Real
Fiscal
Financial
External sector
Tourist arrivals
In May 2024, total tourist arrivals stood at 119,875, registering a decline of -0.9% compared with the same period of last year. During the month, the highest number of tourist arrivals were recorded from China, followed by Germany and Russia.
Inflation
The rate of inflation (annual percentage change in the national CPI) accelerated to 0.8% in May 2024, from -1.1% in April 2024. The largest contribution to the annual rate of inflation during the month came from Mobile communication services (-0.79 percentage points); Fish (0.54 percentage points); and Vegetables (0.39 percentage points).
Fish exports
The volume of fish exports decreased by 54.3% in May 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 59.5% (4,034.7 metric tonnes).
Real GDP growth
Real GDP is projected to grow by 4.7% in 2024, followed by an estimated growth of 4.1% in 2023.
Total revenue and grants
Total government revenue and grants is estimated to be increased by MVR1.1 billion (3.4%) in 2024 when compared to 2023, mostly driven by Tax revenue (an increase of MVR1.6 billion).
Total expenditure
Total government expenditure is estimated to be increased by MVR0.5 billion (1.1%) in 2024 when compared to 2023, driven by current expenditure (an increase of MVR2.5 billion) and capital expenditure (a decrease of MVR2.0 billion).
Overall fiscal balance in percent of GDP
The fiscal deficit is estimated to be narrowed to 13.0% of GDP in 2024, from 14.5% in 2023.
Broad money
The annual broad money (M2) growth rate decelerated to -0.3% at the end of May 2024 from 1.5% in April 2024. During the month, the annual growth in broad money was primarily driven by the decrease in narrow money.
Credit to private sector
Annual growth of credit to private sector by commercial banks accelerated to 10.3% at the end of May 2024 from 9.7% in April 2024. During the month, the largest contribution to the annual growth was from credit allocated for construction sector, personal loans and commerce sector.
Overnight deposit facility (average)
During June 2024, the average Overnight Deposit Facility (ODF) placements stood at MVR6.4 billion, reflecting 13.9% decline in annual terms.
Official reserve assets
Official reserve assets stood at USD 509.2 million at the end of June 2024, reflecting 3.5% increase from USD 492.2 million at the end of May 2024. However, official reserve assets decreased by 27.5% in annual terms during the review period.
Exports
Total exports (f.o.b.) in May 2024 decreased by 21.7% 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 May 2024 decreased by 3.4% compared to the same period last year. This stemmed primarily from the rise in imports of petroleum products and transport equipments and parts.
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
The balance on goods in percent of GDP is estimated to be -43.7% in 2023 and -44.3% in 2024.
Import of goods in percent of GDP
Import of goods in percent of GDP is estimated to be 50.3% in 2023 and 50.5% in 2024.
Current account balance in percent of GDP
The current account deficit is expected to widen to 21.4% of GDP in 2023, after recording 16.3% of GDP in 2022. However, it is projected to narrow to 19.9% of GDP in 2024.
Exchange rate
At the end of May 2024, the exchange rate of Maldivian Rufiyaa (MVR) per US Dollar (USD) was 15.40.
© 2024 Maldives Monetary Authority