The Gross Domestic Product (GDP) of Maldives has decreased in the first quarter of 2019.
GDP in the last quarter of 2018 was 4.7% while the GDP has fallen to 3.1% this year, according to Quarterly Economic Bulletin published by Maldives Monetary Authority (MMA). The main reason for the decrease is the underdevelopment of some economic areas in 2019.
The biggest economic development activity in the first quarter of 2019 was the tourism sector. In the first quarter, the GDP of tourism was 27.9% while transport and communication sector was at 13.1%. Wholesale and retail and public administration sector also contributed significantly with a GDP of 8.2% and 6.7% respectively.
The main reason for slow economic growth in the first quarter was the underdevelopment of the construction sector and slow wholesale and retail trade. In this regard, the construction sector saw a 19% decrease. Construction sector has been slow once the projects for the last quarter of 2018 were completed, as this caused a reduction in import of construction materials.
Fisheries showed the biggest growth in the first quarter of 2019. The GDP of fisheries in the first quarter was 16.9%, up from the 11.8% recorded in the last quarter of 2018.