Real
Fiscal
Financial
External
Tourist arrivals
In December 2024, total tourist arrivals stood at 208,980, registering an increase of 7.3% compared with the same period of last year. During the month, the highest number of tourist arrivals were recorded from Italy, followed by United Kingdom and Russia.
Inflation
The rate of inflation (annual percentage change in the national CPI) accelerated to 5.3% in January 2025, from 4.8% in December 2024. The largest contribution to the annual rate of inflation during the month came from Tobacco (1.78 percentage points); Restaurants, cafés and the like (1.77 percentage points); and Fish (0.63 percentage points).
Fish exports
The volume of fish exports increased by 27.6% in January 2025 compared with the same period of last year. This was mainly driven by the increase in the export of Fresh, chilled or frozen Skipjack tuna by 93.9% (2,079.1 metric tonnes).
Real GDP growth
Real GDP is projected to grow by 6.4% in 2025, followed by an estimated growth of 5.5% in 2024.
Total revenue and grants
Total government revenue and grants is estimated to be increased by MVR5.6 billion (16.5%) in 2025 when compared to 2024, mostly driven by Tax revenue (an increase of MVR3.5 billion).
Total expenditure
Total government expenditure is estimated to be increased by MVR1.4 billion (3.0%) in 2025 when compared to 2024, driven by capital expenditure (an increase of MVR0.9 billion) and current expenditure (an increase of MVR0.5 billion).
Overall fiscal balance in percent of GDP
The fiscal deficit is estimated to be narrowed to 7.8% of GDP in 2025, from 12.5% in 2024.
Broad money
The annual broad money (M2) growth rate accelerated to 1.7% at the end of January 2025 from -0.1% in December 2024. During the month, the annual growth in broad money was primarily driven by the increase in quasi money.
Credit to private sector
Annual growth of credit to private sector by commercial banks remained at 6.7% at the end of January 2025, compared to December 2024. During the month, the largest contribution to the annual growth was from credit allocated for personal loans, real estate sector and commerce sector.
Overnight deposit facility (average)
During February 2025, the average Overnight Deposit Facility (ODF) placements stood at MVR6.52 billion, reflecting 9.43% decline in annual terms.
Official reserve assets
Official reserve assets stood at USD 832.1 million at the end of February 2025, reflecting 17.5% increase from USD 708.1 million at the end of January 2025. Similarly, official reserve assets increased by 41.3% in annual terms during the review period.
Exports
Total exports (f.o.b.) in January 2025 increased by 16.5% 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.
Imports
Total imports (c.i.f.) in January 2025 increased by 1.1% compared to the same period last year. This stemmed primarily from the decline in imports of petroleum products, despite imports of stationeries, office supplies and printed materials observing a rise during the period.
Export of goods and service
Export of goods and services for 2023 decreased by 4.0% compared to 2022. However, this figure is estimated to increase by 7.9% in 2024.
Balance on goods in percent of GDP
The balance on goods in percent of GDP is estimated to be -43.0% in 2024 and -40.2% in 2025.
Import of goods in percent of GDP
Import of goods in percent of GDP is estimated to be 48.4% in 2024 and 45.0% in 2025.
Current account balance in percent of GDP
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.
Exchange rate
At the end of February 2025, the exchange rate of Maldivian Rufiyaa (MVR) per US Dollar (USD) was 15.41.