Maldives Monetary Authority (MMA) revealed in one of their latest publication updates, a significant decline of the country’s Gross Domestic Product (GDP).
According to Maldives central bank the real GDP declined by 30.5% in the final quarter of 2020, which was reported under the latest Economic Updates of the bank. However, it was still an improvement over the 44.2% drop observed during the third quarter of 2020.
MMA notes the moderation evident during the review quarter is reflective of peak-tourism season as well as the easement of lockdown measures in Greater Male’ Region.
This was still not able to offset the marked decline of real GDP in annual terms, which was majorly due to the impacts of Covid-19 remaining throughout the year. The pandemic’s impact was felt heavily on domestic economy holistically.
Moreover, economic sectors such as transport and communication, wholesale and retail along with tourism and construction sectors had registered negative contributions throughout the year following the pandemic outbreak.
Though it was dominantly adverse in 2020, sectors such as fisheries, education and financial services along with human health and social work activities picked up significantly over the review quarter.