Maldives Monetary Authority (MMA) have shown robust growth in the economy of the country in 2018.
The biggest challenge faced last year was dependency on US dollars, similar to previous years, according to annual report of MMA. Continuing on from the robust performance demonstrated during 2017, the Maldivian economy gained momentum in 2018, as evidenced by strong developments within key sectors.
In this regard, real Gross Domestic Product (GDP) grew by 7.6 percent in 2018, up from the initial projection of 6.0 percent forecast during November 2017 which was an acceleration from the 6.9 percent growth achieved in 2017, according to estimates of October 2018. MMA said activity in the economy was largely driven by the resilient performance of the tourism sector, coupled with the continued strong growth of the construction sector.
Speaking to media following the publication of the annual financial findings, Governor of MMA Ahmed Naseer expressed priority during this year will be given to maintain the exchange rate of US dollars and maintaining the pressure on Maldivian rufiyaa. Noting the biggest challenge faced last year was the dependency on US dollars, Governor Naseer revealed 50 percent of the deposits to Maldivian banks are US dollars.