Real GDP of Maldives see 5.9% decline in Q1-2020

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The real Gross Domestic Product (GDP) of Maldives saw a decline of 5.9% for the first quarter of 2020.

Moreover, Maldives Monetary Authority (MMA) in their economic update states the information is based on first estimate of Quarterly National Accounts.

MMA notes the GDP decline comes largely from the adverse effects from the spread of Covid-19 pandemic.

Furthermore, MMA notes the global pandemic gave in effect towards adverse impact on the domestic economy.

Many of the major economic sectors such as tourism, construction and wholesale and retail trade saw negative contributions.

On the other hand activities in public administration, human health and social work services saw pick-up over the review quarter.

Meanwhile, state projects further decline of real GDP growth in 2020 due to the severe impact of Covid-19 pandemic on tourist arrivals.

This is largely due to strict measures taken by governments across the world to contain the pandemic.

Additionally the tourist arrival expect a sharp fall with negative spillover effects on all major economic sectors.

The sectors that stand to face impact due to this include transport and communications along with wholesale and retail trade.

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