The Maldives real Gross Domestic Product (GDP) faced a decline by 8.6% in the first quarter of the current year.
Moreover, this comes attested from advance estimates of the Quarterly National Accounts published by the Maldives National Bureau of Statistics.
As per the figures, the island nation’s Real GDP faced the said decline in comparison with the corresponding period in the previous year, while this was still a moderation when compared with the -36.1% dip felt during Q4-2020.
Furthermore, Maldives Monetary Authority (MMA) notes that the moderation of the quarterly GDP growth reflected on the first quarter of 2021 came from the commencement of the peak season of Maldives tourism sector.
The growth in real GDP is also attributed to the ease on movement restrictions in the Greater Male’ Region during the first quarter. However, the real GDP growth suffered in terms of annual growth rate due to the restrictive measures tightening up again during the period.