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.
The Maldivian economy was dominated by the tourism sector in the first quarter. With 26.5 percent, the sector had the largest percantage share while construction sector followed behind at 13.4 percent. The public administration sector came third with a share of 8.7 percent. NBC noted that the construction and real estate sectors were booming over the past five years due to resort construction, insfrastructure and housing projects.
The Maldives government previously estimated a growth rate of 7.5 percent for the economy this year. However, the figure has been revised to - 11 percent in the face of the global COVID-19 pandemic.
