Real
Fiscal
Financial
External
Tourist arrivals
Tourist arrivals in October 2021 increased significantly compared to the same period of last year. This reflected the base effect of the slow pickup in tourist arrivals in October 2020 despite opening of international borders in July 2020. During the month, the largest number of tourist arrivals were recorded from India, followed by Russia and Germany.
Total tourist arrivals
142.07 K
tourists for Oct 2021
Composition of Total tourist arrivals for October 2021
Operational number of Resorts
160.00
resorts as at Oct 2021
Inflation
The rate of inflation remained unchanged at 0.1% in October 2021. From the major categories of the CPI, the largest positive contributors to the annual rate of inflation during October 2021 were passenger transport by air; fruits; petrol for personal transport equipment. On the other hand, the most significant negative contributor was mobile communication services during this period.
Inflation rate
0.1%
percent as at Oct 2021
Fish exports
In October 2021, the volume of fish exports declined by 16% when compared with October 2020. This was mainly driven by a decline in fresh, chilled, or frozen tuna exports. In monthly terms, fish exports registered a growth of 46%.
Fish exports
7.79 K
metric tonne for Oct 2021
Real GDP growth
After a sharp decline in 2020 due to the impact of the COVID-19 pandemic, real GDP is estimated to grow by 32% in 2021 and is projected to grow further by 12% in 2022.
Real GDP growth rate
12.0%
percent as at 2022
Total revenue and grants
As per the proposed government budget for 2022, total government revenue and grants is estimated to increase by MVR4.4 billion (29%) in 2021 when compared with 2020. This includes the significant increase in tax revenue and non-tax revenue, largely driven by the growth in tourism GST and resort lease rent revenue, reflecting the recovery of revenue from tourism sector.
Total Revenue and grants
19.68 B
rufiyaa for 2021
Composition of Total Revenue and grants for 2021
Total expenditure
The total expenditure is estimated to record MVR32.5 billion in 2021 compared to MVR28.8 billion in 2020. This shows an increase by MVR3.7 billion (13%) in 2021 when compared with 2020.
Total expenditure
32.50 B
rufiyaa for 2021
Composition of Total expenditure for 2021
Overall fiscal balance in percent of GDP
The government budget proposed for 2022 shows that the overall fiscal balance in percent of GDP is estimated to narrow to a fiscal deficit of 17% in 2021 from 24% in 2020. This reflects the estimated increase in revenue for the year.
Overall balance in percent of GDP
-16.6%
percent as at 2021
Broad money
Annual broad money (M2) growth accelerated to 27% at the end of October 2021, after recording 25% in September 2021. The acceleration in broad money was mainly due to an increase in quasi money, owing to significant increases in foreign currency transferable deposits and local currency other deposits. Similarly, narrow money registered a notable growth solely due to a rise in transferable deposits.
Broad money
47.78 B
rufiyaa as at Oct 2021
Composition of Broad money as at October 2021
Credit to private sector
Credit to the private sector by commercial banks continued to expand annually in October 2021, although the growth rate remained broadly unchanged from the 8% registered in September 2021. Credit extended to tourism, personal loans, transport and communications, construction, and commerce recorded marked increases during the period.
Total loans and advances
28.44 B
rufiyaa as at Oct 2021
Composition of Total loans and advances as at October 2021
Overnight deposit facility (average)
During October 2021, the average Overnight Deposit Facility (ODF) placements stood at MVR 4.3 billion. This marked a growth of 8% in annual terms, largely reflecting the increase in local currency liquidity due to monetization.
Overnight deposit facility (average)
4.30 B
rufiyaa as at Oct 2021
Official reserve assets
Official reserve assets decreased to US$ 947.6 million at the end of October 2021 from US$ 1,016.7 million at the end of September 2021, recording a decline of 7%. However, a growth of 49% was recorded when compared to the same period last year.
Official reserve assets
947.64 M
us dollar as at Oct 2021
Composition of Official reserve assets as at October 2021
Exports
Total exports (F.O.B) observed a decline of 17% in annual terms compared to October 2020. In monthly terms, total exports increased by 27% while fish exports increased by 30% in comparison to the preceding month. Re-exports increased by 30% during this period.
Export of goods
24.56 M
us dollar for Oct 2021
Composition of Export of goods for October 2021
Imports
Total imports (C.I.F) increased by 88% compared to October 2020, while a 10% increase can be observed in monthly terms. Imports of food items increased by 36% in comparison to September 2021, while imports of petroleum products observed a 9% decline during this period.
Import of goods
248.71 M
us dollar for Oct 2021
Export of goods and service
Export of goods and services is estimated to be at US$ 3.4 billion in 2021, a 93% increase compared to 2020. The growth is mainly driven by the expected growth of exports of services in 2021, which is expected to reach US$3.2 billion. This reflects the strong growth in tourism receipts, owing to the recovery of the tourism sector following the COVID-19 pandemic.
Export of goods and service
3.64 B
us dollar for 2022
Balance on goods in percent of GDP
In 2020, balance on goods in percent of GDP stood at 39%, down from 43% in 2019. It is expected to reach 43% in 2021 reflecting the increase in the imports during the year as well as the growth in GDP following the effects of COVID-19 pandemic. It is expected to remain around the same level in 2022.
Balance on goods in percent of GDP
-42.5%
percent as at 2022
Import of goods in percent of GDP
In 2020, imports of goods in percent of GDP stood at 46%, lower than the 49% recorded in 2019. This stemmed from the decline in imports due to the pandemic. The imports of goods in percent of GDP is projected to increase to 49% in 2021, largely due to the expected growth of imports during the year.
Import of goods in percent of GDP
48.3%
percent as at 2022
Current account balance in percent of GDP
The current account balance in percent of GDP stood at 36% in 2020. Meanwhile it is expected to be narrowed down to 18% in 2021, driven by the improvement in the surplus of balance of services, reflecting the increase in tourism receipts during the year. On the other hand, current account balance in percent of GDP is estimated to widen to 21% in 2022.
Current account balance in percent of GDP
-20.9%
percent as at 2022
Exchange rate
At the end of October 2021, US Dollar reference rate of MMA stood at 15.41 Maldivian Rufiyaa (MVR) per US Dollar (US$).
United States dollar
15.41
rufiyaa as at Oct 2021
© 2021, Maldives Monetary Authority