Maldives economy grows in Q2; MMA projects 4.5% GDP growth for 2025
Tourism continued to perform strongly, with total arrivals reaching one million by June — the fastest recorded growth for the sector.
The Maldives Monetary Authority (MMA) has reported that the national economy expanded during the second quarter of 2025, supported by growth in key sectors including tourism, fisheries, and construction.
According to the central bank’s Quarterly Economic Bulletin released on Thursday, activity between April and June showed positive growth trends across several industries.
Tourism continued to perform strongly, with total arrivals reaching one million by June — the fastest recorded growth for the sector. The fisheries sector also expanded significantly, with fish purchases increasing by 101 per cent and blackfish purchases rising by 133 per cent compared to the same period last year.
The construction sector recorded further growth, supported by ongoing infrastructure and resort development projects, while the real estate sector also expanded at a similar rate.
The MMA reported an improvement in the government’s fiscal position during the second quarter. Total revenue excluding grants rose to MVR 8.9 billion, while total expenditure (excluding loan repayments) decreased to MVR 1.6 billion, mainly due to lower capital spending.
The banking sector maintained a capital adequacy ratio of 50 per cent, and loan disbursements remained steady. Official reserves rose to USD 832.4 million, largely supported by a USD 400 million currency swap arrangement with the Reserve Bank of India.
Inflation fell to 4.6 per cent in the second quarter, down from 5.3 per cent in the first quarter, due to declines in food and energy prices.
Despite ongoing global economic uncertainties, the MMA stated that the Maldivian economy continues to maintain stable growth. Real GDP is projected to expand by 4.5 per cent in 2025, supported by sustained performance in major sectors.
The MMA added that the overall economic outlook for the remainder of the year remains positive, with continued contributions expected from tourism, construction, and fisheries.
