Maldives quarterly GDP recede by -5.9% in Q1-2020

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The first quarter real Quarterly Gross Domestic Product (QGDP) of 2020 at market prices is at MVR18,602 million.

As per statistics from National Bureau of Statistics the QGDP growth rate was at -5.9% for first quarter of 2020.

Moreover, the QGDP growth hit negative territory for the first time in three years while it was at 8.7% during final quarter of 2019.

Furthermore the QGDP decline for the review quarter shows a -6.4% drop from the preceding quarter.

The decline is primarily reflected by the negative contribution to growth from tourism at -2.7%.

Additionally declines were seen in construction at -1.4% and wholesale and retail trade sector at -1.0%.

 


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