Good economic growth for Maldives in 2018: MMA

Good economic growth for Maldives in 2018: MMA

The year 2018 was largely successful for Maldives in terms of economic development, declared Ahmed Naseer, the governor of Maldives Monetary Authority (MMA).

Speaking at the press conference held to launch the central bank's annual report for 2018, Governor Naseer proclaimed that the economic progress last year was notable, in comparison with both the regional and global arenas.

"The Maldivian economy made various successful leaps in 2018, such as in the sectors of tourism, construction, real estate, and economic growth, even when compared to other nations in the region and across the world", he said.

According to MMA's 2018 annual report, the GDP of Maldives increased to 7.6 percent last year as per October's statistics. However, the GDP increased only to 6.9 percent in 2017.

The governor highlighted in particular the progress in tourism, noting that tourist arrivals from European markets had increased last year.

MMA's report stated that the total number of visitors to Maldives in 2018 showed an annual increase of seven percent, while the revenue generated by the industry spiked by 10 percent as the occupancy rate rose by 62 percent.

The report attributed this progress to the improving economies of key markets for Maldivian tourism, as well as the increased number of flight operations to the archipelago.

The second sector to show the highest progress in 2018 was construction, as a result of mega government-spearheaded infrastructural projects, and efforts to expand the tourism industry such as the development of new resorts and guesthouses.

However, the fisheries industry deteriorated last year, with lower amounts of fish weighed and exported, according to the report.

MMA projected that the economic growth this year will be lower than 2018, due to the conclusion of several government projects and increase in state expenditures.