Financial Services, Transport and Communication sectors show growth in GVA

Source: Avas

The financial services and transportation and communication sectors have shown growth in their Gross Value Added (GVA) for the first quarter of 2019.

According to the statistics released by the Maldives National Bureau of Statistics the GVA of financial services sector was at MVR828 million and for transportation and communication sector the GVA was at MVR2,580 million during the review quarter.

Financial services sector’s GVA grew by 4.9% compared to the final quarter of 2018 and grew by 8.8% compared to the corresponding quarter in 2018.

Though the sector showed an overall increase in growth the insurance component of the sector depicted a decline in the net premium earned.

Transportation and communication sector’s GVA grew by 5.5% compared to the last quarter of 2018 and registered a growth of 5.8% compared to Q1 2018.