Maldives suffers quarterly loss in GDP growth rate

The Maldives’ GDP showed a negative 5.9 percent growth during the first quarter of the current year, statistics have shown

Aug 08, 2020
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The Maldives’ GDP showed a negative 5.9 percent growth during the first quarter of the current year, statistics have shown.

The National Bureau of Statistics, NBS’s quarterly report showed a GDP growth rate of -5.9 percent during the first three months of 2020. However, the figure is up by 3.2 percent compared to the same period last year, said the report. While last year’s GDP market price was MVR 19,778 million, the figure was at MVR 18,602 million this year.

NBS said the main reason for the decline in GDP was mainly due to negative contribution to growth ftom tourism, construction, wholesale and retail trade sector. While the tourism sector’s contribution was at -2.7 percent during the first quarter, the construction sector contributed -1.4 percent. Wholesale and retail sector also had a negative contribution of -1.0 percent.

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