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 October 2024, total tourist arrivals stood at 172,621, registering an increase of 8.5% compared with the same period of last year. During the month, the highest number of tourist arrivals were recorded from Russia, followed by Germany and China.
The rate of inflation (annual percentage change in the national CPI) remained at 1.1% in October 2024. The largest contribution to the annual rate of inflation during the month came from Mobile communication services (-0.49 percentage points); Fish (0.41 percentage points); and Vegetables (0.31 percentage points).
The volume of fish exports decreased by 55.3% in October 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 74.9% (2,116.8 metric tonnes).
Total government expenditure is estimated to be increased by MVR2.9 billion (6.4%) in 2024 when compared to 2023, driven by current expenditure (an increase of MVR3.8 billion) and capital expenditure (a decrease of MVR1.0 billion).
The annual broad money (M2) growth rate decelerated to -1.4% at the end of October 2024 from 0.5% in September 2024. During the month, the annual growth in broad money was primarily driven by the decrease in quasi 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 October 2024 decreased by 28.6% compared to the same period last year. This stemmed primarily from the decline in fish exports and re-exports.
Total imports (c.i.f.) in October 2024 increased by 2.4% compared to the same period last year. This stemmed primarily from the rise in imports of transport equipments and parts, despite imports of wood, metal, cement and aggregates observing a decline during the period.
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.
