Maldives productivity ratio observes decline

Tourism sector is largely considered as the strongest economic element of generating income receipts to Maldives state

In the recent budget statistics report from Ministry of Finance, the body confirms decline in the productivity of Maldivian economy.

Moreover, the state body attests the productivity of Maldivian economy saw a decline of 5.0% in the first quarter of 2020.

Meanwhile, productivity decline during the second quarter of previous year stood at a staggering 51.6%.

Ministry of Finance reasons the decline is majorly due to drop in productivity of tourism, construction and fisheries industries.

On the other hand, real Gross Domestic Product (GDP) grew by 7.0% in 2019.

Furthermore, the state body notes the decline in productivity for the previous years comes mainly due to the Covid-19 pandemic.