The Maldives’ economy is projected to grow 4.9 percent this year, following a 4 percent growth in GDP in 2023, as per forecasts from the Maldives Monetary Authority (MMA).

According to the central bank’s Quarterly Economic Bulletin, the tourism industry has been the biggest contributor to economic growth and, as the number of days spent by tourists in the Maldives increases, will play a significant role in expanding GDP.

The increase in tourist arrivals from key markets such as China and Europe, coupled with improvements in transportation and communications, are significant contributing factors to the acceleration of the economy, the central bank highlighted.

The MMA’s Quarterly Economic Bulletin, published four times a year since 2013, aims to provide early indications of ongoing and anticipated changes in the economy in the short term and to assist in policy making.

The Bulletin covers growth in all the major industries in the economy, as well as other economy-related information.