The Maldivian economy grew by 3.0 percent in the final quarter of 2024 compared to the same period in 2023, according to the latest Quarterly National Accounts released by the Maldives Bureau of Statistics. This growth, while more modest than the surges seen in some earlier quarters, marks continued expansion and underscores the steady contribution of key sectors such as public administration and tourism.
The real GDP for Q4 2024 stood at MVR 26.3 billion, reflecting a quarter-on-quarter growth of 6.0 percent from Q3. Over the full year, the Maldives’ economy grew by 5.1 percent, with the annual real GDP now estimated at MVR 101.8 billion.
Public administration and tourism were the top contributors to the quarterly growth, accounting for 2.1 and 1.4 percentage points of the increase respectively. The tourism sector saw a significant boost in guest nights, with Q4 reporting 205,808 more bed-nights compared to Q4 2023 and 421,730 more than in Q3 2024. As a result, the tourism sector’s gross value added (GVA) rose by 6.4 percent year-on-year and 11.6 percent compared to the preceding quarter.
The transportation and communication sector followed suit, recording a 7.1 percent increase compared to the previous year. This was supported by higher activity in telecommunications and logistics. Meanwhile, wholesale and retail trade also expanded, with GVA up 3.2 percent year-on-year and 4.0 percent quarter-on-quarter, reflecting increased imports of goods.
However, not all sectors experienced growth. Construction continued to falter, contracting by 0.2 percent year-on-year and 3.6 percent compared to Q3, primarily due to reduced imports of building materials. Financial services posted a modest 2.9 percent year-on-year increase but slipped 0.2 percent from Q3, reflecting volatility in intermediations and insurance activities.
Electricity and water supply grew by 6.8 percent over the year, although there was a slight decline of 1.1 percent from Q3 due to a drop in electricity production.
While the report highlights that every quarter of 2024 recorded positive year-on-year growth, Q2 stands out as the weakest point, marked by a contraction of 13.4 percent from Q1, which the fourth quarter has largely helped to offset.
The tourism sector remained the largest component of the economy in Q4 2024, accounting for 22.2 percent of real GDP, followed by transportation and communication (13.2 percent), and wholesale and retail trade (9.3 percent). Agriculture contributed just 0.9 percent, highlighting its minimal role in the country’s economic structure.
The Bureau also included a note on revisions to GDP estimates, with the mean revision for growth rates at 0.05 percent, suggesting relatively stable preliminary figures. Comprehensive GDP revisions incorporating annual data are scheduled for release in September 2025.
