Maldives economy grows 2.4% in August, driven by financial services and trade
Wholesale and retail trade also recorded an increase of 8.1%, reaching MVR 864 million, while construction grew by 10.4% to MVR 487 million.
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Economic activity in the Maldives increased by 2.4% in August 2026 compared with the same month last year, supported by growth in financial services, real estate, wholesale and retail trade, according to figures released by the Maldives Bureau of Statistics (MBS).
The bureau's Monthly Indicators of Economic Growth (MIEG) report showed that economic activity reached MVR 9.64 billion in August, compared with MVR 9.41 billion in August 2025. This represented an increase of 5.4% from July 2026.
Financial services recorded the highest growth among the sectors highlighted in the report, increasing by 21.9% to MVR 748 million. The increase was attributed to growth in financial transactions and insurance services.
Wholesale and retail trade also recorded an increase of 8.1%, reaching MVR 864 million, while construction grew by 10.4% to MVR 487 million.
The report identified real estate activities as another contributor to economic growth during the month.
Despite growth in other sectors, accommodation and food services, which include tourism-related activities, remained the largest component of the Maldivian economy.
According to MBS, the sector accounted for 23.1% of economic activity in August, generating MVR 2.23 billion. This represented an increase of 0.7% compared with August 2025 and growth of 10.6% from July 2026.
The bureau attributed the monthly increase in accommodation and food services to a rise in the number of tourist nights spent in the Maldives.
Transport and communication services accounted for a further 11.7% of economic activity during the month.
MBS also reported that economic activity reached MVR 10.06 billion in August, marking the first time since January that the indicator had reached that level.
The figure represented an increase of 11.4% compared with MVR 8.65 billion recorded in August 2024, according to the report.
The bureau noted that economic activity had begun to recover in July and August following a slowdown in June.
The latest figures indicate that financial services, trade and construction contributed to the increase in economic activity, while tourism continued to account for the largest share of the economy.
