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Economy of Maldives vs Togo compared: GDP & Debt

Updated on by Georank team

Maldives has a GDP of $6.98B compared to $9.93B for Togo, ranking 160/197 and 154/197 by economy size, respectively.

Maldives has $9.34B in government debt (140.8% of GDP), compared to $7.01B (69.5% of GDP) in Togo.

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 $
Togo
GDP, current $

GDP, constant 2015 $
Year GDP
Maldives Togo
Current $ Constant $ Current $ Constant $
1960 - - $171,057,069 $751,799,549
1961 - - $178,497,098 $843,288,422
1962 - - $186,745,758 $875,111,200
1963 - - $202,305,865 $918,864,084
1964 - - $234,572,186 $1,050,133,111
1965 - - $264,505,506 $1,212,480,673
1966 - - $305,227,595 $1,326,559,573
1967 - - $327,215,844 $1,399,525,279
1968 - - $341,691,567 $1,469,833,116
1969 - - $378,091,810 $1,629,028,806
1970 $19,328,038 $187,964,777 $358,665,754 $1,670,150,423
1971 $21,566,404 $197,752,528 $404,648,368 $1,670,150,423
1972 $25,177,138 $202,546,529 $474,043,922 $1,797,502,024
1973 $30,862,042 $205,742,529 $574,030,984 $1,866,480,877
1974 $39,120,171 $217,527,781 $791,450,308 $1,956,685,082
1975 $24,540,878 $200,149,528 $871,781,687 $2,004,438,787
1976 $22,399,467 $201,348,029 $874,681,612 $1,963,317,272
1977 $20,853,789 $224,004,422 $1,097,893,826 $2,099,946,197
1978 $24,369,109 $256,898,850 $1,164,025,637 $2,331,894,379
1979 $38,523,364 $284,295,074 $1,259,365,712 $2,211,388,079
1980 $42,463,576 $337,096,793 $1,604,836,916 $2,533,741,149
1981 $44,781,457 $376,755,240 $1,359,026,709 $2,449,742,915
1982 $47,911,340 $365,406,574 $1,160,337,039 $2,361,983,262
1983 $57,829,787 $424,808,147 $1,081,387,265 $2,234,105,305
1984 $109,503,546 $539,317,202 $1,014,170,069 $2,358,222,255
1985 $127,190,758 $622,458,577 $1,076,604,520 $2,489,234,522
1986 $141,882,254 $680,724,367 $1,498,219,579 $2,528,726,335
1987 $141,223,029 $740,826,581 $1,763,978,066 $2,541,626,941
1988 $168,514,513 $805,503,273 $1,947,208,354 $2,710,451,200
1989 $189,514,434 $880,631,020 $1,910,635,575 $2,820,496,107
1990 $215,043,970 $1,029,918,210 $2,299,665,506 $2,813,623,795
1991 $244,396,762 $1,044,776,799 $2,262,767,860 $2,793,929,343
1992 $284,875,809 $1,114,472,034 $2,390,796,916 $2,682,711,766
1993 $322,417,837 $1,176,400,670 $1,741,944,426 $2,277,734,226
1994 $356,014,932 $1,267,565,679 $1,387,662,121 $2,618,993,805
1995 $398,988,955 $1,432,169,027 $1,849,110,468 $2,824,475,668
1996 $450,382,328 $1,544,718,138 $2,069,506,014 $3,074,052,315
1997 $508,223,602 $1,674,442,651 $2,116,818,623 $3,516,020,423
1998 $540,096,398 $1,799,936,822 $2,241,650,112 $3,435,156,293
1999 $589,239,754 $1,911,094,725 $2,226,577,204 $3,520,408,334
2000 $624,337,145 $1,984,591,802 $2,106,848,752 $3,492,826,653
2001 $870,031,677 $1,906,326,759 $2,093,498,674 $3,521,587,941
2002 $897,031,250 $2,044,885,954 $2,410,199,032 $3,656,345,820
2003 $1,052,121,055 $2,326,058,788 $2,987,984,051 $3,902,058,527
2004 $1,226,829,563 $2,463,875,273 $3,191,561,509 $3,863,870,433
2005 $1,163,362,438 $2,188,480,301 $3,221,910,408 $3,683,570,671
2006 $1,575,200,391 $2,705,624,151 $3,320,907,722 $3,781,190,160
2007 $1,868,383,461 $2,898,626,610 $3,759,964,943 $3,736,756,623
2008 $2,271,646,188 $3,158,820,512 $4,578,849,658 $3,887,558,865
2009 $2,345,294,875 $2,895,352,808 $4,721,890,900 $4,099,579,483
2010 $2,588,176,055 $3,091,816,044 $4,746,389,532 $4,339,583,325
2011 $2,774,350,240 $3,365,238,506 $5,422,442,166 $4,592,288,208
2012 $2,886,163,997 $3,445,643,750 $5,413,544,658 $4,881,726,147
2013 $3,295,009,238 $3,685,976,102 $6,021,732,977 $5,166,050,855
2014 $3,697,353,039 $3,975,719,123 $6,393,318,262 $5,457,066,909
2015 $4,129,505,319 $4,129,505,319 $5,755,461,035 $5,755,461,035
2016 $4,409,942,624 $4,392,772,971 $6,071,170,959 $5,998,047,710
2017 $4,816,426,257 $4,703,536,564 $6,387,422,518 $6,238,457,455
2018 $5,404,344,163 $5,106,580,523 $7,029,300,383 $6,537,595,250
2019 $5,726,094,799 $5,460,112,147 $6,992,700,101 $6,859,436,221
2020 $3,712,604,583 $3,663,253,192 $7,400,284,168 $6,996,086,824
2021 $5,252,457,370 $5,037,261,437 $8,342,243,646 $7,415,213,718
2022 $6,177,118,114 $5,733,717,714 $8,169,476,149 $7,842,296,104
2023 $6,590,894,302 $6,004,715,686 $9,171,261,838 $8,344,824,334
2024 $6,975,146,349 $6,312,995,521 $9,925,732,120 $8,787,100,467

Economic indicators

Maldives Togo
Gross domestic product
$6.98B
2024
$9.93B
2024
GDP rank
160/197
2024
154/197
2024
GDP growth
5.83%
2023-2024
8.23%
2023-2024
GDP per capita
$13,216
2024
$1,043
2024
GDP per capita rank
77/197
2024
174/197
2024
GDP per capita, PPP
$26,543
2024
$3,239
2024
Government debt
$9.34B
2024
$7.01B
2024
Debt-to-GDP ratio
140.8%
2025
69.5%
2025
Government debt per person
$17,702
2024
$737
2024
Government debt per person rank
33/185
2024
153/185
2024
Average annual personal income after taxes
$10,769
2025
$1,736
2025
Income share by richest 10%
23.3%
2019
29.6%
2021
Income share by poorest 10%
3.8%
2019
2.8%
2021
Government expenditure, % of GDP
47.3%
2025
21.6%
2025
Consumer prices inflation
3.9%
2024-2025
2.86%
2023-2024
Unemployment rate
4.56%
2019
1.97%
2022
Population
531152
9889741

GDP per capita in Maldives vs Togo

Maldives' GDP per capita is $13,216, ranking 77/197, compared to $1,043 in Togo, ranking 174/197. Adjusted for purchasing power (GDP per capita PPP), Maldives ranks 79th at $26,543, while Togo ranks 176th at $3,239.

Maldives
GDP per capita

GDP per capita, PPP
Togo
GDP per capita

GDP per capita, PPP
Year Current $
Maldives Togo
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
1960 - - $102.2 -
1961 - - $104.8 -
1962 - - $107.8 -
1963 - - $114.6 -
1964 - - $130.1 -
1965 - - $142.7 -
1966 - - $159.1 -
1967 - - $163.9 -
1968 - - $164.3 -
1969 - - $174.7 -
1970 $156.9 - $159.8 -
1971 $169.8 - $174.6 -
1972 $192.2 - $198.8 -
1973 $228.7 - $234.4 -
1974 $281.5 - $315 -
1975 $171.4 - $339 -
1976 $151.8 - $332 -
1977 $137.3 - $406 -
1978 $156.1 - $421 -
1979 $240.2 - $443 -
1980 $257.6 - $549 -
1981 $264.1 - $451 -
1982 $274.8 - $372 -
1983 $323 - $336 -
1984 $594 - $304 -
1985 $669 - $313 -
1986 $720 - $422 -
1987 $692 - $482 -
1988 $799 - $517 -
1989 $870 - $492 -
1990 $957 $4,528 $575 $1,110
1991 $1,054 $4,604 $550 $1,107
1992 $1,194 $4,881 $565 $1,057
1993 $1,317 $5,138 $414 $925
1994 $1,419 $5,520 $329 $1,082
1995 $1,555 $6,223 $419 $1,140
1996 $1,717 $6,687 $452 $1,218
1997 $1,898 $7,226 $448 $1,373
1998 $1,980 $7,710 $461 $1,318
1999 $2,124 $8,162 $445 $1,332
2000 $2,214 $8,526 $410 $1,315
2001 $3,034 $8,236 $397 $1,320
2002 $3,076 $8,823 $445 $1,357
2003 $3,549 $10,065 $538 $1,440
2004 $4,070 $10,770 $560 $1,427
2005 $3,797 $9,704 $551 $1,368
2006 $5,019 $12,075 $553 $1,407
2007 $5,758 $12,852 $608 $1,387
2008 $6,757 $13,779 $719 $1,429
2009 $6,734 $12,266 $721 $1,474
2010 $7,174 $12,797 $705 $1,537
2011 $7,425 $13,726 $784 $1,616
2012 $7,461 $13,989 $762 $1,645
2013 $8,236 $15,264 $827 $1,715
2014 $8,939 $16,723 $856 $1,803
2015 $9,645 $17,875 $751 $1,880
2016 $9,948 $18,770 $773 $1,933
2017 $10,510 $19,768 $793 $1,986
2018 $11,423 $21,899 $851 $2,067
2019 $11,740 $23,077 $826 $2,215
2020 $7,394 $13,425 $854 $2,357
2021 $10,176 $19,053 $940 $2,577
2022 $11,786 $22,881 $899 $2,852
2023 $12,530 $24,735 $986 $3,072
2024 $13,216 $26,543 $1,043 $3,239

Spending and national debt comparison

In 2024, Maldives' government spending was $3.23B, accounting for 47.3% of its GDP, while Togo's spent $2.35B, or 21.6% of GDP.

Debt-to-GDP ratio is 140.8% in Maldives and 69.5% in Togo, ranking 9/185 and 56/185, respectively.

Maldives
Government spending

Government debt
Togo
Government spending

Government debt
Year % of GDP
Maldives Togo
Government spending Government debt Government spending Government debt
1989 - - 16.9% 46.3%
1990 33.3% 42.4% 16.8% 44.7%
1991 37.7% 46.7% 14.6% 46.9%
1992 36.1% 49% 12.6% 45%
1993 34.7% 55.7% 14.8% 58.3%
1994 30.7% 54.6% 13.2% 79%
1995 31.3% 52.2% 12.7% 64.8%
1996 27.3% 46.9% 12.4% 60.4%
1997 25.2% 38.1% 10.6% 54.4%
1998 25.9% 39.3% 12.8% 62.8%
1999 28% 38.9% 11.9% 59.9%
2000 29% 39% 11.9% 66.5%
2001 29.6% 41.8% 10.9% 68.5%
2002 29.6% 44.3% 8.42% 54.8%
2003 26.4% 37.6% 8.88% 50%
2004 24.1% 34.7% 10.6% 48.7%
2005 38.8% 43.2% 13.3% 63.1%
2006 35% 36.8% 14.7% 67.7%
2007 34.8% 35.8% 13.7% 70.5%
2008 35.6% 39% 12.4% 67.3%
2009 37% 48.4% 14.3% 57.6%
2010 33.2% 52.7% 15.1% 33.5%
2011 31.3% 51.9% 18.2% 33.8%
2012 29.8% 57.1% 19.1% 34.3%
2013 27% 55.9% 20.5% 41.1%
2014 29.1% 55.1% 21.9% 44.9%
2015 33.8% 54.8% 22.9% 52.4%
2016 37.3% 61.9% 22.9% 59.9%
2017 30.4% 63.8% 16.3% 57.1%
2018 31.9% 70.7% 18.8% 58%
2019 32.9% 77.2% 16.6% 54.9%
2020 50.4% 155.7% 23.7% 62.2%
2021 40.6% 123.4% 21.8% 64.9%
2022 42% 111.6% 26% 67.4%
2023 46.9% 123% 26.6% 68%
2024 46.3% 134% 23.7% 70.6%
2025 47.3% 140.8% 21.6% 69.5%

Government deficit by year

In 2024, Maldives' government deficit, the difference between spending and revenue, was -$974M, equivalent to -14% of GDP. This compares to Togo's deficit of -$484M, or -4.88% of GDP.

Over the past 35 years, Maldives recorded a fiscal deficit in 35 of those years, while Togo ran a deficit in 32 years. On average, Maldives posted an annual deficit equal to -7.76% of GDP, compared to deficit of -3.21% of GDP for Togo.

Deficit/surplus
Maldives

Togo
Year Deficit/surplus, % of GDP
Maldives Togo
1989 - -2.18%
1990 -12.8% -1.65%
1991 -10.2% -3.52%
1992 -12.6% -2.27%
1993 -13.9% -8.46%
1994 -4.82% -5.37%
1995 -5.66% -2.97%
1996 -2.01% -3.26%
1997 -1.46% -0.98%
1998 -2.25% -3.25%
1999 -3.03% -1.76%
2000 -3.89% -3.45%
2001 -3.97% -0.72%
2002 -3.97% -0.28%
2003 -3.45% 1.43%
2004 -2.26% 0.61%
2005 -7.81% -1.67%
2006 -4.52% -1.94%
2007 -3.16% -1.83%
2008 -9.92% -0.59%
2009 -17.9% -2.63%
2010 -13.6% -1.66%
2011 -8.13% -4.48%
2012 -6.91% -4.63%
2013 -3.49% -5.08%
2014 -2.42% -7.11%
2015 -6.52% -7.04%
2016 -9.93% -7.02%
2017 -3.02% -0.21%
2018 -5.17% -0.59%
2019 -6.54% 1.67%
2020 -23.7% -7.05%
2021 -14.2% -4.65%
2022 -11.2% -8.33%
2023 -13.2% -6.73%
2024 -14% -4.88%
2025 -15.2% -2.97%

Inflation comparison by year

Over the past 29 years, Maldives has recorded an average annual inflation rate of 3.3%, compared with 2.79% in Togo. In 2024, inflation was 3.9% in Maldives and 2.86% in Togo.

Inflation
Maldives

Togo
Year Inflation
Maldives Togo Maldives Togo
1996 6.2% 4.69%
1997 7.6% 8.25%
1998 -1.4% 0.98%
1999 3% -0.05%
2000 -1.2% 1.86%
2001 0.7% 3.92%
2002 0.9% 3.06%
2003 -2.8% -0.93%
2004 6.3% 0.39%
2005 2.5% 6.78%
2006 3.5% 2.23%
2007 6.8% 0.95%
2008 12% 8.69%
2009 4.5% 3.71%
2010 6.1% 1.45%
2011 11.3% 3.56%
2012 10.9% 2.58%
2013 4% 1.83%
2014 2.4% 0.19%
2015 1.4% 2.59%
2016 0.8% 1.29%
2017 2.3% -0.98%
2018 1.4% 0.93%
2019 1.3% 0.67%
2020 -1.6% 1.7%
2021 0.2% 4.19%
2022 2.6% 7.97%
2023 2.6% 5.49%
2024 1.4% 2.86%
2025 3.9% -

Balance of trade

Maldives Togo
Current account balance
-$1.26B
2024
-$20.7M
2020
Current account balance ranking
128/189
2024
75/189
2020
Current account balance, % of GDP
-18%
2024
-0.28%
2020
Goods imports
$3.46B
2024
$1.95B
2020
Goods exports
$383M
2024
$1.21B
2020
Service imports
$1.89B
2024
$438M
2020
Service exports
$5.03B
2024
$514M
2020
Imports of goods and services, % of GDP
75.7%
2023
38.1%
2024
Exports of goods and services, % of GDP
74.4%
2023
24.4%
2024

Economic freedom indices

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

Maldives Togo
Economic freedom 48.3 52.3
Economic freedom ranking 171/197 147/197
Property rights 51.6 37
Government integrity 40.5 31.6
Judicial effectiveness 41 37.1
Tax burden 91.5 70.5
Government spending 44.4 81.6
Fiscal health 0 21.7
Business freedom 48.8 59.9
Labor freedom 58.2 51.9
Monetary freedom 75.2 69.8
Trade freedom 63.2 66.8
Investment freedom 35 60
Financial freedom 30 40

Economic freedom by year comparison

The Economic Freedom Index for Maldives is 48.3, ranking 171/197, compared to 52.3 for Togo, ranking 147/197. The chart below displays a comparison of annual changes in economic freedom indexes.

Maldives
Togo
Year Economic freedom index
Maldives Togo
1999 - 48.2
2000 - 46.4
2001 - 45.3
2002 - 45.2
2003 - 46.8
2004 - 47
2005 - 48.2
2006 - 47.3
2007 - 49.7
2008 - 48.9
2009 51.3 48.7
2010 49 47.1
2011 48.3 49.1
2012 49.2 48.3
2013 49 48.8
2014 51 49.9
2015 53.4 53
2016 53.9 53.6
2017 50.3 53.2
2018 51.1 47.8
2019 53.2 50.3
2020 56.5 54.1
2021 55.2 57.5
2022 47.3 57.2
2023 46.6 55.3
2024 47.8 50.9
2025 48.3 52.3

More economic indicators

Maldives Togo
Services, % of GDP
73.8%
2024
52%
2024
Industry, % of GDP
9.02%
2024
20%
2024
Agriculture, forestry, and fishing, % of GDP
3.05%
2024
18%
2024
GNI, Atlas method
$6.15B
2024
$9.6B
2024
GNI per capita, PPP
$23,630
2024
$3,250
2024
Total reserves including gold
$674M
2024
n/a
Total reserves ranking
150/177
2024
n/a
Net foreign direct investment
-$806M
2024
-$53.1M
2020
Net inflows of foreign direct investment
$806M
2024
$83.8M
2024
Net outflows of foreign direct investment
$0
1989
-$73.4M
2024
Servicing debt to the IMF, % of GNI
8.55%
2023
2.8%
2023
Poverty at national poverty lines
15%
2020
43.8%
2021
Gross capital formation, % of GDP
33%
2023
22.3%
2024

GDP per capita map

GDP per capita

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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.