Maldives GDP Increases by MVR 8 Billion Within First Quarter of 2021

The latest statistics publicized by the Ministry of Finance reveal that the GDP of Maldives increased by MVR 8 billion within the first three months of 2021.

By the end of December 2020, productivity was recorded to be MVR 57 billion. However, by the end of March, the figure increased to MVR 66 billion.

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Maldives’ GDP suffered a detrimental blow during 2020, especially to its main economic driver the tourism industry, after months of travel restrictions were imposed to contain the global pandemic COVID-19. During that period, the average income per person fell from USD 10,000 to USD 6,000.

With the recovering economy, Maldives Monetary Authority (MMA) predicts that by the end of this year, the average income per person will be at USD 7,500.

The Maldivian economy heavily relies on the tourism industry. While daily arrivals were at around 3,000 during the first three months of 2021, this has currently dropped to around 1,500.

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