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.
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.
