The Maldivian economy recorded 2.4 per cent growth in August 2026 compared with the same month last year, with financial services emerging as the main driver of expansion, according to the Maldives Bureau of Statistics.
The Bureau’s Monthly Indicators of Economic Growth report, released on 15 October, showed that the value of economic activity reached approximately USD 625.16 million in August, up from USD 610.25 million in August 2025. Compared with July, economic activity increased by 5.4 per cent.
Financial services posted the strongest growth among the major sectors, expanding by 21.9 per cent to approximately USD 48.51 million. The increase was attributed to higher financial transactions and growth in insurance services.
Construction also performed strongly, rising by 10.4 per cent to USD 31.58 million, while wholesale and retail trade grew by 8.1 per cent to USD 56.03 million. Real estate activities likewise recorded notable growth during the month.
Despite the expansion in other sectors, hospitality and food services continued to account for the largest share of the Maldivian economy. The sector, which includes tourism-related activities, contributed 23.1 per cent of total economic activity, generating approximately USD 144.62 million.
This represented a 0.7 per cent increase compared with August last year and a 10.6 per cent rise from July. According to the report, the improvement was supported by an increase in the number of nights spent by tourists in the Maldives.
Transport and communication services accounted for another 11.7 per cent of overall economic activity, highlighting their continued contribution to the country’s economy.
The Bureau also reported that the value of economic activity reached approximately USD 652.40 million in August, marking its highest level since January. It said activity had increased by 11.4 per cent compared with August 2024, when the figure stood at around USD 557.72 million.
The latest figures indicate that economic activity strengthened in July and August following a contraction in June, with financial services, construction, trade and tourism-related activities contributing to the recovery.
