Economic growth experienced a marked slowdown during the second quarter of 2024.
This was revealed by the central bank, Maldives Monetary Authority (MMA) in its ‘Economic Update’ statistics issued on Monday.
The central bank revealed that the island nation’s economic growth rate sat at 4.5 percent in the second quarter of 2024, indicating a slowdown compared to the 7.7 percent growth observed in the first quarter of this year.
MMA noted that economic growth declined in the second quarter and predicted that the island nation’s economy will grow by 5.5 percent by the end of 2024.
The report by the central bank shows that 132,795 tourists had visited the Maldives in September 2024.
This represents a one percent surge compared to the same period last year.
Between January and September this year, a total increase of 10 percent has been observed.
MMA went on to reveal that the foreign currency reserve currently stands at USD 371.2 million, which marks a 37 percent decrease compared to the previous year.
Further, the central bank added that the government debt stands at 98 percent of GDP.
Regarding price levels, the inflation rate in September 2024 was at 1.1 percent. This is a decline in comparison to the 1.4 percent recorded in August.
