Maldives' GDP down by 27.5 percent in 2020
MVR 14.7 billion recorded as government revenue for the year 2020; which is MVR 8.5 billion less than 2019
Maldives Monetary Authority (MMA)
Maldives Monetary Authority (MMA) has announced a 27.5 percent decrease in the revenue generated by the government at the end of 2020.
As per the monthly statistics for December 2020 publicized by MMA, the government recorded MVR 14.7 billion in revenue by 31 December, which is MVR 8.5 billion less than the MVR 23.2 billion recorded for the same period in 2019.
According to statistics from the central bank, the government reported MVR 30.6 in expenditure for the year 2020, placing the country's total deficit at MVR 15.9 billion. Additionally, MMA statistics also show that the real GDP growth for Maldives has decreased by 29.3 percent. In 2019, the real GDP for Maldives was seven percent.
MMA statistics further detail that the nation's nominal GDP was at MVR 57.9 billion at the end of 2020, while the nominal GDP for 2019 was MVR 86.8 billion. In 2019, the value for nominal GDP in dollars was USD 5.6 billion, and by the close of 2020, the value for dollars recorded as nominal GDP is at MVR 3.8 billion.
The budget deficit documented by the Maldivian government in 2020 reflects the economic turmoil experienced by the nation as a result of the Covid-19 pandemic, especially as revenue from the tourism was affected due to the health emergency, which prompted global travel restrictions that drastically limited the revenue being generated by the Maldivian tourism industry.
