Tourist arrivals
In March 2024, total tourist arrivals stood at 194,227, registering an increase of 11.9% compared with the same period of last year. During the month, the highest number of tourist arrivals were recorded from Russia, followed by United Kingdom and Germany.
Inflation
The rate of inflation (annual percentage change in the national CPI) accelerated to 1.1% in February 2024, from 0.9% in January 2024. The largest contribution to the annual rate of inflation during the month came from Mobile communication services (-0.97 percentage points); Fish (0.45 percentage points); and Vegetables (0.39 percentage points).
Fish exports
The volume of fish exports decreased by 68.4% in March 2024 compared with the same period of last year. This was mainly driven by the decrease in the export of Fresh, chilled or frozen Skipjack tuna by 74.0% (7,427.2 metric tonnes).
Real GDP growth
Real GDP is projected to grow by 5.5% in 2024, followed by an estimated 8.7% growth in 2023.
Official reserve assets
Official reserve assets stood at USD 622.1 million at the end of April 2024, reflecting 14.8% increase from USD 541.8 million at the end of March 2024. However, official reserve assets decreased by 17.8% in annual terms during the review period.
Exports
Total exports (f.o.b.) in March 2024 decreased by 16.8% compared to the same period last year. This stemmed primarily from the decline in fish exports, despite re-exports observing a rise during the period.
Imports
Total imports (c.i.f.) in March 2024 increased by 2.7% compared to the same period last year. This stemmed primarily from the rise in imports of petroleum products, despite imports of transport equipment and parts observing a decline during the period.
Export of goods and service
Export of goods and services for 2023 decreased by 4.0% compared to 2022. However, this figure is estimated to increase by 7.9% in 2024.
Balance on goods in percent of GDP
Balance on goods in percent of GDP is estimated to be at -41.5% in 2023, while it is expected to be at -41.8% in 2024.
Import of goods in percent of GDP
Import of goods in percent of GDP is estimated to be at 47.8% in 2023, while it is expected to remain largely unchanged at 47.7% in 2024.
Current account balance in percent of GDP
The current account balance in percent of GDP stood at -16.3% in 2022. Whilst it widened to -20.3% in 2023, it is estimated to narrow down to -18.8% in 2024.
Exchange rate
At the end of March 2024, the exchange rate of Maldivian Rufiyaa (MVR) per US Dollar (USD) was 15.41.
