Construction sector contracts by 1.7 percent

Maldives’ construction sector shrank by 1.7 percent last year, government data shows.

According to the National Bureau of Statistics, construction activity was valued at MVR 4.3 billion in 2023, a decline of MVR 78 million compared to the previous year.

The sector’s strongest performance in the past decade was recorded in 2018, when activity peaked at MVR 6.9 billion.

Construction currently accounts for 5.5 percent of the country’s GDP, making it the sixth-largest economic sector. By comparison, resorts contribute the largest share at 19 percent, followed by wholesale and retail trade at 9 percent, and real estate at 7.5 percent.

The Finance Ministry noted that the number of Public Sector Investment Program (PSIP) projects implemented by the government declined last year, with spending on such projects also lower so far this year.

Overall, the Maldives’ GDP stood at MVR 108 billion in 2024, reflecting a 6.7 percent increase compared to 2022. 

Overall, the Maldives’ GDP stood at MVR 108 billion in 2023, reflecting a 6.7 percent increase compared to 2022.