The Maldives economy expanded by 3.5 per cent in real terms last year, but the latest GDP figures reveal a story of uneven growth. The data, released by the Maldives Bureau of Statistics, show that while tourism and household spending kept the economy moving, traditional sectors such as fisheries and construction weighed heavily on performance.
Real GDP reached MVR 100.5 billion in 2024, up from MVR 97.1 billion in 2023. In nominal terms, the economy climbed to MVR 108.7 billion, a 6.7 per cent increase. At the individual level, GDP per capita stood at USD 11,721, 4.7 per cent higher than the previous year.
Tourism once again anchored the economy, growing 8.2 per cent as bed-nights increased by 7.6 per cent, particularly from European and Chinese markets. This translated into a stronger performance in transport, communications, and trade, which together reflected the ripple effect of tourist spending through the wider economy. Household consumption rose 7.5 per cent, indicating robust demand from residents as well.
Yet the numbers also underline vulnerabilities. Fisheries contracted by 33.1 per cent, mirroring a collapse in fish catch volumes. This is more than just a bad year for fishing: it highlights the sector’s fragility at a time when policymakers are trying to diversify exports. Construction also shrank by 1.7 per cent, suggesting delays in investment projects despite government commitments to infrastructure.
External balances tell a similar story of strain. Net trade dropped 21.5 per cent, with goods exports falling by 17.1 per cent even as service exports grew 7.5 per cent. Imports rose faster than exports, reflecting both domestic demand for consumer goods and the dependency on imported building materials.
The 2024 figures point to a dual reality. On one hand, tourism is resilient, driving growth and sustaining related industries. On the other, structural weaknesses in fisheries and construction, combined with a widening trade gap, suggest that the economy remains highly exposed. For businesses, the message is clear: sectors tied to tourism continue to offer opportunities, but reliance on this single growth engine leaves the economy vulnerable to external shocks.
