First Quarter of 2024 Sees Maldives GDP Rise by MVR 2,444 Million
The Maldives Bureau of Statistics has reported an estimated Gross Domestic Product (GDP) of MVR 27,363 million for the first quarter of 2024, marking an increase of MVR 2,444 million compared to the first quarter of 2023.
In 2019, GDP figures were relatively stable, starting with MVR 22,727 million in Q1, decreasing to MVR 21,068 million in Q2, and then slightly increasing to MVR 21,219 million in Q3. The year ended on a higher note with Q4 GDP reaching MVR 23,065 million.
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The year 2020 experienced a sharp decline, primarily due to the global economic impact of the COVID-19 pandemic. GDP fell to MVR 21,150 million in Q1 and plummeted to MVR 10,857 million in Q2. There was a slight recovery in Q3 to MVR 11,901 million, and the year ended with GDP at MVR 15,185 million in Q4.
In 2021, the economy began to recover. GDP started at MVR 20,189 million in Q1, decreased to MVR 17,729 million in Q2, then rose to MVR 19,874 million in Q3, and ended the year at MVR 23,571 million in Q4.
The year 2022 showed more stability and growth. GDP was MVR 23,621 million in Q1, decreased to MVR 22,514 million in Q2, slightly dipped to MVR 22,397 million in Q3, and increased to MVR 24,148 million in Q4.
In 2023, the economy continued its upward trajectory. The first quarter saw a GDP of MVR 24,919 million, followed by a slight dip to MVR 22,973 million in Q2. The third quarter GDP was MVR 23,428 million, and the year ended strongly with Q4 GDP at MVR 25,155 million.
The GDP for the first quarter of 2024 showed an 8.8 per cent growth compared to the final quarter of 2023. Additionally, the economy expanded by 9.8 per cent in the first quarter of 2024 compared to the same period in 2023. The accompanying chart illustrates the quarterly GDP estimates from 2019 to 2024, highlighting the significant increase in the first quarter of 2024.
Tourism contributed the largest share to this growth, accounting for 2.3 percent. Transport, post, and communication services followed closely, contributing 2.1 percent to the overall economic expansion.
The consistent growth in these sectors highlights their importance in driving the Maldives’ economic performance, reflecting robust activity in tourism and communication services.
The government’s focus on these key areas, combined with strategic investments and policies, has facilitated this positive economic trend, ensuring sustainable development and prosperity for the nation.
The Maldives’ economic outlook remains positive as key sectors continue to expand, supported by strategic government initiatives and strong performance in tourism and communication services.
