Maldives’ Economy Grows 2.4% in August as Financial Services Lead Expansion

The Maldivian economy grew by 2.4 per cent in August 2026 compared with the same month last year, led by financial services, real estate, and wholesale and retail trade, according to the Maldives Bureau of Statistics.

The bureau’s Monthly Indicators of Economic Growth (MIEG) report, published on 15 October, estimated economic output at MVR 9.64 billion in August. This was up from MVR 9.41 billion a year earlier and represented a 5.4 per cent increase from July 2026.

Financial services made the largest positive contribution to annual growth, followed by real estate activities and wholesale and retail trade, the report said.

Financial services output rose by 21.9 per cent year-on-year to MVR 748 million, reflecting increased activity in financial intermediation and insurance services. Wholesale and retail trade grew by 8.1 per cent to MVR 864 million, while construction increased by 10.4 per cent to MVR 487 million.

Accommodation and food services remained the largest sector, accounting for 23.1 per cent of economic output. The sector generated MVR 2.23 billion, growing by 0.7 per cent compared with August last year and by 10.6 per cent from July. The report attributed the annual increase primarily to higher tourist bed-nights.

Transport and communication services accounted for a further 11.7 per cent of output. The sector grew by 0.8 per cent year-on-year to MVR 1.13 billion.

However, fisheries weighed on overall growth. The sector’s output fell by 65.6 per cent compared with August 2025 to MVR 104 million, making it the largest negative contributor to annual growth.

August’s overall economic output was the highest since January, when it reached MVR 10.06 billion. It was also approximately 11.4 per cent higher than the MVR 8.65 billion recorded in August 2024.

The MIEG tracks monthly economic activity using constant 2019 prices. The bureau said the estimates are subject to revision as updated information and quarterly national accounts become available.