Maldives Monetary Authority (MMA) confirms the country’s real GDP grew by 19.3% in Q1-2022.
This growth was recorded following a 49.6% growth in the preceding quarter of Q4-2021. Moreover, annual real GDP for Q1-2022 was 3.1% higher than pre-pandemic levels of Q1-2019.
According to Maldives central bank, this upturn in annual GDP growth during Q1-2022 was mainly driven by the robust performance of the tourism sector.” In addition to this, transportation and communication, human health and social work activities, and construction showed positive contribution offsetting negative contribution from the wholesale and retail sector.
The real GDP observed a steady increase amid continuation of the peak season of tourism sector.
MMA confirms annual real GDP grew by 37.1% 2021 after registering a significant 33.5% decline in 2020. Furthermore, annual real GDP expects a 12.0% growth in 2022.