Tourist arrivals in October 2023 increased by 3.5% compared with the same period of last year, totalling 159,141 tourist arrivals for the month. During the month, the largest number of tourist arrivals were recorded from Russia, followed by China and Germany.
The rate of inflation (annual percentage change in the national CPI) remained unchanged at 2.6% in October 2023, when compared with September 2023. The largest contribution to the annual rate of inflation during the month came from Mobile communication services (-0.80 percentage points); Restaurants, cafés and the like (0.40 percentage points); and Fruit (0.35 percentage points).
The volume of fish exports in October 2023 significantly decreased by 20.5% compared with the same period of last year. This was mainly driven by a decrease in Fresh, chilled or frozen tuna exports.
Real GDP growth
The real GDP growth is projected to be decelerated to 5.5% in 2024, from an estimated 8.7% in 2023.
The annual broad money growth rate increased to 10% at the end of October 2023 compared to the 9% growth rate in September 2023. This was largely driven by the increase in the quasi-money, owing to the substantial growth in the other deposits denominated in both national and foreign currency. Additionally, narrow money also observed a considerable growth due to the increase in local currency transferable deposits and currency outside depository corporations.
Credit to private sector
The annual growth rate of credit to the private sector by commercial banks declined to 9% at the end of October 2023 compared to the 10% growth rate recorded in September 2023. During the month, credit extended as personal loans observed the largest growth, driven by lending for credit cards and consumer durables. Tourism sector lending also grew substantially during the review period, mainly reflecting the lending for working capital and new resort development.
Overnight deposit facility (average)
During October 2023, the average Overnight Deposit Facility (ODF) placement stood at MVR 7.1 billion. This marked a growth of 24.8% in annual terms, largely reflecting the increase in local currency liquidity.
Official reserve assets
Official reserve assets decreased to US$ 552.2 million at the end of October 2023 from US$ 592.7 million at the end of September 2023, recording a decline of 6.8%. However, in annual terms, the official reserve assets registered a growth of 10.5% for October 2023.
Total exports (F.O.B) of October 2023 observed a growth of -10.5% compared to October 2022.
Total imports (C.I.F) of October 2023 increased by 16.7% compared to October 2022.
Export of goods and service
Export of goods and services for 2023 is estimated to be decreased by 4.6% compared to 2022.
Balance on goods in percent of GDP
Balance on goods in percent of GDP is estimated to be at -42.6% 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 49.0% in 2023, while it is expected to be 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. Meanwhile it is expected to widen to -22.4% in 2023. On the other hand, current account balance in percent of GDP is estimated to narrow down to -18.8% in 2024.
At the end of September 2023, US Dollar reference rate of MMA stood at 15.42 Maldivian Rufiyaa (MVR) per US Dollar (US$).