Maldives Monetary Authority (MMA) has anticipated the economic growth rate will increase compared to 2023.
MMA revealed that the quarterly reports of all the major economic industries, other than the fisheries' industry, reported expansion in activity. The Quarterly Economic Bulletin Report includes comprehensive details on the progress of industries. The tourism industry was highlighted as the primary contributor to the nation's economic advancement.
MMA's report indicated that national productivity stood at 4% in 2023 and is expected to rise to 4.9% this year. The growth in tourist arrivals, particularly from key markets like China and Europe, is anticipated to enhance not only the tourism sector but also sectors such as transport and communications, thereby stimulating overall economic acceleration.
The Quarterly Business Survey conducted four times annually since 2013, aims to determine the ongoing activities and anticipated changes for the industries. MMA expressed confidence that these insights will inform strategic decision-making and policy formulation moving forward.