The second quarter’s real Quarterly Gross Domestic Product (QGDP) in 2021 reached MVR15,421 million (MVR15.4 billion) at market prices.
Moreover, according to the Maldives Bureau of Statistics, the quarterly GDP observed a growth of 75.3% during the review quarter when compared with the corresponding quarter in 2020.
While the recovery was strong in terms of quarterly GDP during the first quarter, where the total at market price stood at MVR17,374 million (MVR17.4 billion), the country’s economy “hit a soft patch” during the second quarter.
Furthermore, the growth in the quarterly GDP is mainly reflected by the positive contribution in the growth from tourism sector, which observed 34.8%growth in the economy and the transportation and communication sector with 8.9%.
In addition to this, the wholesale and retail trade sector which limped mostly throughout in 2020, observed a growth of 5.3% in the economy.
Meanwhile, the tourism sector shared 20.7% of the entire Maldives economy during the review quarter while public administration held 11.5% and transportation and communication sector with 10.6% share in the economy.