The Ministry of Finance's Macro Economic Update lowered the 2024 GDP growth forecast to 4.9 percent from 5.5 percent, citing expected slowdowns in tourism and construction. Tourism growth in the medium term was cut to 6.8 percent and the construction sector's growth forecast was reduced to 0.7 percent, though tourism revenue and total arrivals were still expected to rise.
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however, the Ministry’s latest estimates show that GDP is expected to be at 4.9 percent this year, 0.6 percentage points lower than the initial forecast
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When the 2024 budget was drafted, the economy was expected to grow by 5.5 percent
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0.6 percentage points lower than the initial forecast — forecasts for 2024 still maintained a better growth outlook compared to the 4.0 percent growth for last year.
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forecasts for 2024 still maintained a better growth outlook compared to the 4.0 percent growth for last year.
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Tourism growth is now expected at 6.8 percent in the medium term, a figure that had been projected at 8.6 percent when the 2024 budget was drafted; a 1.8 percentage point reduction over previous forecasts.
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a figure that had been projected at 8.6 percent when the 2024 budget was drafted; a 1.8 percentage point reduction over previous forecasts.
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a 1.8 percentage point reduction over previous forecasts.
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when the 2024 budget was formulated, tourists were expected to spend 7.1 days at the resorts. This estimate has now been revised to 6.8 days.
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This estimate has now been revised to 6.8 days.
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tourism is projected to contribute MVR 21.9 billion to the GDP this year; an increase of 6.1 percent over the previous year.
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an increase of 6.1 percent over the previous year.
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while it was initially projected to grow 3.7 percent this year, the sector is now projected to grow 0.7 percent.
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the sector is now projected to grow 0.7 percent.
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the Ministry of Finance projected in its Macro Economic Update released last week.
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