending

Debt
Sri Lanka
Spending

Debt
1x
Year % of GDP
Maldives Sri Lanka
Government spending Government debt Government spending Government debt
2024 46.1% 133.3% 19.3% 100.8%
2023 46.7% 122.4% 19.5% 110.4%
2022 42% 111.6% 18.6% 115.9%
2021 40.6% 123.4% 20% 102.7%
2020 50.4% 155.7% 22.1% 96.9%
2019 32.9% 77.2% 19.5% 82.6%
2018 31.9% 70.7% 17.5% 83.6%
2017 30.4% 63.8% 17.9% 72.3%
2016 37.3% 61.9% 18.2% 75%
2015 33.8% 54.8% 19.3% 76.3%
2014 29.1% 55.1% 17.2% 69.6%
2013 27% 55.9% 16.6% 69.5%
2012 29.8% 57.1% 17.3% 67.5%
2011 31.3% 51.9% 19.1% 69.4%
2010 33.2% 52.7% 19.3% 68.7%
2009 37% 48.4% 21% 72.8%
2008 35.6% 39% 19.1% 68.8%
2007 34.8% 35.8% 19.9% 71.8%
2006 35% 36.8% 20.5% 74.3%
2005 38.8% 43.2% 20.1% 76.6%
2004 24.1% 34.7% 19.3% 86.5%
2003 26.4% 37.6% 19.3% 86.5%
2002 29.6% 44.3% 20.8% 96.3%
2001 29.6% 41.8% 22.4% 84.4%
2000 29% 39% 21.7% 79.2%
1999 28% 38.9% 20.5% 77.7%
1998 25.9% 39.3% 21.4% 74.2%
1997 25.2% 38.1% 21.4% 70.1%
1996 27.3% 46.9% 23.1% 76.2%
1995 31.3% 52.2% 24.8% 77.8%
1994 30.7% 54.6% 24.1% 77.9%
1993 34.7% 55.7% 23.2% 79.2%
1992 36.1% 49% 23% 77.9%
1991 37.7% 46.7% 26.4% 80.5%
1990 33.3% 42.4% 25.4% 78.9%

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/sri-lanka | CC BY

In 2024, Maldives' government spending was $3.25B, accounting for 46.1% of its GDP, while Sri Lanka spent $19.1B, or 19.3% of GDP.

Debt-to-GDP ratio is 133.3% in Maldives and 100.8% in Sri Lanka, ranking 10/185 and 23/185, respectively.

Government deficit by year

Deficit/surplus
Maldives

Sri Lanka
1x
Year Deficit/surplus, % of GDP
Maldives Sri Lanka
2024 -13.9% -5.64%
2023 -13.2% -8.32%
2022 -11.2% -10.2%
2021 -14.2% -11.7%
2020 -23.7% -13.4%
2019 -6.54% -7.52%
2018 -5.17% -4.96%
2017 -3.02% -5.1%
2016 -9.93% -5%
2015 -6.52% -6.64%
2014 -2.42% -5.99%
2013 -3.49% -5%
2012 -6.91% -5.44%
2011 -8.13% -6.01%
2010 -13.6% -6.73%
2009 -17.9% -8.33%
2008 -9.92% -5.93%
2007 -3.16% -5.81%
2006 -4.52% -5.91%
2005 -7.81% -5.93%
2004 -2.26% -6.32%
2003 -3.45% -6.15%
2002 -3.97% -6.9%
2001 -3.97% -8.48%
2000 -3.89% -7.78%
1999 -3.03% -5.58%
1998 -2.25% -6.79%
1997 -1.46% -5.71%
1996 -2.01% -6.89%
1995 -5.66% -7.11%
1994 -4.82% -7.41%
1993 -13.9% -5.77%
1992 -12.6% -4.95%
1991 -10.2% -7.97%
1990 -12.8% -6.39%

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

GeoRank.org/economy/maldives/sri-lanka | CC BY

In 2024, Maldives' government deficit, the difference between spending and revenue, was $982M, equivalent to 13.9% of GDP. This compares to Sri Lanka's deficit of $5.58B, or 5.64% of GDP.

Over the past 35 years, Maldives recorded a fiscal deficit in 35 of those years, while Sri Lanka ran a deficit in 35 years. On average, Maldives posted an annual deficit equal to 7.75% of GDP, compared to deficit of 6.85% of GDP for Sri Lanka.

Inflation comparison by year

Inflation
Maldives

Sri Lanka
1x
Year Consumer prices inflation
Maldives Sri Lanka
2024 1.4% -0.43%
2023 2.6% 16.5%
2022 2.6% 49.7%
2021 0.2% 7.01%
2020 -1.6% 6.15%
2019 1.3% 3.53%
2018 1.4% 2.14%
2017 2.3% 7.7%
2016 0.8% 3.96%
2015 1.4% 3.77%
2014 2.4% 3.18%
2013 4% 6.91%
2012 10.9% 7.54%
2011 11.3% 6.72%
2010 6.1% 6.22%
2009 4.5% 3.46%
2008 12% 22.6%
2007 6.8% 15.8%
2006 3.5% 10%
2005 2.5% 11.6%
2004 6.3% 7.58%
2003 -2.8% 6.31%
2002 0.9% 9.55%
2001 0.7% 14.2%
2000 -1.2% 6.18%
1999 3% 4.69%
1998 -1.4% 9.36%
1997 7.6% 9.57%

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/sri-lanka | CC BY

Over the past 28 years, Maldives has recorded an average annual inflation rate of 3.2%, compared with 9.34% in Sri Lanka. In 2024, inflation was 1.4% in Maldives and -0.43% in Sri Lanka.

Top exports between countries

Maldives
Export category Export value
Animal & marine products $1.3M
Processed food, beverages & tobacco $311K
Metals $44K
Machinery & equipment $4K
Precious metals & jewellery $1K
Textiles & consumer goods $1K
Sri Lanka
Export category Export value
Raw materials & minerals $31.9M
Raw agricultural goods $26.3M
Machinery & equipment $19.5M
Processed food, beverages & tobacco $19.5M
Animal & marine products $12.2M
Chemicals & pharma $11.2M
Metals $7.9M
Textiles & consumer goods $7.7M
Wood & paper products $5.96M
Precious metals & jewellery $490K

Balance of trade

Maldives Sri Lanka
Current account balance
-$1.32B
2024
$1.21B
2024
Current account balance ranking
130/190
2024
53/190
2024
Current account balance, % of GDP
-18.7%
2024
+1.22%
2024
Goods imports
$3.46B
2024
$18.8B
2024
Goods exports
$383M
2024
$12.8B
2024
Service imports
$1.89B
2024
$3.48B
2024
Service exports
$5.03B
2024
$6.91B
2024
Imports of goods and services, % of GDP
78.3%
2024
22.5%
2024
Exports of goods and services, % of GDP
78.2%
2024
19.9%
2024

Economic freedom indices

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

Maldives Sri Lanka
Economic freedom 47.6 50.3
Economic freedom ranking 174/197 162/197
Property rights 52.2 47.3
Government integrity 41.9 37.3
Judicial effectiveness 39.3 47.2
Tax burden 89.9 77
Government spending 39.5 89
Fiscal health 0 0
Business freedom 49.7 60.1
Labor freedom 54.1 54.3
Monetary freedom 76.4 65.9
Trade freedom 62.8 65.6
Investment freedom 35 30
Financial freedom 30 30

Economic freedom comparison by year

Maldives
Sri Lanka
1x
Year Economic freedom index
Maldives Sri Lanka
2026 47.6 50.3
2025 48.3 49.4
2024 47.8 49.2
2023 46.6 52.2
2022 47.3 53.3
2021 55.2 55.7
2020 56.5 57.4
2019 53.2 56.4
2018 51.1 57.8
2017 50.3 57.4
2016 53.9 59.9
2015 53.4 58.6
2014 51 60
2013 49 60.7
2012 49.2 58.3
2011 48.3 57.1
2010 49 54.6
2009 51.3 56
2008 - 58.4
2007 - 59.4
2006 - 58.7
2005 - 61
2004 - 61.6
2003 - 62.5
2002 - 64
2001 - 66
2000 - 63.2
1999 - 64
1998 - 64.6
1997 - 65.5
1996 - 62.5
1995 - 60.6

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

GeoRank.org/economy/maldives/sri-lanka | CC BY

The Economic Freedom Index for Maldives is 47.6, ranking 174/197, compared to 50.3 for Sri Lanka, ranking 162/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Maldives Sri Lanka
Services, % of GDP
72.1%
2024
57.5%
2024
Industry, % of GDP
9.2%
2024
25.5%
2024
Agriculture, forestry, and fishing, % of GDP
3.84%
2024
8.3%
2024
GNI, Atlas method
$6.15B
2024
$84.6B
2024
GNI per capita, PPP
$23,400
2024
$15,240
2024
Total reserves including gold
$674M
2024
$6.09B
2024
Total reserves ranking
150/177
2024
92/177
2024
Net foreign direct investment
-$806M
2024
-$651M
2024
Net inflows of foreign direct investment
$806M
2024
$761M
2024
Net outflows of foreign direct investment
$0
2024
$110M
2024
Servicing debt to the IMF, % of GNI
7.95%
2024
4.98%
2024
Poverty at national poverty lines
15%
2020
14.3%
2019
Gross capital formation, % of GDP
30.8%
2024
27%
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/sri-lanka | CC BY

Compare countries by 7 more topics

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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 (1995–2026, retrieved 2026-03-09)
  4. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  5. TradeMap (2023–2024, 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.