Maldives records 2.4% economic growth in August

Economic activity in the Maldives grew by 2.4% in August 2026 compared with the same month last year, with gains in financial services, real estate and trade offsetting a sharp decline in fisheries, according to the Maldives Bureau of Statistics.

The bureau’s Monthly Indicators of Economic Growth (MIEG), released on October 15, valued economic activity at MVR 9.638 billion at constant 2019 prices.

This represented a 5.4% increase from July.

Financial services recorded year-on-year growth of 21.9%, reaching MVR 748 million, and made the largest positive contribution to overall growth.

Wholesale and retail trade grew by 8.1% to MVR 864 million, while construction increased by 10.4% to MVR 487 million despite declining by 9.7% from July.

Accommodation and food services remained the largest sector, accounting for 23.1% of measured activity.

Valued at MVR 2.231 billion, the sector grew by 0.7% year-on-year and 10.6% month-on-month, with the annual increase attributed to higher tourist bed-nights.

However, fisheries weighed heavily on growth.

The sector’s value fell to MVR 104 million, down 65.6% from August last year and 35.6% from July.

Overall, August’s figures showed growth across several major sectors, led by financial services.

However, the sharp decline in fisheries partly offset these gains, highlighting an uneven performance across the economy.