Maldives’ economy sees 2.4% growth in August

The Maldivian economy recorded a 2.4 percent growth in August, according to statistics released by the Maldives Bureau of Statistics.

The data shows that the economy expanded by 2.4 percent in August 2026 compared to the same month last year, driven by growth in the financial services, real estate, and wholesale and retail trade sectors.

According to the "Monthly Indicators of Economic Growth" (MIEG) report released on Thursday, economic output in August reached MVR 9.64 billion, up from MVR 9.41 billion in the corresponding period last year. This also marked a 5.4 percent increase compared to July 2026.

The financial services sector was the main contributor to economic growth, with notable gains also recorded in real estate activities and the wholesale and retail trade sectors.

Statistics show that financial services grew by 21.9 percent to MVR 748 million, reflecting an increase in financial transactions and insurance services. The wholesale and retail trade sector expanded by 8.1 percent to MVR 864 million, while the construction sector recorded a 10.4 percent increase, reaching MVR 487 million.

The hospitality and food services sector, which is closely linked to tourism, remained the largest contributor to the economy, accounting for 23.1 percent of total economic output. Output in the sector reached MVR 2.23 billion, representing a 0.7 percent increase year-on-year and a 10.6 percent rise compared to July. The report attributed the growth to an increase in tourist bed nights.

The transport and communication sector accounted for 11.7 percent of the national economy.

Economic output in August reached MVR 10.06 billion, the highest level recorded since January. This also represented an 11.4 percent increase compared to the MVR 8.65 billion recorded in August 2024.

The data indicates that following a slowdown in economic activity in June, the Maldivian economy gained momentum, with growth accelerating significantly in July and August.