Maldives Monetary Authority (MMA) in its Annual Report of 2021 attests that the island nation’s economy expanded by 37% in 2021.
Moreover, the year on year expansion was felt after marking a historical contraction of 33.5% in 2020, which was attested by the preliminary estimates by the Maldives Bureau of Statistics on 07 April 2022.
The expansion of economy also indicates a 5.4% higher growth in the real GDP as projected earlier in October 2021. But it was still slightly below the upper end of the growth forecast range between 28.1% to 38.5%.
MMA in its report further credited the strong recovery of the tourism industry as the major contributor towards the country’s economy bouncing back in 2021, even though a slight setback was felt during the second quarter of the year owing to the Covid-19 Delta variant breakout.
Furthermore, sectors closely linked or affiliated with the tourism sector such as transportation and communication, wholesale and retail trade sectors recorded strong positive growth in 2021 as well.