The central bank has stated that there will be new developments in the construction industry which is slow down at the moment in addition to the tourism sector developments which will lead to a growth in the Maldives GDP to 7.5% this year.
As per the Maldives Monetary Authority (MMA)’s statistics which was publicised on Tuesday, by the end of 2019 the GDP of Maldives was 5.7% this is lower than the anticipated figure of 6.8%.
The central bank said that the anticipated figure is lower because the construction sector went into recession.
MMA noted that the slow down in the construction sector is because the infrastructure development projects implemented previously were completed in 2018 whereas, there were no such projects implemented in 2019. Besides, the delay in implementing infrastructure projects that were planned for the year 2019 is one fo the reasons that decreased productivity of the year, said MMA.
It is anticipated by MMA that there will be an increase in the development of the tourism sector this year, and new infrastructure developments will lead to development in the construction industry. If the projects budgeted this year are implemented, it is noted that it will show the increase in productivity, said MMA.