Maldives records 3% GDP growth in Q4 2024
Real GDP for the quarter stood at MVR 26.3 billion; this marks a 6.0% increase compared to the third quarter of the same year.
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The Maldives Bureau of Statistics has released economic data indicating that the country’s real Gross Domestic Product (GDP) grew by 3.0% in the final quarter of 2024.
Real GDP for the quarter stood at MVR 26.3 billion. This marks a 6.0% increase compared to the third quarter of the same year.
With this growth, Maldives' total real GDP for 2024 reached MVR 101.8 billion, reflecting an overall increase of 5.1% compared to the previous year.
Growth in the final quarter was primarily driven by the public administration and tourism sectors.
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Government administration contributed a 2.1 percentage point increase.
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Tourism contributed a 1.4 percentage point increase.
Tourism accounted for 22.2% of GDP in the last quarter. The sector contributed MVR 5.8 billion to GDP, representing a 6.4% increase compared to the same period in 2023. The growth is attributed to an 11.6% rise in the number of bed nights recorded during the quarter.
Transport and communication, the second-largest contributor to GDP after tourism, recorded a growth of 7.1%, supported by the increase in tourism activity.
Additional sectors that recorded growth include:
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Wholesale trade: 3.2%
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Financial services: 2.9%
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Electricity and water supply: 6.8%
Two sectors recorded a decline during the final quarter of 2024:
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Fisheries: 3.1 percentage point decrease
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Construction: 0.2% decline compared to the same period in 2023
The Bureau of Statistics is expected to release a full breakdown of sectoral contributions and growth trends in its annual report.
