BUSINESS Maldives projects 13.5 percent real GDP growth for 2021

BUSINESS

Maldives projects 13.5 percent real GDP growth for 2021

Xinhua

17:19, January 01, 2021

MALE, Jan. 1 (Xinhua) -- The Maldives' real gross domestic product (GDP) is expected to grow 13.5 percent in 2021, local media citing projections by the Maldives Monetary Authority (MMA) reported here Friday.

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A report by the MMA said that the island country's real GDP growth would recover in 2021 following a projected decline of 29.3 percent in 2020 due to COVID-19 impacts on tourism, construction industry and related economic activities.

Tourist arrivals fell by 70 percent between January to November, the report said. Total revenue between January and October declined by 37 percent while expenditures declined by 2 percent.

The Maldives' foreign exchange reserves stood at 629.9 million U.S. dollars by the end of November 2020.

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