The Maldives Bureau of Statistics (MBS) has released the Monthly Indicators of Economic Growth (MIEG) for December 2024, published on 15 February 2025. The report highlights a 12.2 percent increase in real GDP from the previous month, bringing the total to MVR 9,176 million. On a year-on-year basis, the economy expanded by 4.2 percent, indicating steady economic growth compared to December 2023.
Public administration, real estate activities, and wholesale and retail trade were the main drivers of annual growth. Public administration contributed 2.1 percent to the overall increase, while real estate and retail trade added 1.2 percent and 1.1 percent, respectively. In contrast, the fisheries, accommodation and food services, and manufacturing sectors saw the lowest contributions compared to the same period in the previous year.
The construction sector performed strongly in December, recording a gross value added (GVA) of MVR 434 million. Compared to December 2023, this represented a 12.9 percent increase, while a month-on-month comparison with November 2024 showed a significant 30 percent rise. This growth was driven by an increase in imports of building materials.
Electricity, water, and waste management services also saw notable expansion, with a GVA of MVR 181 million. This reflected an 11.4 percent increase compared to December 2023 and a 1.6 percent rise from the previous month. Growth in this sector was attributed to the expansion of electricity production and water distribution.
Wholesale and retail trade continued to grow, reaching a GVA of MVR 939 million. Compared to November 2024, this was a 42.8 percent increase, while year-on-year growth stood at 11.1 percent. The report attributes this expansion to fluctuations in the volume of imported goods, with inflation-adjusted imports increasing by 7.8 percent from December 2023.
Transportation and communication services recorded a GVA of MVR 1,210 million in December. This sector expanded by 4.3 percent compared to the same month in 2023, though the month-on-month growth rate was higher at 10 percent. The tourism sector played a key role in this expansion, as demand for transport and communication services rose alongside visitor arrivals.
The accommodation and food services sector reported a GVA of MVR 1,904 million in December. Compared to November 2024, the sector grew by 16.7 percent. However, a year-on-year comparison showed a 2.9 percent decline. The number of tourist bed nights increased by 144,298 from November 2024, but when compared to December 2023, the rise was marginal at just 8,543 bed nights.
Financial services, on the other hand, showed a decline, with a GVA of MVR 542 million in December. This represented a 0.9 percent decrease compared to the same period in the previous year and a 2.8 percent drop from November 2024.
The fisheries sector experienced a sharp decline, recording a GVA of MVR 184 million. This marked a 39.8 percent drop from December 2023 and a 24.5 percent decrease from November 2024. The report attributes this decline to fluctuations in the volume of fish catch during the month.
The arts, entertainment, and recreation sector, along with other service activities, reported a GVA of MVR 229 million in December. While this was a 17.8 percent increase from the previous month, the sector experienced a 3.6 percent decline compared to December 2023. Growth in this area was largely influenced by fluctuations in tourism-related activities.
The MIEG report is based on data from national accounts and economic statistics and is benchmarked against the quarterly GDP estimates. The Maldives Bureau of Statistics notes that monthly real GDP figures are subject to revision in future publications.
