Maldives real GDP observes a decline during 2021 first quarter

According to the latest economic update bulletin from Maldives Monetary Authority (MMA) the island nation’s real GDP observed a slight decline by 8.6% in Q1-2021.

Furthermore, the information has been confirmed from the advance estimates of the Quarterly National Accounts published by the Maldives National Bureau of Statistics.

While the real Gross Domestic Product (GDP) saw the decline, the growth was in moderation compared to the steep drop of -36.1% felt during the final quarter of 2020.

Moreover, as per MMA the moderation for the quarterly growth is reflected from the commencement of the peak tourism season in the Maldives; which fell to the first quarter of the year.

Meanwhile, the growth is also reflective from the ease on movement restrictions in the Greater Male’ Region earlier in the year before the region went under another stringent restrictive measure that had run from March until parts of May 2021.