Maldives Monetary Authority (MMA) has reported that the economic growth of Maldives slowed down during the first quarter of the year.
In their Quarterly Bulletin Report, MMA said the Gross Domestic Products (GDP) has declined, which in turn decelerated the country's economic growth.
The report said while the GDP of the country was at 4.7% during the last quarter of 2018, the GDP has gone down to 3.1% this year.
According to the report, the slowdown in activity largely stems from the weakening of value-added in construction sector. The decline in construction related imports has negatively impacted wholesale and retail trade sector, it read.
MMA said available economic indicators point to a continued moderation in economic activity, despite the strong growth of the tourism sector during the period. While the tourism sector had the highest contribution towards GDP with 2.4%, transport
and communication contributed 0.7% and financial services contributed 0.4%.
While MMA has stated that the economy growth has slowed down, the Global Financial Markets also predicted that the Maldives Economy would slow down during the current ywar.