In March 2023, tourist arrivals significantly increased by 15.1% compared with the same period of last year, totaling 173,514 tourist arrivals for the month. During the month, the largest number of tourist arrivals were recorded from Russia, followed by India and United Kingdom.

The rate of inflation (annual percentage change in the national CPI) stood at 4.0% in March 2023.

The volume of fish exports in March 2023 significantly increased by 59.4% compared with the same period of last year. This was mainly driven by an increase in Fresh, chilled or frozen tuna exports.

As per the revised forecasts, the real GDP growth is projected to decelerate to 9.4% in 2023, from an estimated 13.9% growth in 2022.

Total government revenue and grants is expected to increase by MVR5.7 billion (21.8%) in 2023, compared to 2022. This change is mainly driven by tax revenue (an increase of MVR4.6 billion) and grants (an increase of MVR1.9 billion).

The total expenditure is expected to increase by MVR0.7 billion (1.8%) in 2023, compared to 2022. This change is driven by Current expenditure (an increase of MVR0.7 billion).

The overall fiscal balance in percent of GDP is expected to narrow down to a deficit of 8.3% in 2023, from a deficit of 14.3% in 2022. This reflects an expected increase in total revenue and grants for the year.

Annual broad money growth rate increased to 7% at the end of April 2023, compared to the growth of 5% in March 2023. This growth was primarily driven by an increase in quasi money, owing to a substantial increase in foreign currency transferable deposits as well as both national and foreign currency other deposits.

The annual growth rate of credit to the private sector by commercial banks in April 2023 remained at 6% compared to the previous month. During the month, credit extended as working capital for the tourism sector observed the largest growth, followed by the growth in lending as personal loans, increase in lending to the commerce sector and real estate sector. However, credit offered to the transport sector declined during the review period.

During April 2023, the average Overnight Deposit Facility (ODF) placement stood at MVR 7.3 billion. This marked a growth of 22% in annual terms, largely reflecting the increase in local currency liquidity due to monetization.

Official reserve assets decreased to US$ 756.8 million at the end of April 2023 from US$ 764.6 million at the end of March 2023, recording a decline of 1%. Similarly, in annual terms, the official reserve assets registered a decline of 9% for April 2023.

Total exports (F.O.B) for March 2023 observed a growth of 43.6% compared to March 2022. This was mainly driven by Re-exports (22.3 percentage points) and fish exports (22.0 percentage points).

Total imports (C.I.F) for March 2023 increased by 9.9% compared to March 2022. Imports of transport equipment and parts had a growth of 94.5 while, imports of wood, metal, cement and aggregates observed a growth of 48.5% during this period.

Export of goods and services for 2023 is estimated to increase to 5.19 billion which is a growth of 1.8% compared to 2022.

Balance on goods in percent of GDP is estimated to be at -46.8% in 2022 and -41.3% in 2023.

Import of goods in percent of GDP is estimated to be at 53.2% in 2022 and 46.8% in 2023.

The current account balance in percent of GDP stood at -8.4% in 2021 and widened to -16.6% in 2022 driven by the change in the Balance on services and Balance on secondary income. In 2023 current account balance in percent of GDP is estimated narrow down to -11.3%.

At the end of March 2023, US Dollar reference rate of MMA stood at 15.39 Maldivian Rufiyaa (MVR) per US Dollar (US$)