According to the advanced estimates of Quarterly National Accounts for Q1-2022 from Maldives Bureau of Statistics (MBS), the country's real GDP grew by 19.3 percent in 2022 first quarter.
This growth is in comparison wo the corresponding quarter of 2021, after recording a growth of 49.6 percent in Q4-2021. Moreover, annual real Gross Domestic Product (GDP) for Q1-2022 was 3.1 percent higher than the pre-pandemic levels of Q1-2019.
Maldives Monetary Authority (MMA) in its Economic Update reports this upturn in the annual real GDP growth during Q1-2022 was mainly driven by the "robust performance of the tourism sector, largely mirroring the base effect of the gradual pickup in tourist arrivals."
Further, positive contributions were noted from other industries which had included transportation and communication, health and social work activities and the construction sector - all of which offset the negative contribution from wholesale and retail trade sector.
According to second estimates, based on the latest Quarterly National Accounts from MBS in June 2022, the annual real GDP grew by 37.1 percent in 2021 after a major decline of 33.5 percent in 2020 owing to the sharp contraction in tourism sector and other major sectors amid the Covid-19 pandemic. Meanwhile, forecasts indicate the real GDP of Maldives is projected to grow by 12.0 percent by end of 2022.
Sign In