Maldives real GDP growth rate at 12%


Maldives Monetary Authority (MMA)

Maldives Monetary Authority (MMA) has confirmed that the country’s real Gross Domestic Product (GDP) growth rate is at 12% so far in 2022.

The central bank further noted that the nominal GDP is valued at MVR87,498.2 million (USD5,674.3 million).

Real GDP growth rate was at 31.6% in 2021 and observed a negative 33.5% in 2020 owing to the Covid-19 pandemic outbreak.

According to MMA, the cumulative total revenue in the fiscal sector of Maldives was recorded at MVR24,279.9 million while the cumulative expenditure was at MVR34,101.8 million.

The overall balance of the fiscal sector gives a deficit of MVR9,821.9 million which is a negative 11.2% as a percentage of the GDP.

Moreover, the government’s domestic debt in treasury bills and Islamic instruments are currently at MVR31,937.9 million and in commercial banks it is at MVR19,876.7 million.

Furthermore, broad money as of April 2022 is at MVR56,155.2 million, while net foreign assets by the same review period is at MVR17,476.9 million and net domestic assets at MVR57,202.7 million.

Net claims on central government by April 2022 reached MVR46,566.1 million and claims on private sector is currently at MVR31,691.3 million.

Meanwhile, the country’s reserve money as of April 2022 reached MVR13,358.4 million.