MMA reveal projected GDP decline for 2020

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The Maldives Monetary Authority (MMA) in their monthly economic update for May 2020 reveals GDP expects plunge in 2020.

In their Monthly Economic Update, the central bank of Maldives notes the real GDP for the last quarter of 2019 indicates a growth accelerated to 8.0%.

Moreover, the growth stems out of buoyant growth in tourism sector during peak season.

Additionally, activities of transport and communication remained strong and slight pick-up of activity in construction industry.

On the other hand, activity on wholesale and retail trad saw improvement edging closer to positive territory.

However, real GDP growth expects decline significantly in 2020 due to severe impact from Covid-19 pandemic.

Meanwhile, sectors such as tourism has observed considerable decline with border closure and restriction of international travel.

So far, data from Ministry of Tourism indicate decline in tourist arrivals as state placed a ban on on-arrival tourist visas since 27 March.

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