According to the latest publication from the Maldives Monetary Authority (MMA) the Maldivian economy is estimated to have expanded by 37% in 2021.
The year on year expansion came after a “historical contraction” of 33.5% in 2020, and was attested according to preliminary estimates released by the Maldives Bureau of Statistics on 07th April 2022.
Furthermore, this indicates a 5.4% higher than the most likely scenario for real GDP growth projected in October 2021, but slightly lower than the upper end of the growth forecast range of 28.1%-38.5%.
Moreover, MMA’s report claim that the strong rebound in real GDP growth was led by the “robust recovery of the tourism sector” despite a slight setback was felt by the the Covid-19 Delta variant during the second quarter of 2021.
On the other hand, sectors closely linked to the tourism sector, such as transportation and communication, wholesale and retail trade recorded strong positive growth as well.