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.
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.
-
Government administration contributed a 2.1 percentage point increase.
-
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:
-
Wholesale trade: 3.2%
-
Financial services: 2.9%
-
Electricity and water supply: 6.8%
Two sectors recorded a decline during the final quarter of 2024:
-
Fisheries: 3.1 percentage point decrease
-
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.
