Maldives Monetary Authority (MMA) has revealed that all sectors other than the fishing industry have progressed significantly in the first quarter of the year. The announcement was made by MMA in its quarterly economic bulletin on economic activity on the first three months of the year.
The report released by MMA shows that all major economic sectors of the country saw a boost in activity during the first quarter, compared to the previous quarter in 2023, with the exception of the fishing sector. The report indicated that the increase in tourist arrivals and their average stay contributed to the remarkable progress in the tourism sector. It noted that the arrival of 500,000 tourists within the first quarter was a significant achievement. The success was driven by record numbers of tourists from Europe, Asia and the Pacific regions. Additionally, the report also highlighted that the first quarter saw the highest number of tourists visiting the Maldives in the first quarter, since the COVID-19 pandemic.
MMA's report sheds light on the progress achieved by other industries linked with the tourism sector. As such, the transportation industry, telecommunication sector and the wholesale and retail sector also experienced growth.
Despite the slowdown in the economic growth during the fourth quarter of 2023, the economy growth has boosted by 8.8% in the first quarter of this year compared to the pre-COVID pace.
While the nation continues to experience economic development, efforts are underway by the government to expand and expedite sustainable economic growth. Experts say that the government's commitment and dedication to increase revenue, reduce expenditure and increase net profits will yield positive results.