Maldives real Gross Domestic Product (GDP) grew by 5.5% in the first quarter of 2023, reports the Maldives Bureau of Statistics (MBS).
This marked an acceleration from the growth of 1.8% in the final quarter in 2022. Additionally, the annual real GDP for Q1-2023 was 12.3% higher than the pre-pandemic levels of Q1-2019.
The annual growth in real GDP during Q1-2023 was mainly from the robust performance of the tourism sector and positive contribution to related sectors.
Notable growths were observed during the quarter, which included transport and communication, construction, public administration, and fisheries sector. Contrastingly, negative contributions were observed in wholesale and retail sector and from the real-estate sector.
Maldives real GDP is expected to grow by 9.4% in 2023. According to second estimates of real GDP released by MBS in June 2023, the annual real GDP is estimated at 13.9% in 2022; a 1.6 percentage points higher than the initial estimate of October 2022 – after recording a significant growth of 41.7% in 2021.