MaldivesAnalytics
MARKET INTELLIGENCE
MARKET OVERVIEW LATEST DATA 24 OCT 2026

How is Maldives
doing?

A clear view of the economy, sectors, and signals shaping the Maldives — built on official data.

Export snapshot
USD / MVR⃂15.42GDP GROWTH6.3%INFLATION0.8%-3.3ppARRIVALS 2026 YTD1.72M-2.3%
Nominal GDP6.3%
$7.74B2025 · USD

No 2026 figure yet · next release expected Sep 2027

GDP per capita4.6%
$11,9542025 · constant 2019 USD

No 2026 figure yet · next release expected Sep 2027

Tourist arrivals2.3%
1.72MYTD to 24 Oct 2026
Govt. debt / GDP2.1pp
122.7%Q2 2026 · MMA
MACROECONOMY
Growth has found its footing

Real GDP growth and tourism growth · annual change

Annual · 2025
6.3%+2.9pp vs. prior year
Real GDP growthTourist arrivals growth

No 2026 figure yet · next release expected Sep 2027

ECONOMIC MIX
Annual · 2025
What drives the economy?

Share of nominal GDP by sector · 2025

Tourism20.3%
Net product taxes16.2%
Transport & comms10.1%
Wholesale & retail8.1%
Public administration7.5%
Financial services7.2%
Real estate7.0%
Construction5.3%
Education3.5%
Fisheries3.4%
Health3.4%
Other services2.5%
Manufacturing1.9%
Electricity & water1.8%
Agriculture1.0%
Professional services0.9%
TourismOther servicesIndustryFisheries & farmingNet product taxes
Net product taxes are taxes less subsidies on products: part of GDP at market prices, not an industry. Sector trends →

No 2026 figure yet · next release expected Sep 2027

TOURISM
Latest · Sep 2026
Arrivals keep climbing

Monthly tourist arrivals · thousands · last 12 completed months

1.72M-2.3% YoY, year to 24 Oct 2026
QUICK SIGNALS
Watch the pulse
CPI inflationAug 2026 · year on year
0.8%
Rufiyaa / USDSep 2026 · month end
⃂15.42
Official reserves-36.3% YoY · Sep 2026
$0.55B
Reserves net of 12-month drainsAfter $527M due within a year · Sep 2026
$21M
Population2025 estimate
581,053
Expatriate workers+13.6% in 2025
204,917
PUBLIC FINANCE
Annual · 2025
Debt remains the core risk

Total public debt and overall balance · % of GDP

No 2026 figure yet · next release expected Sep 2027

PRICES
Annual · 2025
Inflation is accelerating

Headline CPI versus food inflation · annual %

No 2026 figure yet · next release expected Sep 2027

DEMOGRAPHICS
Annual · 2025
A larger, more diverse population

Resident population · thousands

No 2026 figure yet · next release expected Sep 2027

EXTERNAL SECTOR
Annual · 2025
Imports keep the gap wide

Exports and imports · USD millions

No 2026 figure yet · next release expected Sep 2027

CROSS-SECTOR READ

Resilience is visible — but fiscal space is not.

2025 brought 2.25M tourist arrivals and a fish catch of 150k tonnes (+38.9%). The counterweight is public debt at 122.7% of GDP (Q2 2026), a $3.47B goods trade gap, and inflation at 0.8%.