Figures released by the National Bureau of Statistics (NBS) show that the Maldives' economy grew by 3.3 per cent in the first quarter of 2026 compared with the same period last year.

The latest Quarterly National Accounts show that real Gross Domestic Product (GDP) reached MVR 28.3 billion during the first quarter, reflecting a 3.3 per cent year-on-year increase. Compared with the final quarter of 2025, the economy expanded by 1.3 per cent.

The report also shows that nominal GDP stood at MVR 34.3 billion, an increase of MVR 2.1 billion, or 6.8 per cent, from the first quarter of last year.

Growth during the quarter was driven mainly by the wholesale and retail trade and financial services sectors. The wholesale and retail sector contributed MVR 2.3 billion to GDP, recording a 10.7 per cent increase compared with the first quarter of 2025, supported by higher imports.

The financial services sector contributed MVR 2.06 billion, growing 20.1 per cent year-on-year and 7.2 per cent compared with the previous quarter, reflecting continued expansion in financial services.

Meanwhile, the construction sector contributed MVR 1.1 billion to the economy, marking a 3.3 per cent increase from the corresponding period last year, driven by increased imports of construction materials.