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
Advanced Release Calender
Tourist arrivals
In September 2024, total tourist arrivals stood at 132,795, registering an increase of 1.4% 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 Germany.
The rate of inflation (annual percentage change in the national CPI) decelerated to 1.1% in September 2024, from 1.4% in August 2024. The largest contribution to the annual rate of inflation during the month came from Mobile communication services (-0.57 percentage points); Vegetables (0.49 percentage points); and Fish (0.33 percentage points).
The volume of fish exports decreased by 8.0% in September 2024 compared with the same period of last year. This was mainly driven by the decrease in the export of Fresh, chilled or frozen Skipjack tuna by 41.4% (375.6 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 accelerated to 0.5% at the end of September 2024 from 0.1% in August 2024. During the month, the annual growth in broad money was primarily driven by the increase in narrow money.
Annual growth of credit to private sector by commercial banks decelerated to 10.7% at the end of September 2024 from 11.5% in August 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 614.6 million at the end of October 2024, reflecting 65.6% increase from USD 371.2 million at the end of September 2024. Similarly, official reserve assets increased by 11.3% in annual terms during the review period.
Total exports (f.o.b.) in September 2024 increased by 7.6% compared to the same period last year. This stemmed primarily from the rise in re-exports and other exports.
Total imports (c.i.f.) in September 2024 increased by 20.1% compared to the same period last year. This stemmed primarily from the rise in imports of transport equipments and parts and food items.
The current account deficit is expected to narrow to 20.4% of GDP in 2024, after recording 21.3% of GDP in 2023. Similarly, it is projected to narrow to 12.5% of GDP in 2025.
