Report by: Shifneen Rasheed & Daha Shuaib
The year 2016 was a year of ups and downs for the Maldivian economy. While some sectors experienced lackluster growth within the year, developments in other major sectors such as the construction sector were impressive. According to the quarterly GDP statistics for the first two quarters of 2016, the overall performance of the economy looked robust with an average growth of 5.4%. However, tourism sector growth, which accounts for the lion’s share of the country’s economic growth fell below expectations owing to weaknesses in the global economy. Despite this, growth was largely propelled by a robust expansion in the construction sector.
The contribution of the fisheries sector to the overall economic growth has diminished significantly over the past years, and accounted for a mere 1.2% of GDP during Q2-2016. Despite this, the fishing industry remains vital to Maldivians, as it provides the livelihood of many living in the rural areas of the country.
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Source URL: Corporate Maldives