The Maldives reported a real GDP of MVR 101.8 billion for 2024, reflecting a 5.1 per cent increase compared to the previous year, according to the Quarterly National Accounts released by the Maldives Bureau of Statistics.

The year’s performance included a strong expansion in the first quarter, which added MVR 1.66 billion to GDP, followed by a contraction in the second quarter. Modest recoveries were seen in both the third and fourth quarters, contributing to the overall positive annual outcome.

Tourism remained the largest driver of the economy, contributing 22.2 per cent of real GDP in the fourth quarter of 2024. The sector's gross value added (GVA) reached MVR 5.84 billion, supported by a significant increase in tourist bed-nights, which rose by 205,808 compared to Q4 2023 and 421,730 compared to Q3 2024.

Following tourism, transportation and communication played a major role, contributing 13.2 per cent to real GDP. The sector grew 7.1 per cent year-on-year and 6.6 per cent quarter-on-quarter, with growth driven by increased activity in telecommunications, transport services, and warehousing.

Wholesale and retail trade accounted for 9.3 per cent of the economy, with a GVA of MVR 2.45 billion. The sector expanded 3.2 per cent compared to Q4 2023 and 4.0 per cent compared to Q3, largely due to a rise in goods imports.

Together, tourism, transport, wholesale and retail trade, public administration, real estate, and financial services made up the largest shares of the national economy. In contrast, agriculture contributed the least, accounting for just 0.9 per cent of real GDP.

Meanwhile, electricity and water supply posted a 6.8 per cent increase year-on-year, reaching MVR 517 million, although there was a 1.1 per cent drop compared to Q3 due to reduced electricity output.

The financial services sector grew 2.9 per cent year-on-year, though it recorded a slight 0.2 per cent decline from the previous quarter, impacted by changes in financial intermediation and insurance activity.

The construction sector, on the other hand, saw a downturn. GVA fell to MVR 1.15 billion, representing a 0.2 per cent year-on-year contraction and a 3.6 per cent quarter-on-quarter decline, attributed to reduced imports of building materials.