Tourism, fisheries, construction and other output oriented activities
Real
Fiscal Sector
Government accounts and budget information
Fiscal
Financial Sector
Financial statistics of MMA, commercial banks and other financial corporations in Maldives
Financial
External sector
Transactions with the rest of the world
External sector
Advanced Release Calender
Tourist arrivals
In August 2024, total tourist arrivals stood at 176,175, registering an increase of 13.8% compared with the same period of last year. During the month, the highest number of tourist arrivals were recorded from China, followed by Russia and Italy.
The rate of inflation (annual percentage change in the national CPI) remained at 1.4% in August 2024. The largest contribution to the annual rate of inflation during the month came from Mobile communication services (-0.65 percentage points); Fish (0.58 percentage points); and Vegetables (0.44 percentage points).
The volume of fish exports increased by 17.3% in August 2024 compared with the same period of last year. This was mainly driven by the decrease in the export of Canned or pouched fish exports by 63.6% (425.6 metric tonnes).
Total government revenue and grants is estimated to be increased by MVR1.1 billion (3.4%) in 2024 when compared to 2023, mostly driven by Tax revenue (an increase of MVR1.6 billion).
Total government expenditure is estimated to be increased by MVR0.5 billion (1.1%) in 2024 when compared to 2023, driven by current expenditure (an increase of MVR2.5 billion) and capital expenditure (a decrease of MVR2.0 billion).
The annual broad money (M2) growth rate decelerated to 0.1% at the end of August 2024 from 1.0% in July 2024. During the month, the annual growth in broad money was primarily driven by the increase in quasi money.
Annual growth of credit to private sector by commercial banks decelerated to 11.5% at the end of August 2024 from 11.8% in July 2024. During the month, the largest contribution to the annual growth was from credit allocated for personal loans, construction sector and commerce sector.
Official reserve assets stood at USD 371.2 million at the end of September 2024, reflecting 16.4% decrease from USD 443.9 million at the end of August 2024. Similarly, official reserve assets decreased by 37.4% in annual terms during the review period.
Total exports (f.o.b.) in August 2024 increased by 29.3% compared to the same period last year. This stemmed primarily from the rise in re-exports, despite fish exports observing a decline during the period.
Total imports (c.i.f.) in August 2024 decreased by 8.8% compared to the same period last year. This stemmed primarily from the decline in imports of transport equipments and parts and petroleum products.
The current account deficit is expected to widen to 21.3% of GDP in 2023, after recording 16.3% of GDP in 2022. However, it is projected to narrow to 19.9% of GDP in 2024.
