Economic Activity of Maldives Rises 2.4% with Decline in Fisheries Sector
Fisheries activity fell by 65.6% compared with August last year, reducing overall growth by 2.1 percentage points.
Growth in financial services, real estate and trade helped the Maldivian economy expand in August, although a sharp contraction in fisheries offset part of those gains.
The Maldives Bureau of Statistics’ Monthly Indicators of Economic Growth (MIEG) showed that economic activity increased by 2.4% compared with August 2025 and by 5.4% compared with July 2026. The measure tracks production across major sectors at constant 2019 prices, allowing changes in activity to be assessed without the effect of price increases.
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Financial services provided the largest contribution to annual growth, adding 1.4 percentage points as activity in the sector rose by 21.9%. The bureau linked its performance to financial intermediation and insurance services. Real estate activities contributed a further 0.8 percentage points, followed by wholesale and retail trade at 0.7 percentage points.
Fisheries was the main drag on the economy. Activity fell by 65.6% compared with August last year, reducing overall growth by 2.1 percentage points. This means the sector’s measured output was roughly one-third of its level a year earlier. Its share of total economic activity consequently fell from 3.2% to 1.1%. Manufacturing also made a negative contribution, subtracting 0.2 percentage points from growth.
Accommodation and food services remained the largest sector, accounting for 23.1% of measured activity. However, its annual growth was modest at 0.7%, which the bureau attributed primarily to an increase in tourist bed-nights. The sector contributed 0.2 percentage points to overall growth, meaning its large share of the economy did not translate into a similarly large contribution to the month’s annual expansion.
Wholesale and retail trade recorded stronger growth, rising by 8.1% from a year earlier and by 25% compared with July. The bureau identified changes in import volumes as a key influence on the sector’s performance. Construction activity was also 10.4% above its level in August 2025, while electricity, water and waste management grew by 8.8%.
The monthly figures nevertheless showed substantial differences between sectors. Accommodation and food services expanded by 10.6% from July, helping support the overall increase in activity. Construction declined by 9.7% over the same period, while fisheries fell by a further 35.6%.
The results show an economy growing at a modest annual pace, with financial services, property and trade providing much of the support. The fisheries contraction substantially reduced those gains, while the largest sector, accommodation and food services, recorded only limited growth compared with a year earlier.
The MIEG estimates are subject to revision as additional information becomes available and the monthly series is aligned with quarterly national accounts.Economic Activity of Maldives Rises 2.4% with Decline in Fisheries Sector
