Economic Update
Published on 04 October 2020
R
Tourist arrivals
7.6
thousand tourists
for August 2020
In August 2020, both tourist arrivals and bednights declined annually, by 95% and 93%, respectively. Following the reopening of the Maldives border to international arrivals on 15 July 2020, activity in the tourism sector resumed. However, the pick-up in tourist arrivals has been slow, as global tourism demand has been significantly low due to the spread of the COVID-19 pandemic. During August 2020, the most number of tourist arrivals were recorded from the European market.
R
Inflation
Measured by the annual percentage change in Consumer Price Index at the national level
-1.2
percent
as at August 2020
The rate of inflation, as measured by the annual percentage change in the national CPI, continued to remain in negative territory after declining further to -1.2% in August 2020, from -1.1% in July 2020. Meanwhile, the monthly percentage change in the national CPI remained positive and registered 0.5% in August 2020, after recording 2.8% in July 2020. The largest contributors to the annual rate of inflation during August 2020 were information and communication services (-1.1 percentage points); housing rent (-0.8 percentage points); tobacco (0.5 percentage points) and vegetables (0.2 percentage points).
R
Fish exports
5.9
thousand metric tonne
for August 2020
During August 2020, the volume of fish exports posted a three-fold increase in annual terms. This was mainly due to the substantial increase in frozen skipjack tuna exports, together with increases in canned or pouched tuna and dried tuna exports.
M
Broad money
Entire stock of currency and various types of deposits held by the public at depository institutions in an economy
37
billion rufiyaa
as at August 2020
Broad money (M2) growth slightly decelerated to 8% in annual terms at the end of August 2020, after registering 9% during the previous month. The growth in broad money was primarily due to an increase in narrow money, which mainly reflected a rise in transferable deposits. Meanwhile, quasi money observed a decrease owing to a decline in foreign currency transferable deposits, despite increases in time and savings deposits denominated in both local and foreign currency.
E
Exports
Total export of goods, valued using the freight on board basis. This does not include the export of services.
43.5
million US dollar
for August 2020
Total exports (f.o.b) more than doubled in August 2020 when compared with August 2019, while an almost three-fold increase was recorded when compared with July 2020. The annual growth in total exports stemmed largely from a sizeable increase in re-exports as well as domestic exports. The increase in domestic exports was largely due to an increase in export earnings from frozen skipjack tuna, together with increases in canned or pouched tuna and dried tuna exports.
E
Imports
Total import of goods, valued including the cost of insurance and freight. This does not include the import of services.
138.6
million US dollar
for August 2020
Total imports (c.i.f.) declined by 34% in August 2020 when compared with August 2019, although an increase of 13% was registered when compared with July 2020. As for the annual decline in total imports, the most significant decreases were observed in the imports of food items, construction-related items and petroleum products; although the decline was broad-based across all major import categories, except for electrical and electronic machinery and equipment.
E
Gross international reserves
National reserve of the country
695.9
million US dollar
as at September 2020
Gross international reserves increased to US$695.9 million at the end of September 2020 from US$569.6 million at the end of August 2020. This was a growth of 22% and 31% when compared with August 2020 and September 2019, respectively.