Tourist arrivals
In July 2024, total tourist arrivals stood at 167,528, registering an increase of 15.0% compared with the same period of last year. During the month, the highest number of tourist arrivals were recorded from China, followed by Russia and United Kingdom.
Inflation
The rate of inflation (annual percentage change in the national CPI) remained at 1.4% in July 2024. The largest contribution to the annual rate of inflation during the month came from Mobile communication services (-0.75 percentage points); Fish (0.54 percentage points); and Vegetables (0.42 percentage points).
Fish exports
The volume of fish exports decreased by 65.1% in July 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 97.3% (1,982.6 metric tonnes).
Real GDP growth
Real GDP is projected to grow by 4.9% in 2024, followed by an estimated growth of 4.1% in 2023.
Official reserve assets
Official reserve assets stood at USD 443.9 million at the end of August 2024, reflecting 12.3% increase from USD 395.4 million at the end of July 2024. However, official reserve assets decreased by 36.1% in annual terms during the review period.
Exports
Total exports (f.o.b.) in July 2024 increased by 5.3% compared to the same period last year. This stemmed primarily from the rise in re-exports, despite fish exports observing a decline during the period.
Imports
Total imports (c.i.f.) in July 2024 decreased by 5.5% compared to the same period last year. This stemmed primarily from the decline in imports of petroleum products and construction related items.
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 July 2024, the exchange rate of Maldivian Rufiyaa (MVR) per US Dollar (USD) was 15.41.
