Maldivian GDP falls by 51.6 percent

Tourists at Velana International Airport. (Sun Photo/Fayaz Moosa)

Statistics by the National Bureau of Statistics have shown that the Maldivian GDP had fallen by 51.6 percent when compared with the second quarter of last year.

Statistics regarding the second quarter of 2020 were shared by the Bureau which showed that the GDP had gone down by about 54 percent when compared with the first quarter of 2020. 

The fall is due to the stagnation of the tourism industry due to COVID-19. The tourism industry saw a fall of 25.5 percent while the communication and transport industry fell by 6.8 percent.

NBS statistics showed that the real GDP of the nation at the end of 2019 stood at MVR 77.1 million. This was an increase of seven percent when compared with 2018. 

The real GDP for 2020 stood at MVR 19 million. In the second quarter, the figure fell by 8.8 percent.