Maldives’ gross domestic product (GDP) stood at MVR 9.7 billion in February, according to figures released by the National Bureau of Statistics.

The figure represents a 3.7 percent increase compared with February last year, when GDP was recorded at MVR 9.3 billion.

However, economic output declined by 3.8 percent compared with January this year, when GDP reached MVR 10 billion.

Tourism remained the largest contributor to the Maldivian economy during the month.

According to the statistics, the tourism sector’s gross value added (GVA) reached MVR 2.5 billion in February. The sector’s performance was supported by an increase in the average number of nights spent by tourists in the country, with overnight stays rising 1.1 percent compared with January.

Other major contributors to economic activity included the financial sector, wholesale and retail trade, real estate, transport and communication services, construction, fisheries and education.

The latest GDP figures come amid signs of pressure on the tourism sector linked to instability in the Middle East.

Tourist arrivals declined 21 percent in March and fell a further 16 percent last month, raising concerns about the potential impact on future economic performance.