Maldives Sees Growth in All Sectors Except Fisheries in Early 2024

According to MMA’s quarterly report, key sectors such as tourism, transport, and communications mirrored the positive trends seen in the tourism industry.

The report highlighted an increase in tourist arrivals and nights spent in the Maldives, which contributed to the growth in tourism. In the construction sector, improvements were noted in some areas while others saw declines.

Conversely, the fisheries industry saw a downturn, with companies purchasing 21,941 metric tonnes of fish during the period—a 34% decrease from the previous year. Exports of goods, including fish and fish products, totaled USD 31.5 million (MVR 485.73 million), representing a 64% year-on-year decrease.

Additional findings from the MMA report included:

• A 9% year-on-year decline in imports of construction equipment, while loans to construction-related companies increased by 6%
• A 13% growth in loans to the wholesale and retail sectors, with a 12% increase in imports year-on-year

Overall, the Maldives economy exhibited resilience and growth across most sectors despite challenges in the fisheries industry.